Many banks in today’s date also offer their customers with online banking. This form of banking has gained much popularity in the past few years as they make everyday transactions much more convenient. As technology progress, more and more advanced gadgets are being produced. Banks have merged their online banking service with these technological gadgets. Paying bills, transferring funds or making payments for your purchases was never this easy. You can carry out all these tasks by simply using your mobile phone. Online banking can save precious time for people as one would not have to go all the way down to an ATM to make payments for bills or transfer funds. However, several security threats come with online banking as your bank account can be manipulated if a hacker is able to break into your account. To prevent this sort of events from happenings, banks have several measures in places. Aside from the regular pin that you would be required to log in, some banks make use of another gadget that would generate a code for you to key in when you are logging in to your account. As long as the device is in your hands, you can be assured that only you can log in. However, you need to be careful as to where you place this device.
If you are the sort of person who likes to go cashless, you can apply for various ATM, Debit or Credit cards that banks offer. You can use these cards to make payments for your purchases at the grocery store, a retail outlet or even the internet. To prevent any unauthorized access to your card, banks require the owner of a card to either key in a pin or provide legit signature when making purchases. Banks are continuously on their toes to ensure that the financial safety of their customers is not at risk. Banks also offer their customers loans for various purposes. One can get a loan for almost anything in a bank. They also have lower interest rates on their loans as compared to other financial institutions.
If you are opening a new bank account, you may want to consider what type of account it is that you want. The three most common and popular accounts in most banks are the checking account, savings account and the money market account. Checking accounts serve the purpose of performing daily transactions that customers may need. Saving accounts are the accounts that are used by most people. These accounts are very beneficial for customers who wish to save. Money in these accounts would earn interest, which in other words means that the bank pays you to save money with them. Money market accounts are similar to saving accounts, the only difference being that they require the customer to deposit a higher amount, in return gaining higher interest rate as compared to the savings account.
Online banking allows you to run your day to day finances, and manage your bank account, with ease and convenience, and with this method of banking you are always in control. With online banking you get to enjoy convenience, ease, speed, and increased control, which is why so many people now decide to conduct their banking transactions online rather than at a branch. The main reasons many people opt to use online banking are:
- The ultimate in convenience: When you use online banking you can conduct your transactions from the comfort and privacy of your own home, so you won’t have to worry about going out to your local branch, spending time queuing up, and trying to fit your banking commitments into your busy day, which can be particularly difficult for those that work full time.
- No time constraints: With regular banking you are restricted in terms of when you can contact or call in to the bank in order to conduct transactions, and this can prove difficult for those with busy lifestyles and full time jobs. However, when you opt for online banking you can conduct transactions at any time of the day or night, which means that you can effectively manage your account around the clock.
- Do everything you need to online: You will find that you are able to conduct pretty much any banking transaction that you can perform by phone or visit to your branch by going online, other than withdrawing and depositing cash. This means that you can effectively control your finances from the privacy of your own home.
- Increased security: Banks now use very secure software to ensure the safety and security of customers, making it safer than ever to bank online. Just remember never to link to your bank account from an email link, as this could be a false link, and do not save your banking passwords and security details on a shared computer that could give others access.
There are various transactions that customers can access using the telephone banking. They include the obtaining of the balance in the account as well as a short list of transactions that are carried out lately. Customers can get electronic bill payments as well as transfer of funds between one customer to the other. Documents and cash are never used in telephone banking and if this is needed, one has to go to the branch or use the ATM.
From the point of view of the bank, the telephone banking usually reduces the costs involved in handling various transactions by reduction of customer visit to the bank branch for withdrawals or deposit transactions that are non-cash.
To be able to get into the telephone banking of a certain banking facility, you have to do a registration with the institution for that service. You may get a customer number and passwords to verify your identity whenever you want to use the service.
The customer calls a special phone number that the bank sets up and then goes through the authentication process before they can carry out any transactions. The service can be carried out using a live representative or through a system that is automated and one with the capacity to recognize voices.
Most of the institutions offer telephone numbers that the customers can call any day of the week, but at specified times to carry out their transactions with great ease regardless of where they are. The kind of access you get depends on whether you are a regular customer or a premium one.
In most cases, the phone numbers that are provided can be used to register for the service and access it. Most of the telephone banking providers offer customer support via email and contact can be made this way.