Online Banking Basics
Online banking permits the consumers to conduct monetary transactions on the protected site managed by their virtual or retail bank, building society or credit union.
Online Banking is also cheaper; internet’s low cost form has also produced its own online savings accounts which merge higher interest rates with lower fees along with on-call access.
Features
Online Banking have lots of features plus capability in common; however conventionally even have some which are application particular.
The general characteristics fall largely into some categories –
- Transactional features for example performing a monetary transaction like account to account transfer, wire transfer along with applications, paying a bill, applying for loan and new account.
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- Electronic bill payment and presentment.
- Funds transfer among a consumers own savings and checking accounts, or to other clients account.
- Investment sale or purchase.
- Loan transactions and applications, like repayments.
- Non-transactional features for example check links, online statements, co browsing and chat.
- Bank statements
- Monetary Institution Organization – features permitting the monetary institution to supervise the online understanding of the end users.
- ASP/Hosting Management – features permitting hosting company to manage the solution on monetary organizations.
Features normally distinctive for business banking comprise –
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- Support of several users having changeable levels of power.
- Transaction endorsement procedure.
- Transfer of wire.
Features usually exceptional for Internet banking comprise –
- Personal financial organization support, like importing information to an individual finance program like Quicken, TurboTax or Microsoft Money. A few online banking platforms hold report aggregation to permit the consumers to check all their records at one place if they are with the major bank or with any other institutions.
New and better Security Features –
Online PIN Reset -
In case you do not remember your PIN, you might easily reset it online. You would be asked some questions to check if you are the same person and not somebody posing as you and when answered appropriately, you would be able to reset your PIN.
DoubleSafe –
DoubleSafe keeps your identity secure in 2 ways when you sign into your ING Direct account. On setup you will be asked to select 'Your Picture' which comes from a range of images. Then, you will choose 'Your Phrase' – a modified phrase to accompany 'Your Picture'. When DoubleSafe is set up, ensure you see your picture as well as your phrase. This will assist you to evade logging into a false ING DIRECT site (also called phishing). Lastly, you will set up the answers to secret questions so that they can know that it’s actually you.
Card skimming –
Debit and Credit card scam can occur at ABMs, bank machines, as well as retailers almost anywhere. Ensure whenever entering a PIN in a machine you keep it confidential as well as be alert for doubtful looking devices attached to the machine. You might be unknowingly helping thieves achieve access to your bank account.
Originally posted 2008-09-19 13:32:46.
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