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What Is Online Banking?

It has been said so many times that the Internet has revolutionized the lives of people all over the world. One of the ways that the technology has impacted our lives is via online banking. It is a term that is used to refer to the ability to conduct bank transactions via the Internet. With online banking, bank account owners do not have to physically visit the bank or the cash machine to carry out transactions. All they need is the online banking account feature activated and a connection to the Internet.

For most banks nowadays, online banking is part of their regular line of products. Depending on the specific bank, you might already have the online banking feature activated. In some cases, you might have to ask your bank to activate the feature.

Online banking offers unparalleled convenience to the customer. You can enroll your bills - home utilities, mobile phones, insurance policies, credit cards, etc. - so that you can pay them online. You can also transfer money using online banking, browse your bank and credit card statements, request for a new check book, and so on.

Fees for online banking transactions vary depending on the bank. Many banks do not charge any additional fees for online banking accounts. Those that do charge only very small amounts - well worth the convenience that online banking offers.
There is the question of security when it comes to online banking, but it is generally safe. Banks put strict measures in place to ensure that their systems are secure.

Featured in Finance