An online banking is the process of doing bank transactions on the internet. Transactions include bills payment, balance inquiry and funds transfer. The basic functions of online banking are doing account history, summary, and other check function. You can do your banking transactions through the internet, which is faster and more efficient since you need not go to the bank to transfer funds or stand in line to pay your bills. Online banking is available 24/7 so you can do it anytime in the comforts of your home or anywhere.
Since your bills are paid online, the need for writing checks and posting payments in the mail is thoroughly eliminated. When you enter the amount and the payee is checked off, the funds will be deducted automatically from the account of the payer. The cost of online banking is minimal since the bank fee is also minimal.
There are several security features of online banking such as user identification, authentication, 128-bit encryption, authorization, automatic lockouts, system lockout and double passwords. The only thing you have to worry in online banking services is when you have an unstable access or internet connection and some of your transactions might not be completed. Make sure to check out the security feature of the online bank before you proceed in registering an account in an online banking service.