Internet banking or online banking is used to perform payments, transactions via the internet through a bank, building society or credit union website. This kind of banking offers wonderful pros to customers. With internet banking, customers can enjoy 24 hours, seven days a week banking access anywhere, anytime. A customer can easily log on to his or her bank account from any region, state anytime and can check it out even if he or she is away on a business trip out of state or out of country.
Most often, internet banking carries transactions faster than ATM processing. Customers can effectively access bank accounts, including CDs and securities and IRAs from a secure site. Many internet banking sites provide tools which include stock quotes, account aggregation, rate alerts and portfolio managing programs that help customers to manage his or her assets efficiently.
Moreover, online banking provides their customers bill payments online from their checking account or credit card account. One may schedule payments up to a year in advance. This helps keep track of bill payments in an electronic format, eradicating the paperwork. Internet banking also allows electronic funds transfer between numerous accounts that are maintained with the same bank. In general, people can transfer funds from their checking or savings account to credit cards, investment account and line of credit.