Online Banking : Learning the Ropes

The popularity of online banking is growing. The days when everyone made a visit to the bank for performing financial transactions has passed. Almost everyone who has a computer can take advantage of online banking. The ability to use the Internet for banking has changed our lifestyle and provides a great convenience.

Technology was once considered to be for young people some years ago; but according to statistics, the fastest growing group of users today are older than 65 years. Despite these statistics, I can’t imagine that my mother will ever use online banking. For people who are hesitant to join the ranks of those using online banking, it is often a matter of accepting change; everyone can work with a computer once they put their mind to learn. If you are one of those who are a little timid about technology, there are many courses available to help teach you the ropes of Internet applications. Today there is ample opportunity for all generations to take advantage and enjoy the benefits of online banking.

Everyone can learn the ins and outs of online banking, but there are advantages and disadvantages you should know about. Probably the most important advantage is you can make your payments or your investments at any moment you want. You will have access to the site of your bank 24 hours each day and you don’t have to pay attention to closing times like you would with a visit to your bank. Another advantage is you always have access to the site of your bank no matter which country you are in. Only a computer with an Internet connection is necessary but there are public places in every country where you can make use of these services and be assured of the security measures put in force by your bank to protect you.

There are not many disadvantages of online banking. It is just learning the ropes of this system and that takes some time. Trust is another thing and you need to feel comfortable with this system of banking; you need to be sure that you clicked the right button. It is important to pay close attention to make sure you clicked only once to transmit the transaction and make a print out of your transaction receipt until it shows on your bank statement. Transmitting the same transaction twice can have terrible consequences because you may end up making the same payment twice. Another disadvantage is sometimes there are new updates and you need to invest some time in learning the new features.

The fear of safety is often a reason that keeps people away from online banking but online banking is a safe system, if you pay attention to the necessary software for your computer like antivirus and
antispyware software. Don’t underestimate the power of hackers and if you don’t share your password and the number of your contract with your bank you can execute your financial transactions safely. It is also wise to keep your security numbers safely in your home, rather than stored on your computer where they may be accessible to others.

Online banking requires a contract with your bank. Every bank has a different system but you will always need to sign a contract and you need this number for logging in. The second step is a password and often a security number or code, the sequence of which will change from log in to log in. Without these numbers nobody can perform financial transactions with your account.

Banks use a variety of names for their online services like PC banking, home banking or Internet banking. Learning the ropes of online banking depends on the software of your bank but the basics are quite similar for every bank, and some offer more services than others. Services include checking your account balance, transferring money between your accounts, paying your bills electronically and even with the possibility the payment will happen on a certain date is possible with almost every program of online banking.

Some banks also give you the possibility of trading mutual funds, shares, bonds and applying for loans. Sometimes it is even possible to follow up the value of all the mutual funds they offer and also the value of all the stocks in the stock exchanges worldwide. Learning the ropes of online banking can be done by everyone and is encouraged by almost every bank. This system saves you time and also money because many banks ask lower fees for transactions done through online banking.

If in doubt, always ask the Bank for reassurance of what protection they give their users. A reputable bank will be able to assure you of a satisfactory code of practice and protection for its members, and instead of thinking of Internet banking as being beyond your scope, escape the queues and visits to town, by learning that moving with the times is not always as difficult as you imagined.