Online Banking is the management of bank accounts via the Internet, which covers almost the entire range of banking services available to a client in a bank office, excluding cash transactions. It is a very promising tool while remaining very easy to use.
What transactions can be performed on the Internet?
- pay for various services (utilities, services of mobile operators, Internet providers);
- repay loans;
- receive information about the status of their accounts, track their transactions on them and receive account statements for any period;
- manage the balance of funds on the card account (replenish or reduce the accounts of the plastic card);
- manage bank deposit;
- perform intrabank transactions (for example, pay commissions for banking services) and interbank payments (settlements with individuals and legal entities served in other banks);
- make transfers;
- carry out currency exchange operations (purchase, sale, currency conversion by bank transfer);
- receive additional services, for example, transactions with securities, participation in electronic trading, subscription to newspapers and magazines, etc.
Benefits of Online Banking
- Saving time. You can conduct banking transactions from home. The Internet banking system usually checks the correctness of filling in the details, which excludes client errors. Payment is made with a few keystrokes;
- Convenience. The Internet banking service is available around the clock, seven days a week, which allows the client to carry out transactions at a convenient time, on weekends. In general, Online Banking is the most effective control tool for any bank accounts;
- Cheapness. The cost of a banking operation on the Internet is significantly lower than that carried out by a teller, which makes these operations more profitable for the population. As a rule, most of the basic transactions – payments for utilities, mobile phones, cable TV or the Internet – are done free of charge. Small commissions are possible for other transactions;
- Automation of individual operations. Advanced systems allow you to automate the payment of certain types of transactions, for example, telephone, utility bills. The client does not need to remember this – the system will do it itself;
- Online Banking systems allow the bank to promptly deliver the most up-to-date information to its customers.
Conditions for connecting to the Online Banking service
A prerequisite is the opening of a bank card or current bank account. Connection to the Online Banking system is usually free of charge. To do this, you need to come to the bank office once and fill out an application. You will receive a login (name) and password – codes for your authorization. Electronic keys stored on disks, flash cards can be used at the same time. There is no subscription fee for using Online Banking.
Any PC, laptop or communicator with a WAN connection is suitable for accessing the system. The client himself manages the SMS and E-mail-informing service, being able to indicate on which accounts he or she wants to receive information to his or her mailbox or mobile phone. As a rule, any bank has an operating system displayed on a special page or website.
The work is carried out through the bank’s website. Starting work in the system, first of all, you should go through the access procedure, which includes entering a username, password, codes.
If used correctly and correctly, working in the Online Banking system is the most convenient tool for managing your finances. Moreover, it does not require special knowledge and skills.
The standard working window of Online Banking, as a rule, has the following sections:
- General information. The section is intended for viewing information about the accounts opened in the bank, for example, about the balance of the account, the amount of a possible overdraft, about the transactions carried out, etc.;
- Payments. In this section, you can make non-cash transactions: enter information about the account number, payee, amount and other details. Usually, the system remembers the last payments paid by the client and saves the entered details. The list of such payments can be found here;
- Banking information. The section contains banking newsletters and news to the client, for example, about changes in commissions, new services and opportunities, new interest rates, or changes in the system;
- Reference and service information. Here the customer can get acquainted with the general reference information. Ask a bank employee a question, change the access password, etc.;
- Sign out. The section allows you to log out of the Internet banking system after all operations.
Be sure to consider the following points!
- Never disclose your password, login codes, password on your card, do not send them by e-mail. The bank informs the client about this without fail when connecting to the Online Banking system;
- Do not respond to emails asking for your confidential information or inviting you to follow a link;
- Avoid using the Internet banking system in Internet cafes, offices and other public places. They are most at risk of electronic fraudulent schemes;
- Check for the closed padlock icon on the browser toolbar. Looking at the page that requires sensitive information, search for the tiny padlock (to the right of the address bar) and make sure the padlock is closed;
- Carefully enter details and other data when making payments and other transfers over the Internet, double-check the information, make sure there are no errors. Keep in mind: the bank transfers the functions of a clerk to the client. That is, if a client comes to the bank with a payment order, the bank employee will enter all the details and make the payment. In Internet banking systems, the client has to make payments on his/her own. Entering incorrect data may result in erroneous operations;
- If nevertheless you mistakenly typed the details of a non-existent account, the payment will be returned back. But in the case when the existing number (phone number, Internet agreement, etc.) was erroneous, this must be reported to the bank’s support service! Their phone number, as a rule, is indicated on the bank’s website and on a bank card;
- Always update the anti-virus protection on the computer from which you most often work with Online Banking;
- Keep in mind that payment orders and account statements become documents only after visiting the bank and affixing a stamp on them. When conducting virtual transactions, confirmation in the form of checks is not provided.