Online banking is the modern alternative to walking in the rain, in your lunch hour to queue in the local branch of your bank and waiting in line to make a transfer to your savings account or deposit a cheque to pay the gas bill. These transactions and more can now be carried out from your home PC, laptop or even your internet-enabled mobile phone.
Initially you must sign up with your bank for online banking. The bank will issue you with a log-on ID, password and possibly a card reader. Your ID and password should never be revealed to anyone or written down together in a way that anyone other than you could understand. The function of a card reader is to verify, before allowing access to your bank account, that you are the account holder, you have the bank card with you and know the Personal Identification Number for the card. Even if someone was to come across your PC with your online banking logged on they could not transfer money out of your account without the card, card reader and PIN.
When sign up is complete there are many transactions that can be carried out on online banking. You may transfer money between your accounts, make payments to companies or individuals, review your latest and older statements and apply for a credit card or loan. As cheques have become all but obsolete there are now very few occasions which call for a visit to the bank on the High Street. So next time Granny wants to give you money for your birthday – ask her to do a direct transfer into your account!