Types of Financial Service Available in Online Banking

Online banking also referred to as virtual banking, e-banking or internet banking is a method of making payment or transferring money electronically. The customers of the financial institutions that offer such service can carry out a number of financial transactions by themselves via the websites of these banks. It has become widely accepted today thanks to the convenience and other benefits it offers users. However, it has its limitations as not all financial services that can be rendered through the internet. Below are some of the types of financial services that can be done online.

Account management

Banks offering online services give their customers access to their accounts. With internet banking, you will be able to view your account information, statements of account, transaction history and also carry out certain transactions such as transfers, ordering of checks and others. However, for security reasons, you will be required to register in order to obtain usernames and passwords for logging into your accounts.

Making payments and depositing money

With e-banking, you will be able to automatically deposit money into your account. It is today possible for employers to deposit paychecks by themselves via their online account. To do this, your financial institution will issue you with a routing number. You can also offset your bills, utility and insurance premiums as well as other payments via virtual banking.

Plastic cards

Another service available in e-banking is debit cards. Debit cards are popular means of payment today. It is similar to credit card in many aspects. The major difference is that debit cards are funded directly from the user’s account. Thus, transactions and payments made via debit cards appear on your statement of accounts.

E-statements

As implicit from the name, these are your statements of accounts that you can access and print directly from the internet via your online bank account.

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