Online banking is fast becoming a preferred option for controlling your bank accounts. With many online-only banks coming up, knowing how to bank online is critical. Configuring your online account identifying and using crucial features, and remaining secure are crucial factors when it comes to banking online. Read on for more details.
Understanding Online Banking
Banking online is the process of gaining access to your bank account and conducting financial transactions via the internet from your computer, tablet, or smartphone. This process is fast, free, and it allows users to execute various tasks like transferring money and settling bills.
You do not have to visit the bank to conduct these transactions. Today, many banks have free applications that allow users to access these services from the comfort of their mobile gadgets. Apart from transferring money and paying bills, you can use your online banking account for:
- Confirming your banking balances anytime
- Confirm your bank statements
- Checking any linked loans, mortgages, or individual savings accounts.
- Confirm any of your investments that have been linked to your online banking account
Is Online Banking Secure?
Connecting to your bank account online is usually safe if you enter the correct details when conducting a transaction. To enhance your security, you will need to adhere to a few rules as seen below.
- Monitor your statement regularly and report any unusual activity on your account
- Always log out after completing your online banking session
- Never reply to emails purporting to be from the bank that ask you for passwords or other personal information
- Ensure your antivirus software and operating system is up to date
- Never access your bank account or make purchases from a public WiFi connection. Remember, using your 4G or 3G connection is recommended while on the go
- Always access your bank account from secure Wi-Fi connections.
- Create your passwords carefully by combining random letters, numbers, and characters. Never use the same password for multiple accounts.
If you have to use a public connection, then you may want to use a VPN or any other encryption option. Click to find out how to get Pakistani IP address.
How does Online Banking Operate?
Online banking is meant to be a suitable and time-saving process that allows you to bank on your schedule. It allows users to bank outside local bank opening hours. You can accomplish nearly all the processes that you need through online banking. Let us discuss some of these processes.
Account opening
You can open different accounts online without having to print or sign any document physically. All you need is an electronic signature functionality to complete the process in a record ten minutes.
If your financial institution provides online banking services, you can obtain online registration access through its website. For a successful online banking experience, you will need the following.
- A reliable internet connection
- Personal data to confirm your identity. This includes your social security number and date of birth
- A smartphone, tablet, or computer complete with an internet browser
- A bank account number
What do you need to open an account with an online-only institution where you have no existing relationship? You will need the same credentials apart from the account number. Depending on the institution, you may also need an additional document to prove your identity such as a driver’s license.
The registration process involves configuring a log-in and you can do so using your email address and password. After completing the registration, you will need to log in to your account and begin banking online using an internet-enabled gadget. Here is detailed information on the services you can conduct through online banking.
Paying Bills
Rather than pay bills through checks, you can send the payee money electronically.
Transferring Funds
You can move money from one account to the other online. You can also link your accounts in different banks or even send money to family and friends instantly via person-to-person services.
Loan Application
Obtaining a loan is usually a paperwork-exhaustive process. Today, you can fill your loan application form online and this allows your financial institution to respond fast. Some financial institutions that offer online loan applications may avail cash the same day you get loan approval. Some of the lenders that offer online-only services may even make almost immediate lending decisions.
Finally
With online banking, you can control your account from your computer or mobile gadget. The process eliminates the need to visit the bank physically and allows you to conduct transactions at a time that is convenient for you.