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Banking & Savings
Guide to Online Banking |
With the development of online banking,
you no longer have to do all your banking in person. No more waiting in lines. No dealing
with the silly vacuum tubes again.
Online banking lets you sit at home in your pajamas and check your accounts 24 hours a
day, 7 days a week. You can transfer money from one online account to another or make sure
that a certain check has cleared. In a way, your personal computer becomes a virtual
teller, ready to assist you with your banking needs.
You may hear online banking referred to as Electronic Banking, Home Banking, Internet
Banking, or PC Banking. They are simply different names for the same product.
In order to bank online, you'll need to have two things: a personal computer and a modem
connected to a phone line. If you use your bank's software, you'll normally have to use a
dial-up connection to access your accounts directly from the bank's computer. Otherwise
you'll have to go to your bank's web site on the Internet. You'll need to have an Internet
connection and a web browser (Microsoft Internet Explorer or Netscape Navigator) installed
on your computer.
Online Banking Methods
There are three ways for you to bank
online:
1) Internet-Based. You access account information through your bank's web
site via modem using a standard web browser such as Microsoft Internet Explorer or
Netscape Navigator.
2) Bank Software. Your bank will provide you with proprietary software to
install on your computer. The software allows you to connect to your bank's computers over
a secure network. You're essentially dialing directly into the bank instead of through the
Internet.
3) Personal Finance Software. Software
such as Quicken or Microsoft Money allow you to exchange financial information with your
bank. The software connects to the bank's computers via an Internet-based setup and
downloads financial information from your account. Many banks affiliate leading software
vendors such as Intuit or Microsoft to make their systems compatible.
Online Banking Services
When you set up online banking, you can expect some of the following
services to be included with your plan. Some are basic. Others features are advanced and
may require higher fees to set up. Check with your bank to see what services are offered
and if any fees apply.
Things you can do:
- Check account balances.
- Make transfers between online accounts.
- Check the status of loans.
- Track investments.
- Apply for loans online.
- Pay bills electronically.
- Trade stocks or other investments.
Download account information to a
personal finance software program.
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