Any financial account maintained by a financial institution is a bank account. A deposit account, credit card account or any other type of account offered by a financial institution is a bank account. It represents the funds entrusted to that particular institution.
Online Bank Account
Thanks to technology and its growth, the internet has touched the banking sector too. It is now possible to conduct multiple actions on your bank account by accessing it virtually over the internet. E-banking or online banking is an electronic payment system. It enables the user to perform a range of financial transactions over the internet. Online Banking enables the user to access the core banking system of their financial institution. This is in contrast to the real scenario where we approach a brick-and-mortar branch of that bank/financial institution.
An internet accessible device and an internet connection are the most basic prerequisites for online banking. One needs to register for the service and set up a user ID and password and validate the credentials to access the account virtually or online. The practice has become no regular now that all banks provide you an access ID for internet banking to all customers. All you have to do is validate the ID and then access the account with a password.
How To Use Online Banking
The customer needs to access the website of the financial institution by logging in from the correct URL. Then the customer accesses his/her own account by logging in with the provided ID. This is most cases can be changed later if needed. A complex password is needed to log yourself in, which you set for yourself. The financial transactions that one can perform online generally include the facility of checking the bank balance online, a list of the recent transactions, online bill payments and funds transfers between one’s own accounts or within the accounts of different customers. You can also view and in most cases download a copy of the bank statement. Users can also update their addresses and other required document details, order cheque books, and report a loss of debit/credit cards.
Advantages Of Online Banking
-Easy access to the bank
Previous to the availability of online banking facility, people had to visit a branch of the office even for minute issues like checking balances. Online banking has made these non-transactional tasks easier.
-The cost of transactions has lowered due to the ease in which transactions have been possible.
-One can access the account with ease and can have an access from almost anywhere.
-Time-saving transactions have been one of the biggest boons.
-These transactions are very safe and secure. You just have to be careful about not advising anyone of your logon and password.
-Accurate and immediate money transactions have been possible