What is Online Banking?

OnlineOnline bankingbankingbanking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, we no longer have to leave the house. We can shop onlineonlineonline, communicate onlineonlineonline, and now, we can even do our bankingbankingbanking onlineonlineonline. OnlineOnlineOnline bankingbankingbanking allows us to make deposits, withdrawals and pay bills all with the click of a mouse. It doesn't get much more convenient than that.

The benefits are many.

For the onlineonlineonline bankingbankingbanking customer, the convenience factor rates high. No longer does a person have to wait for the bank statement to arrive in the mail to check account balances. One can check the balance every day just by logging onto one's account. In addition to checking balances and transactions, one can catch discrepancies in the account right away and deal with them swiftly. The best part is that this can be done anywhere! As long as one has Internet access, one can practice onlineonlineonline bankingbankingbanking.

Since bills are paid onlineonlineonline, the necessity of writing checks, affixing postage and posting the payment in the mail is eliminated. Once the amount is entered and the payee is checked off, the funds are automatically deducted from the payer's choice of account.

Since the cost to the bank is minimal, the cost to the consumer, in many cases, is also minimal. While there is usually a fee for onlineonlineonline bankingbankingbanking, it can be extremely low. Those who partake in onlineonlineonline bankingbankingbanking all agree it's worth every penny. Not having to spend all Saturday morning standing in a crowded bank line is justification for most. It can even pay for itself since costs like postage and ATM fees are reduced.

OnlineOnlineOnline bankingbankingbanking also eliminates paper waste, which is a plus not only for those who have to handle all the paper work, but also for the environment.

Of course, there are also cons.

Security is always an issue with Internet transactions. Although information is encrypted, and the chances of your account being hacked are slim, it happens. Banks pay big bucks to install high tech firewalls. Chances are your money is in good hands.

You're also missing the personal service. No smiling teller or representative hands you a receipt. Instead, except for what's printed into your account, all the paperwork is up to you. Always print copies of important transactions.

If you have to deposit cash or checks, you'll still have to spend time at the ATM. Unless a payment to you is directly deposited, this is one thing you'll always have to handle manually.

Still, the benefits far outweigh the risks. The convenience of onlineonlineonline bankingbankingbanking is a perk well worth the cost. What would you rather do, stand in a long line on a weekend morning or handle your transactions in the comfort of your own home?