Online Bank Accounts 101

by Gil on July 22, 2017

Online banking actually means accessing your bank account through the INTERNET. Through this, customers have to visit the bank’s website and enter a user name and a password so they can view their online bank account and do normal transactions like the one you do when you visit the bank.

Introduction

Online banking started with the development of the Internet and email. Usually, online bank accounts are the electronic version of the account you are maintaining with your passbook.

In order to withdraw money from your account you needed to present a passbook, any other document or a bank card to the banker. The first Internet bank account was maintained for the Nottingham building society in 1983 by the Bank of Scotland.

Features

Online bank accounts allow you to do some of the transactions like money transfer from your own computer. Furthermore, the account holder is allowed to bill payment, transfer payments and many more. Usually personal online bank accounts and business online accounts are maintained in the banks.

The online account types are checking accounts, saving accounts and money market accounts. Typically, the online accounts are quick and time saving.

You don’t have to visit your bank frequently to update your account since you can view the transactions and account balance from your computer. This is an easier method and will save your time and money since you are cutting few visits to the bank.

Banks ensure the security of online bank accounts by protecting the bank’s servers with the firewalls because scammers are sometimes sending malware to their system to steal valuable information such as credit card numbers. These may lead to identity fraud and cyber thefts.

Though the bank gives the maximum security, it is your responsibility to protect your account while you are logged in. You have to use an efficient firewall and anti-virus in that case.

How to Register for Online Bank Account

To register online accounts you need to have an account with the bank or a credit or a debit card. Then you have to click sign up for online account of the bank then you will go step by step.

Your personal information like account number, name, identity card or social security numbers, mailing address, secret question and answer and you mother’s maiden name will be asked. You have to set up strong user name and password which cannot be guessed by anyone. Usually it is advised to set passwords with both letters and numbers in it.

Online banking is widely spreading all over the world and it is better that customers sign up online for their accounts to save their time and money which can be beneficial for both customer and the bank.

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