Online Banking Transactions

Online Banking is one of the largest developments to financial industry over the past few years as a result of the advances made in internet technology. Once upon a time an investor or borrower would walk into a Banking Center to either conduct a transaction, update a bank book, invest money in a Term Deposit (or Certificate Deposit) or see the Bank Manager for a Personal Loan, Home Loan or Business Loan. The Bank Manager was usually someone over forty, generally male and would never be seen walking out of his office, except when he had to authorize a transaction, deal with a customer complaint or go out for lunch. Banking Centers seemed well staffed and there were always lots of Customer Service Staff employed at the Banking Center to handle transaction enquires quickly.

Online banking offers a totally different experience to the consumer. One major difference is that daily attendance at your local Banking Center is no longer necessary. Of course, traditional Banking Center Services are still available for those that like that face to face service or are not familiar with Online Banking. However, banking in recent times has given us more control over our own finances 24 hours a day 7 days a week. Online Banking has allowed us to transact on our own accounts from our home or office. Bank customers ( investors and borrowers ) need convenience when it comes to handling their finances and online banking certainly provides this.

What is Online Banking?

Online Baking is a service provided by a Financial Institution that allows an account holder to obtain account details and manage banking transactions via a personal computer from the home, office, library or internet cafe.

Features and Benefits of Online Banking:

1. Check daily and historical account balances
   
2. View account statements and transaction activities
   
3. Transfer funds between accounts
   
4. Transfer funds to third party accounts including cross border accounts (International Money Transfers)
   
5. Change personal details
   
6. Stop cheques (stop checks)
   
7. Pay bills via BPAY or Bill Pay
   
8. Open new bank accounts e.g. Investment Account
   
9. Apply for credit e.g. Credit Card, Personal Loan
   
10. Move funds around for investment purposes
    
11. Trade Online
    
12. Monitor loans and credit accounts
    
13. Online Banking For Business
    

Online Banking means that the business owner no longer needs to make that last minute sprint to the bank. Online Business Banking can be done from the office, leaving more time for other more important things.

Features and Benefits of Online Banking for the Business:

1. Pay local and overseas creditors
   
2. Schedule bills and funds transfers for a future date
   
3. Transfer funds to third party account holders
   
4. Pay wages and Import payroll files
   
5. View account balances and check transactions
   
6. Check historical statements
   
7. Secure online shopping
   
8. Print and export financial records
   
9. Move funds around for investment purposes
   
10. Trade Online
    
11. Monitor loans and credit accounts