Banking online

Banking online

Online banking is becoming a fast and efficient way of banking. It saves time and money, people don’t have to pay petrol fees to go to the bank or take the time to go to the bank all they need is their computer and their bank account details.

ATM

Automated Teller Machine or more commonly known as an ATM is a computerized telecommunications device that allows a customer or a client of a financial institution to perform financial transactions without the need for a cashier, human clerk or bank teller. This allows quick and easy bank payments and withdrawals to be made. Every person that belongs to a bank and who has a credit, debit or smart card is given a unique pin number that belongs to them and only them. This lets them to access their bank accounts and to manage their money to suit them.

Online statements

A bank statement tells you on each individual account what you have paid into your account i.e. your salary, cashed checks or money from another account and what you pay out doesn’t matter if it’s by checks, credit cards or ATMs. An online statement means that you get an email from your bank telling you all of your account activity once a month or you can also go online and check your bank statement whenever you want all you have to do is log onto your banks website and sign into your personal account with your own personal username and password. Other ways to get your bank statements is by post once a month.

Transfers online

With online banking you can transfer money from one account to another without having to go down to the bank. All you need is to log onto your bank accounts website then sign into your account from there you can transfer money from your account to another account all you need to know is your account number and the other accounts details. These details include the account holders name account number and the sort code for that back account. If you are only transferring money from your own account to another account that you own then you only need to know your account numbers.

Standing order

A standing order is something that is paid automatically ever week or month i.e. gas bills or water bills. This takes the money out of your account at a set date every time it’s due. This allows you to be more relaxed about paying bills because if the moneys in your account then you don’t have to go through all the hassle to write out a check and send it via post to the company or go hand it into the bank, the account holder doesn’t have to worry about paying it by a set time period, all they have to worry about is getting the money in their account for the payment date.

Direct debit

Direct debit is very similar to a standing order except with a direct debit the amount that a company can take out of your account can change without you notifying the bank that you belong to but with a standing order you have to notify the bank to a change in the amount of payment otherwise the bank will just carry on paying the company the same amount of money.

Information

·         Locations

With online banking some banks have websites that provide a search engine to look up where the nearest branch is from you. You can do this by typing in your postcode. This saves time and gives the customers of that bank a quick, easy and efficient way of finding their local bank account.

·         Email alerts

 With online banking your bank can send you Email alerts to give you information about your account activity or just about new account types and information within the bank. You can get your bank statement emailed to you on a set date each month.

Security

Security is a major concern when it comes to online banking. Most web browsers will show a padlock icon or turn the web address bar green when the website is secure and has the right certificate to show that it is a safe website. Online Security is a major issue because the customers have to trust that that website is safe if they are going to use it to handle their money.

Key cards

Smart phones

You can now use your smart phones to send money from one account to another just by using a mobile phone this is called Barclays ‘ping it’ all you need is a smart phone and the Barclays ‘ping It’ app. This allows you to instantly change money whenever where ever. This is a major step forward in online banking. All you have to do to be able to use this service is have an account with Barleys and then download the ‘ping-it’ app.

Disadvantages

·         You can’t withdraw money from your computer, at least not yet but I wouldn’t be surprised if in the future you could in fact do that but for now you still have to go down to your local bank or ATM.

·          De- skilling is when you have no need of people with certain skills because they can be replaced due to technology. This is happening more and more to an increase in technology, companies just don’t need to pay for someone to do a job when they can buy a machine to do it.  

·         Some people think that online banking is heightening Impersonality.  This means that there is no face to face interaction. Some people like talking to a person for some of them going to the bank is a nice way of getting some social interaction.