Raguragavan Sreetharan | Taking a Look at Popular Online Banking Services

Raguragavan Sreetharan | Many people are switching to PC banking, as the online banking services being offered nowadays are far more convenient than the services offered by traditional banks. The services are essentially the same but there is greater flexibility with the online ones. There are usually fewer service charges as well, which makes taking the internet route a more attractive option. The technology surrounding the internet is also offering more and more choices as new systems are developed.

One online banking service that is gaining in popularity is the ability to make person to person transfers. Basically, as long as the two parties both have an email address and a bank account, funds can be transferred from one place to another. There may be other restrictions, such as the requirement that the accounts be at a particular bank or within a group of banks, or that the parties both reside in the same nation. Still, email transfers are growing in usage and are a strong step in the direction of greater control within personal online banking.

Automatic payments are another of those bank online services that has been around for awhile already. Payment invoices that were and still are sent by regular mail can now be done through the internet and sent right to the account in question. From there, the client can check the amount owing and why, and then make arrangements for the bill to be paid. This can be set up as an automatic transaction every month or it can be done manually each time.

Although it is not always possible because more than one bank is involved, there are some online banking services that allow you to view all your accounts from all financial institutions in one location. This is called account aggregation and it offers a lot of convenience to those who use different banks for different purposes and want to track their accounts without having to go through the process of opening each account separately.

Ragavan Sreetharan | Online banking software plays a large role in another useful aspect of banking on the internet. Many banks will allow users to export data to an accounting program like Quicken or Money. This again gives users greater control over their finances and they can choose what steps they wish to take regarding their funds based on the information they are able to export.

Raguragavan Sreetharan | Traditional Banking Vs Online Banking

Raguragavan Sreetharan | Internet banking works in a similar manner to traditional banking, the major difference being the way one is making payments, accessing his account and personal details, and reconciling statements. Rather than visiting the local branch of his bank, the customer uses his computer to complete transactions. Internet and traditional banking have their pros and cons to consider. The choice of online vs. brick-and-mortar banking is often based on one's lifestyle and priorities.

As a major advantage of internet banking, the customer can accomplish multiple tasks in the comfort of his home. Efficiency is what makes online banking attractive to customers: they can pay bills, move money between different accounts, check multiple accounts, and much more. Banking is fast and saves customers valuable time. Transactions are completed in seconds and one can print out the receipts for his personal records. The customer may access his account at any given part of the day, even during weekends and holidays. Moreover, the online account may be accessed from any place around the world, provided that internet connection is available.

Online bank accounts make banking expedient, convenient, and inexpensive. Many banks charge fewer fees for the online banking services they offer. Furthermore, banks have higher interest rates on savings accounts and certificates of deposit, and offer more financial services and products. Customers don't need to buy envelopes and stamps, run to the post office at the last minute, and risk being late on their payments. Monthly bank statements and bills can be accessed electronically. Finally, online banking employs sophisticated tools that help manage one's money and accounts with ease. Despite increased security measures and the availability of anti-virus and anti-spyware programs, identity theft is still a concern. Other threats associated with online banking include phishing and hacking of online accounts.

Time is among the precious commodities, especially for multi-taskers. On the other hand, some people prefer to visit their local bank and interact with the teller in person. Customers can turn to the bank's special account representative or even to the bank manager. Clients are physically present when cash is handed over to them and when they place valuable items in their safety deposit boxes.

When customers hold their money in banks, they expect to have them available when required. The Federal Deposit Insurance Corporation offers coverage of up to $100.000 if banks cannot cover their clients' accounts. Most banks have increased the level of security by installing more surveillance cameras and hiring a larger number of security guards. With traditional banking, customers are better protected against identity theft. However, security is still a concern with traditional banking. While criminals cannot hold a gun to one's personal computer, they can rob a bank the traditional way.

Ragavan Sreetharan | Inconvenient locations, fixed schedules, and more limited financial services are some of the disadvantages associated with traditional banking. In contrast to internet banking, customers opting for traditional banking services need to draw money before using it.