Many banks have begun to offer customers the option of online banking, a practice that has benefits for both parties and whilst consumers view online banking as a quick way to pay bills and check their finances; online banking, at least to some degree, has become the norm for many simple bank transactions.
Online banking allows people access all of their account through a secure bank-created website. Depending on the services chosen, a customer may simply be able to view the day-to-day activity of every account they have with a bank. Another convenient service lets people transfer funds, either between accounts or from electronic transactions.
The biggest plus for banks to banking online is the price. Because Internet-only banks don’t have the expense of maintaining hundreds of local branches, their overall cost of doing business is lower than it is for their traditional counterparts. Which means they pass the savings on to their customers in two main ways: higher interest and lower fees.
Another big advantage is that you’ll have 24-hour access to your account, for free. Unlike your corner bank, online banking sites never close; they’re available 24 hours a day, seven days a week, and they’re only a mouse click away. Also if a money issue arises while you’re out of state or out of the country, you can log on instantly to your online bank and take care of business.
Accounts can also be automatically funded from a traditional bank account via electronic funds. Most direct banks offer unlimited transfers at no cost, including those destined for outside financial institutions. They will also accept direct deposits and withdrawals that you authorize, such as payroll deposits and automatic bill payments and any online banking sites offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs.
However f you’re new to online banking, it might take time to register for your bank’s online program. Or, it may be easier to physically fill out a form at your local branch and a traditional bank provides the opportunity to develop a personal relationship with that bank. Getting to know the people at your local branch can be an advantage when you need a loan or a special service that is not normally offered to the public. A bank manager usually has some discretion in changing the terms of your account if your personal circumstances change. They can help you solve problems such as reversing an undeserved fee or service charge.
Categories : Bank Accounts, Online Banking, UK