Online banks give their customers passwords and security cords to access their accounts in order to prevent ‘hackers’ from stealing their money. Online banks operate under the authorities of their country. With online banking, the bank will guarantee that you will not be liable for loss as long as you comply with their requirements. For instance, you have to change your password every year or more often and should update your anti-virus often.
As soon as you have opened an account, you will be able to select features. Online banks allow their customers to transfer money to different accounts. Many banks online offer bill payments. Online banking uses encryption, which is a process of scrambling private information in order to prevent unauthorized access of your account. Some browsers will display a tiny icon on the screen that appears like a key or lock whenever you do secure online transactions.
With online banking, you can see your transaction starting on the date your first transaction was placed online. Online banks attract customers by offering high interest checking accounts. They can afford to do this since they do not pay overhead costs like normal banks. As soon as they have secured your business, online banks offer other services as well, like savings, checking, mortgages, credit cards, bill payments, investments and more.