What is Online Banking
“Banking services offered over the Internet. Online banking often includes access to one’s checking and savings accounts, the ability to view balances, and so forth. Many banks (though not all) offer online banking without any additional fees”. Financial Dictionary
Online banking is a do it yourself- banking service that allows you to access your bank account/s and do banking transaction on the internet without visiting a bank branch. Banking online includes being able to access your bank account using internet enabled devices: mobile device such as smartphones and tabs or stationed devices such as laptops and PCs.
These are the benefits of online banking
1. Monitor your account.
With online banking you can monitor your account anytime anywhere in the world once there is access to the internet. You will be able to see deposits and withdrawals in your account, including current balances (cleared and uncleared) as well as see your scheduled transactions and make your financial decisions without need to contact your bank or bankers.
You can also see details of all you accounts in the summary page to know which account is funded and which one is not.
2. Order new Cheque book and debit cards
Most banks online service allows you to order for new cheque book and new debit card without visiting your bank. It saves you the time and energy to do a physical visit or to contact your bank for this services. This service may however not be available with all bank online services. You may need to contact your bank relationship officer for details.
3. Easy fund transfer.
With your online banking you can make fund transfers in between your accounts in the same bank or to linked account/s directly in other to have your accounts funded for scheduled payments. You can slo make transfers beneficiaries in the same bank or to other banks. Some banks offers you the opportunity to make international transfer to a foreign account/s directly from your domiciliary account via online banking.
4. Payment of subscription, utilities and dues
Another benefit of online baking is the ability to pay you subscription and dues (cable TV, post paid telephone bills, club membership, professional memberships and more) including utility bills directly to the accounts of beneficiaries without bothering yourself about their account details. Most subscription, dues and utility companies are already listed by your bank on the platform for immediate remittance.
5. Standing order and schedule transaction set up and cancellation.
With online banking, you can create a standing order or automatic payment on your account to the account of beneficiaries so you don’t bother about date of payment or late payment for utilities and memberships dues. Standing order can also be cancelled at will if there is need to.
6. Transaction on your account 24/7 in any location worldwide.
Online banking gives you the opportunity to access your account anytime of the day anywhere in the world when and where there is need to transact on your bank account. Once there is access to the internet in your location you will be able to transact on your account without difficulties. You may however need to convince your bank with answers to some security questions before your are allowed access. This is to prevent unauthorized access to your account.
7. Import account history and into other softwares
Another benefit of online banking is the ability to transfer you account history from your bank database to you office or personal software if there is need for such.
You may however need to be careful with your log in detail and passwords as internet hackers and fraud star are abound everywhere on the internet to defraud you.