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Online Banking

What is Online Banking?

Online banking allows bank account holders to make transactions using the internet which is also commonly known as internet banking or mobile banking. Online banking is convenient for business owners and home offices when needing to make a transaction without going into the bank. It offers every service that a normal bank branch offers except in the comfort of your current space. To conduct financial transactions through online banking, a consumer must have an internet connection, a mobile device, and their own personal banking details, and to have registered with their bank’s online banking service. Although there is quite a bit of freedom with online banking, it does not allow for purchases of bank drafts, traveler’s checks, and applications for mortgages. 


What are the most popular bank types?

The three most popular types of banks are commercial banks, mutual banks, and cooperative banks, and credit unions. Commercial banks offer financial services that include accepting deposits and offering loans to the community for the purpose of making a profit through investments and consumption. Mutual banks are generally chartered at a federal level by the government and do not offer capital stock and profits earned among the members are reinvested into the community. Cooperative banks are retail and commercial banks by which their customers are also the owners and accept deposits and lend them to foreign consumers. Credits unions are non-profit cooperative banks where their members can borrow deposits at low-interest rates. The most popular banks that offer online services include the following:

What types of Online Banking are there?

Many types of online banking are offered by various banks and consist of deposits and payments, account management, and electronic statements. The different types of online financial transactions include national electronic bank transfers, immediate payment service, electronic clearing system, and real-time gross settlements. These services are all offered by banks listed below:

How important are online reviews when choosing an online bank?

Reading online banking reviews can be a major lifesaver in choosing your permanent online banking service. These reviews will insight to the consumer about security and any hidden fees charged. 

Writing reviews will help a bank to get promoted to the public and may demonstrate the critical steps that the bank has taken to provide the solutions and resources to the customer in need.

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