Internet Banking • economics24.com

February 17, 2009

Text Message Banking

Filed under: Banking — Tags: Account Details, Atm, Choices, Cyber Criminals, Experts Internet, Financial Affairs, Gadget, Immediacy, Institutions, Internet Banking, Internet Mobile, Mobile Phone Service, Nightmare, Shoes, Text Message, Thieves, Threshold, Younger Generation — admin @ 6:22 am

eCommerce Associates asked:

Your bank at the end of your mobile phone? That might be a nightmare for some, but for most people it will allow them to stay in touch with their financial affairs like never before. Imagine the scenario of being out shopping and eyeing those special shoes, or that gadget that you must have, and thinking, do I have enough money to treat myself. Well, you have a few choices. Walk away, promising to check your bank account when you get to the nearest ATM; don’t buy the goods; or, you can now text your bank and get a balance on your mobile phone. As people become more mobile and more used to internet banking, this type of service is being offered by an increasing number of institutions, giving people a sense of immediacy about their banking affairs that they’ve never had before. And it’s not only balance requests that the mobile phone service can offer, it can also be used to pay bills, make transfers, request itemized lists and make password changes. In short, it’s internet banking via a mobile phone. The service is also being finessed all the time, with the result that you can locate your bank’s nearest ATM, or branch; receive a text once a given threshold has been reached (say last £100 in account, go carefully); or, receive flash warnings if say someone was making an unauthorized withdrawal from your account. The potential is massive, but so is the potential for abuse warn the experts. Internet banking has certainly been a liberating experience for most bank users (especially the younger generation say the researchers), but it also has been very liberating for online thieves who have become adept at separating people from their money. The trouble with modern day banking is that if you acquire someone’s account details by nefarious means, you can access their account very quickly and before any action is taken, be off with their money, or order goods. And the cyber criminals are adept at ways pf working around whatever security measure the banks might take. So, whilst in theory online banking will introduce ever more liberating features and services, the downside is of course the constant threat of online crime. But, the consumer can offset the risk by making sure that their bank, or financial institution, takes a lot of the responsibility for online crimes. Of course, if the consumer is negligent, then they possibly deserve to bear some of the cost themselves, but if the actual banking system is penetrated by criminals, then the institution should hold their hands up and accept their share of the blame. But things are never that straightforward of course. So, when it comes to banking on your mobile phone, make sure that you read the fine print and find out who is responsible in the event of monetary thefts. You basically need the same guarantees as with your existing bank accounts. If you can’t get these, then you should think twice about conducting your banking affairs via your mobile phone. And just think what would happen if your mobile phone was lost, or stolen. You should have a way of being able to report its loss immediately, meaning that your phone and mobile banking methods can be barred straight away, avoiding any losses. This is helped by the fact that mobile banking should not need the storage of lots of personal information on the handset. In fact, your phone should store less information than is commonly found on a receipt issued by an ATM. So, if you are confident that you are not exposing yourself to internet crime, and that if you are not negligent, you are not liable for the losses should you be hacked, then the next thing to consider is costs. Although banks might claim they offer free mobile banking, make sure this is the case long term (and not just introductionary offers) and make sure that your actual mobile costs aren’t increased using mobile banking (web browsing can seriously increase your download activity so make sure you do not breach your limits). Another consideration is technique; how do you communicate with your bank via your mobile phone? You have three basic choices. Firstly, text messaging which is possibly the easiest method, but not the most sophisticated. Secondly, using a web browser which allows you to access your account as you would from your desktop computer and gives you a similar level of service, allowing you to do most things when mobile, as you would when based at home, or in the office. The downside of course is that web browsing depends on your mobile’s ability to give you a good connection and display enough of the website to be able to do what you require for online banking. And thirdly, by downloading software from your bank. A bank application download is a good compromise between the simpler text messaging and the more complicated web-browsing, but, as mentioned earlier, ensure that the information stored on your phone does not make it easy for the online thieves. Banking is set to take off and if you wish to stay young at heart, bear in mind that it’s the younger generation (those aged between 18 and 25), that are fully embracing mobile banking. Just remember to watch out for those people that also use online banking to part you from you money. This article was written by eCommerce Associates for Bank — Accounts and our Finance Blog

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August 19, 2008

Offshore Bank Account for Expats

Filed under: Finance — Tags: Banking Products, Banking Services, Calamity, Certificates Of Deposit, Checking Savings, Expatriates, Financial Institutions, Global Investor, Hig, Internet Banking, Investor Status, Mail Fax, Offshore Account, Offshore Bank Account, Offshore Banking, Overseas Banks, Overseas Customers, Repatriation, Savings Certificates, Services Internet — admin @ 7:55 am

Doug Snistola asked:

Learn a way to reduce taxation legally using your ex-pat or global investor status. Given the reports in the limelight about the issues a few expatriates have lived through in acquiring banking services at the time of their repatriation, there is considerably more of concern about this problem. Expats often find that the banking plans that they made leading up to leaving the US are now not adequate. Whatever the issue, it is not too late to get the banking products and services needed to make expat life a bit simpler and repatriation not as problematic.

Account

In spite of the fact that the laws that came out after the September 11 calamity make opening bank accounts while living overseas more complicated than it previously was … even for US citizens, it is still somewhat manageable. Many US banks provide their customers with the on – line ability to open checking, savings, certificates of deposit, and arrange for online account access and invoice pay services. Internet financial institutions are perfect for expatriates, because they let you maintain your account by mail, fax, and, of course, via Internet.

Overseas

Go for an offshore account from a multi-national financial institution that you trust and that has the ability to invest in internet security. One challenge with using overseas banks can be charges. Banking overseas with HSBC Offshore can assist you get the most out of your money. Statistics from HSBC Overseas reveal, that the number of the bank’s overseas customers approved for internet banking had improved, from one in five at the end of December 2001, to one in three at the end of July 2002. The first seven months of 2002, saw an improve of 50 % of original customers being apprised to HSBC Overseas via the web site, as compared to the whole of the year 2001.

Tax

When it comes to offshore banking and HMRC however, the Revenue Service is not in the business of allowing outstanding taxation slip through its fingers. A few of the UK’s biggest high street financial institutions are also present in jurisdictions such as Jersey, Guernsey, the Isle of Man and Gibraltar. The world is full of jurisdictions – the UK can be a jurisdiction for non – domiciled people for example, and certain states in America are even tax havens for those who do not reside therein but who use the states as places to register their business for example. However, the United Kingdom and US are not considered the best for most people when is comes to considering the world’s best jurisdictions. Most individuals associate low tax and offshore banking with tax havens like the Panama, British Virgin Islands, the Cayman Islands, Switzerland, Lichtenstein and Monaco. But in actual fact, dozens of the best tax havens in the world are far less glamorous. The partial taxes amnesty offered via HM Revenue and Customs ( HMRC ) last year to UK residents with undisclosed overseas bank balances and financial assets has turned out relatively successful in terms of the taxes and fines raised. There is a penalty line between the banks requirement to supply information relating to account holders suspected of illegally avoiding taxation due and their legal duty to maintain their clients personal secrecy. According to a recent poll conducted by KPMG, Cyprus is one of the most attractive overseas jurisdictions in Europe. Together with Ireland and Switzerland, Cyprus enjoys relative transparency in its tax strategies, suffers reduced levels of taxes change and upset annually compared to other European countries, and has the highest percentage of local nationals happy with the amount of of tax legislation in place according to the poll.

Ireland

The United Kingdom and Ireland offer several intriguing and handy products to on-line shoppers, not readily available in North America or Europe. Financial institution of Ireland Fsharp is an innovation in ex-pat banking. As one of Ireland’s biggest financial institutions, Financial institution of Ireland is greater than 200 years old. Official by Royal Charter in 1783, it was the established banker to the Irish government until the formation of the Central Bank of Ireland in 1942. In the past 50 years, Financial institution of Ireland has grown from its commercial banking roots into a broadly based financial services organization. For the year ending 31st March 2001, Bank of Ireland Group made profits prior to tax of US$881 million and has assets of US$69 billion. Financial institution of Ireland Fsharp is wholly owned via the Bank of Ireland Group.

Opening An Offshore Bank account

Additionally online access of the account opening forms, applicants do need to go through one of many procedures that will provide their US bank with positive proof of their identity so that the account opening process can be finished. Considering that this identity verification process can be relatively costly time wise, it should not stop those who have the desire and need to provide themselves with even more banking services.

Offshore Banking Questionnaire

Here is a fast check – up questionnaire that will aid you, as an US ex pat, determine the current status of your banking services: What can / should I do to raise my level of satisfaction with the performance of the invoice payment arrangements currently in place. What type of bank accounts and services do I have to have right away that I do not presently have. What banking services will I need when I repatriate. Whether you are preparing to move out of the US, you are already living abroad, or you are getting ready for repatriation, your banking needs can be provided from virtually anywhere on the planet.

Several expats experience a sharp increase in banking needs upon their return to the US. Ideally, expats take the time to establish a solid relationship with a financial institution that can meet all of their ex pat and repatriation requirements leading up to departure. Be sure you are working with a bank that has worked on the proper infrastructure and customer service to help with the specific issues of being an expatriate.

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August 18, 2008

The Importance Of Building A Good Business Relationship With Your Bank

Thomas Pretty asked:

When you own a business your choice of bank is a vital decision that needs careful deliberation. Fundamentally your bank should be more than just a place to store your finances; it should make your business operations easier and your financial situation simpler to manage. In addition, your bank should be able to offer essential information, guidance and advice on all manner of business problems.

To build a fruitful relationship with your bank there are two important factors that should be present at all times; these are the integrity and services on offer. While online services are now par for the course in modern business banking, the quality of these services can vary immensely. Ultimately the reason you pay your banking charges is to reduce the time spent on administrative financial responsibilities.

Essentially important when selecting a bank to care for your business finances is how secure the institution is. Ideally you want to see an institution that has a long history of financial security and management of businesses in a variety of industry sectors. If the bank has a history of terminating relationships and contracts unexpectedly it may be worth avoiding their services.

Fees and charges are naturally a vital consideration of any business when entrusting finances to a bank. Investigating how overdraft fees and loans are calculated is obviously important, but it is also worth looking into factors such as maximum withdrawal amounts and interest rates. In addition to these considerations it is important to take note of how easy it is to contact a bank; for instance asking how many branches there are as well as what are the hours of phone and internet banking are both essential questions that must be answered. Another important question concerns the security put in place for internet banking provisions.

It is normal that when striking up a relationship with a bank they will want to see a detailed business plan. At this stage it is important for the banking staff to understand and support your aspirations. If they have a true understanding of your vision, the support they can give will be that much greater; progress naturally comes hand in hand with cooperation, having the bank on side can augment your efforts and result in progression. This support usually comes in the form of a business advice team that is on hand to deal with any problems that may arise; if however your business operates in a specific industry sector, having a team that has knowledge of this sector can be extremely useful.

The issue of specialist knowledge is contentious in many banking circles. While some major banks have the provisions to devote resources to creating departments for all manner of industry sectors, smaller banks do not. For instance, one major bank has now opened a department that is purely there to cope with the needs of the wine making industry.

In many cases the bank will be lending money to help a business start up operations. As a lender the bank will want certain sureties that the business will do all it can to succeed. This where it is vital to build a good relationship with the account manager, if they have intimate knowledge of your operations and can put a face to a name, the fact they are lending huge sums of money is a smaller pill to swallow.

Hopefully this information will supply the small business owner with the knowledge they need to find a bank that supports their needs perfectly. Remembering to always keep the bank informed of changes and being cordial at all times is essential. A good relationship with the bank will create solid financial base for any business.

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Internet Banking – Pros And Cons For Your Business

Filed under: Business — Tags: Account Balance, Bank Statements, Bank Transfers, Banks, Business Customers, Cheque, Chequebook, Cheques, Credit Cards, Internet Banking, Loans, Mail, Middle Man, Online Banking, Post Office, Pros And Cons, Real People, Secure Site, Transaction Charges, Wrong Time — admin @ 4:13 pm

Naz Daud asked:

Many businesses now use internet banking as they deem it to be even safer than the traditional method. Once suppliers’ details have been entered in correctly the payment goes directly to their bank account within 3 working days.

Traditional Method

With the traditional method you get to deal with real people but there is a lot that can go wrong. The teller might punch in the wrong amount or you might arrive at the wrong time and end up queuing.

You might run out of cheques or even forget your chequebook at the office when you most need it.

Once you have written a cheque and mailed it you are relying on the post office to deliver your mail on time and to the right address. They often get it wrong.

You need to wait for a statement to find out your account balance unless you are brave and have hours to kill whilst you listen to “your business is very important to us, please hold while we transfer you to the next available operator.”

Opening Hours

With the traditional method you are tied down to normal working hours. Online banking is available 7 days a week, 24 hours a day as long as you have access to the internet.

With internet banking you cut out the middle man and transfer the funds directly to your supplier’s bank account. It is also possible to access your bank statements day or night without having to wait weeks / months for the banks to deal with your request.

Speed

Bank transfers are often dealt with speedier than traditional banking. Some of my transactions definitely happen quicker through online banking. I can also access all my accounts from one secure site. You can check your bank statements for any period in the past without having to search for a long lost file!

Offers

Some banks now offer special deals for their online business customers only. It is possible to get cheaper loans with lower setup costs, credit cards with lower transaction charges and applying for a loan online is also quicker.

Security

Be very careful with your login details and do not write down your password anywhere.

Always log out once you have finished your business and regularly run anti-spyware software on your computer. Spyware tries to monitor your usage of your computer and collect your personal information and use it against you.

There have been breaches of internet banking in the past but now online banking technology is more sophisticated and secure.

Suitability

Internet banking might not suit you if you like to see who you are dealing with. If you are a “technophobe” & feel insecure about doing large transactions online then it is definitely not right for you.

On the other hand if you hate queuing, despise the time it takes for duplicate statements and hate being bogged down by traditional opening hours then the convenience of online banking can not be beaten.

I use a mixture of online and face to face banking. Some things can only be discussed face to face with my bank manager.

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Internet Banking- Matters to Fact

Filed under: Internet — Tags: Banking Internet, Banks, Buzz Word, Car Park, Counter Internet, Customer Care, Fingertips, Firewalls, Freedom, Internet Banking, Monthly Statements, New Era, Office Cubicle, Queue, Reconciliation Reports, Security Applications, Security Levels, Taking Out Time, Using Internet, Vacation Bahamas — admin @ 2:45 pm

Dhiraj asked:

Internet banking is the new buzz word around the corner. Forget traditional banking and the way you used up to queue to get the transactions done. Internet banking is here to change that all. Now banking is no more taking out time from your schedule and to start with finding a place in the car park and then waiting for your turn to get to the counter. Internet banking gives you the freedom to do banking at your finger clicks.

The easiest and the safest way of banking is here. Introduce yourself to internet banking. Now you can do the transactions sitting right into your office cubicle or from your home. It can be said that with this the new era of banking has arrived and for the better of it. Internet banking is simple for anyone who has a access to internet. It certainly is beneficial compared to the traditional way of banking. You simply use internet instead of using paper or phone to access your account and can enjoy it from virtually anywhere, even if you are on a vacation to Bahamas. Secondly you can have the reports like your account information, monthly statements, reconciliation reports etc. whenever you want to access. No calling up to the bank or the customer care to get a work done, everything is conveniently at the fingertips.

The major concern of a few was the security of Internet banking which is till now well addressed by the security applications or firewalls used by the banks providing this facility or the online banks. Every transaction made through internet banking is completely safe and can be relied upon. Although there are some issues which one need to understand to keep the security levels high. You should try to avoid accessing your account from unsecured lines or machines. In any case do not revel your banking ID and password to anyone even if trying to pose a bank employee. These are the few things which make your internet banking experience wonderful and safe.

There are many benefits of using internet banking like

• It saves a lot of time and effort.

• Can transact with the click of a button.

• Completely safe and secure.

• Fewer fees with most of the services rendered free.

• Can coordinate with your financial software.

• Easy to understand and to use.

• Scores more points over traditional banking.

• Useful for everyone.

That’s why internet banking is a popular service now used by millions of account holders worldwide. Now with the fast growth in the number of users opting for internet banking a no. of online banks is building up to provide service to the customers. These online only banks are virtual but provide quality service to customers offering them with many new and exciting features

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Banking Services in India: Chasing New Heights

Filed under: Personal Finance — Tags: Banking Sector, Banking Services, Banking System, Cheque, Common Man, Competitive Market, Foreign Banks, Giant Leap, India, Internet Banking, Internet Options, Introduction Of Computers, Latest Technology, Measures, Money Transactions, Positive Vibes, Sigh Of Relief, Southern Areas, Targets, Wind Of Change — admin @ 1:55 pm

Addi asked:

With the customers being offered the best services throughout the nation, the banking services are indeed focusing on all the possible measures that can be brought in so as to raise its standards in the country. This is certainly giving out positive vibes which ensure the common man that his money will indeed get its worth at any cost.The services provided by the banks are experiencing a marked wind of change as they are getting more easy and convenient with each day passing by. People who experienced the bad days of banking services in India, where-in they were supposed to wait for an hour before withdrawing cash from accounts or getting a cheque from north of the country being cleared in one month to the southern areas are certainly taking a sigh of relief now.These services have been diversified as well as simplified in numerous ways. Banks have enhanced their services with the introduction of computers as well as Internet options. They are no longer having their world ending at the commercialised banking. They have in fact, taken giant leap further in the field. The rapidly increasing requirements of the masses are encountered with the help of newly-devised banking services. The established modern banking system is indeed setting new heights and significant targets.Besides, latest advancements including the entry of private and foreign banks in the banking arena, introduction of latest technology and enhanced software helped the banking sector to stay ahead in the extremely competitive market. Moreover, with the onset of Internet banking, one can easily participate in making money transactions online. The online banking services have made the life of the user extremely convenient. With their help, the user can send online drafts to anyone sitting anywhere in the world. In fact, he can also transfer cash from one’s saving account to the other in no mark-able time.The online banking services have surely helped the user to do away with the long queues in banks so as to deposit or withdraw cash. Further, the commencement of the ATM services, the new heights have been achieved in the banking sector. The flashy 24 hours working of the banks have helped the user to remain panic-free and enjoy hassle-free services. Also, the outsourcing of the Indian banks has made the entire banking process extremely easy. Banking as a service industry and as a Business Process Managements has literally flourished for years. It has, in fact, earned the status of the “Facilities Management” in the nation.Not just the banks but the customers have also shown great level of involvement with the banks and have always been pronounced proactively while giving the feed-backs. Not just throughout the nation, the banks have proliferated themselves in foreign countries as well. The various deposit schemes have prompted the users to invest and save more in these banks and get the worth of their money enhanced. The deposit schemes like Fixed deposit have certainly made people extract benefits out of these schemes which help the user to have a certain amount of life always insured for him. Moreover, the infectious trend of loans has been spreading very rapidly. The banks have also emerged as a safe keeper of the valuables of the users.The banking services in India have engendered themselves. They have taken the services to new heights altogether. The banks are literally banking upon the trust of people. They are proving to be a person’s true companion even in the tough times. These have enabled people to live a better life and have their future secure.

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August 17, 2008

Online Banking

Filed under: Business Ideas — Tags: Account Statements, Bank Transactions, Banking Hours, Best Banks, E Banking, Electronic Commerce, Financial Institutions, Frauds, Internet Banking, Ledger Balances, Low Maintenance, Maintenance Costs, Online Bank Accounts, Passwords Hackers, Queues, Security And Safety, Technical Difficulties, Traditional Banks, Transaction Details, Virtual Banks — admin @ 4:57 am

rimi jaiswal asked:

Online Banking or Internet banking allows customer to access their accounts beyond banking hours and from anywhere in the world where Internet is accessible. Due to growing popularity of Internet and Electronic Commerce now “Virtual Banks” have arrived which has completely revolutionized the concept of Net Banking. These online banks have low costs compared to traditional banks and so they often offer higher interest rates.

“Instant Access” is the most essential feature which encourages a Conventional Investor to opt for E banking. Gone those days, when we have to stand in queues for long hours to update our Account Statements. With the help of online banking facility we can regularly access and scrutinized our accounting details like checking of daily statements and balances, reviewing ledger balances, interest rates, daily transaction details, issuing of cheques and many more. One can easily remit funds; apply online for loans or other Financial Products Deals via Net Banking. Though sometime Investors questions about its security and safety, but Companies are trying hard to erase completely its technical difficulties and safeguarding customer’s identity from deadly hackers. Online Bank transactions are generally traceable. Online banking becomes less secure if users are careless, gullible or computer illiterate.

We at find-internet-banking.info, tries to provide you all the essential information on safe Internet Banking. And complete guidance on how to secure and manage ones banking customer identifications numbers and passwords from online hackers and frauds. Conducting a detail survey on best Banks and Financial Institutions all over the country, we bring you list of Bankers offering safe and secured Online Bank Accounts to the customers at an affordable and low maintenance costs with interesting interest rates and saving Plans .

-http://find-internet-banking.info

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Online Banking – The Complete Guide

Filed under: Finance — Tags: Administrative Work, Atm Machines, Bank Transactions, Brochures, Financial Statement, Hassle, Hurdle, Internet Banking, Maintenance Checks, Mouse Speed, Obstacle, Overhead Costs, Registration Procedures, Secure Site, System Revisions, Thrust, Traditional Banks, Transferring Money, Trust Security, Virtual Banking — admin @ 4:21 am

Thomas Winn asked:

Internet banking and virtual banking offer convenient and cost effective methods of doing bank transactions. Technology paved way for more advanced services but simplified for the traditional banker. The shift from traditional banking into virtual modes of transaction takes time and trust. Security and ease of access is the major competitive thrust of online banking.

Internet banking has made lives easier and banking faster and more pleasant because it’s a cost effective way of managing accounts that takes care of thousands of customers without going to the bank. There is no need to fall in line and administrative work is eliminated and save banks from overhead costs.

Online banking has many advantages. First, they provide ease of access 24/7 anytime, anywhere. Managing your accounts from paying bills, transferring money and checking balances will be hassle free because you have access from a secure site. Unlike traditional banks, online banking never closes and just within a click of a mouse.

Speed and efficiency of transactions are executed quicker than ATM machines. Even if you are out of the country, one can access and manage accounts real time and with tremendous convenience. You can request your financial statement online and re-schedule future payments from their bank account or transfer or receive money within seconds.

On the other hand, there are disadvantages of virtual banking. The start up process may take time because of registration procedures that has to be done at the bank branch. Some banking sites are difficult to manage and it takes time to learn and to get used to its features. A good tip would be to read brochures and invest time learning online banking process ahead.

There are times the main server of the virtual site might undergo maintenance checks and system revisions that would become an obstacle in accessing accounts thru re-entering account information. For others, learning to trust its capability will be the biggest hurdle. One good tip is to always print the transaction receipt and put it with your bank records until the site refreshes and updates the transaction.

Most of the banks right now offer secure and multi-functioned online banking systems for free or with a small fee. The shift from traditional banks to virtual banking will eventually become the norm as with ATMs.

Fraud issues with online banking are increasing and there are steps you can take to prevent your credit card information and bank accounts from getting hacked or stolen. Always make computer access secure by protecting log on information and passwords. Make sure to log out from your account when you’re done especially if using public networks like Internet shops or libraries etc.

Dealing with established and reputable merchants gives you the assurance and confidence to protect and secure your accounts. Make sure to check your accounts for any discrepancies and periodically change your password and ignore the “remember my password” option when accessing your online banking.

Online banking offers great convenience and real time access to your accounts. They provide good online services to facilitate effective and efficient transactions safe and hassle-free.

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Internet Banking Matters To Fact

Filed under: Finance — Tags: Banks, Buzz Word, Car Park, Customer Care, Fingertips, Firewalls, Flexibility, Freedom, Internet Banking, Monthly Statements, Net Banking, New Age, New Era, Office Cubicle, Queue, Reconciliation Reports, Security Applications, Security Levels, Taking Out Time, Vacation Bahamas — admin @ 3:42 am

Dave Text asked:

Internet banking is fast catching up not as a status statement but because of the flexibility it provides to the user. This article intends to find out more.

Internet banking is the new buzz word around the corner. Forget traditional banking and the way you used up to queue to get the transactions done. It is here to change that all. Now banking is no more taking out time from your schedule and to start with finding a place in the car park and then waiting for your turn to get to the counter. This new age banking gives you the freedom to do banking at your finger clicks.

The easiest and the safest way of banking is here. Introduce yourself to net banking. Now you can do the transactions sitting right into your office cubicle or from your home. It can be said that with this the new era of banking has arrived and for the better of it. It is simple for anyone who has a access to internet. It certainly is beneficial compared to the traditional way of banking.

You simply use internet instead of using paper or phone to access your account and can enjoy it from virtually anywhere, even if you are on a vacation to Bahamas. Secondly you can have the reports like your account information, monthly statements, reconciliation reports etc. whenever you want to access.

No calling up to the bank or the customer care to get a work done, everything is conveniently at the fingertips.

The major concern of a few was the security of the net banking which is till now well addressed by the security applications or firewalls used by the banks providing this facility or the online banks. Every transaction made through it is completely safe and can be relied upon.

Although there are some issues which one need to understand to keep the security levels high. You should try to avoid accessing your account from unsecured lines or machines. In any case do not revel your banking ID and password to anyone even if trying to pose a bank employee. These are the few things which make your overall experience wonderful and safe.

There are many benefits of using net banking like

It saves a lot of time and effort.
Can transact with the click of a button.
Completely safe and secure.
Fewer fees with most of the services rendered free.
Can coordinate with your financial software.
Easy to understand and to use.
Scores more points over traditional banking.
Useful for everyone.

That’s why internet banking is a popular service now used by millions of account holders worldwide. Now with the fast growth in the number of users opting for it, a number of online banks are building up to provide service to the customers.

These online only banks are virtual but provide quality service to customers offering them with many new and exciting features. However, when you apply for service from a particular bank, try to get as much as information about it before doing business with them. Ask questions till the time you get satisfied with the service record of the company.

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August 16, 2008

Is Banking Account Online Really Safe?

Filed under: Finance — Tags: Additional Services, Ancient Greece, Avail, Bank Transactions, Banking Account, Banking Hours, Banking Regulations, Banking System, Banking Systems, Common Bank, Financial Transactions, History Of Banking, Internet Banking, Internet Trough, New Face, Precious Belongings, Religious Temples, Savings Account, Sole Solution, Traditional Banks — admin @ 8:41 pm

Dave Poon asked:

The history of banking dates back to the ancient times; in fact, the earliest banks were the ancient religious temples. People then stored their golds and other precious belongings in the temples because these places were strongly built, were always guarded, and most of all, were sacred. In ancient Greece, financial transactions were also done in temples and credit notes were already being used to reduce risks in carrying and carting money from one place to another.
Since those times, banking evolved in many aspects. Banking regulations were formulated, additional services such as lending became part of banking and things such as adding interest to loans became common bank practices. Now with the emergence of the latest technologies and the Internet, banking has taken a new face. People can now access bank account online and transact business with the bank with greater convenience and security through the Internet.

Online Banking
Performing bank transactions through the Internet is generally referred to as online banking or Internet banking. This form of banking allows consumers to directly access their bank account online (usually savings account) and obtain any information about their account. This direct-to-consumer system is faster and more convenient for consumers compared to traditional banking systems. Especially if you are to withdraw money after banking hours, this banking system may be your easiest and sole solution. You just have to connect to the Internet trough your personal computer and access your bank account in an instant.
Online-only banks
Many popular banks offer online banking as one of their services; however there are also some banks that transact businesses solely online, so you have no other choice but to access your bank account online and avail of other bank services through the Internet. The latter are referred to as online-only banks. These banks virtually exist yet they provide services traditional banks offer, only that they are done through the Internet.
Benefits
Today as more and more time are consumed by people in using the Internet in several activities, including getting access to their bank account online, online-only banks proved to be more convenient and beneficial. Aside from the fast transactions, one may also benefit from the bank’s high interest rates and budget-friendly transaction fees considering that online-only banks operate only online. Cost of processing bank transactions are relatively lower so the bank can afford to give consumers high interest rates on savings account.
Online Banking Industry
Although a lot are using the Internet, online-only banking industry began to grow only sometime in 2000 when a popular online bank devised much simpler and more convenient banking transactions online and paid consumers high interest rates. Earlier banks that tried this form of banking did not succeed because of their expensive transaction fees and lower interest rates. Moreover, procedures in getting access to bank accounts online were more complicated and consumers were afraid of Internet fraud. The industry eventually grew bigger and more stable beginning 2003 as the use of the Internet got more commonplace, prevalent and secure.

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