Before, if you still remember, I have talked about online saving account. Today, I will discuss about a quite similar thing which is online banking. Actually, it is quite a common trend nowadays to do banking activities online but for some countries like Malaysia (my home country), online banking is not been used widely. Maybe, the banking system there is not strongly developed yet. But, I expect online banking to be widely used in Malaysia in maybe 5 years time.

Okay, enough with some background of online banking in Malaysia. Let us talk about why we should or should not use online banking.

Advantages

From online banking, almost every transaction can be done from home. This is good as it saves a lot of our time. Now, we do not have to go down to a bank to do a transaction like transferring money from current to saving account. Before, this transaction only can be done at the bank since ATM machine cannot handle this.

By having online banking, we can monitor our account balance easily. This gives us more control over our budgeting plan (see this post about controlling main expenses). For example, I can now how many should I spend for the rest of the month by looking at the online statement. So, I don’t have to wait for monthly bank statement which sometimes will not be posted at all (I am currently using National Bank as my primary bank and have not received my bank statements for the last 2 months).

Disadvantages

Some banks charge online banking under service charge. For my National Bank online banking, they charge me about $1.00 a month although they said that I will not be charged as I am an international student (Damn! I **** National Bank).

And the biggest issue about online banking is security of your account. Since you are doing your transactions online, you information may be traced by other unwanted people. And by using your information like your online banking username and password, your money can be transferred away from your account in just a few seconds!

So, what am I trying to say here?

Basically, online banking is really useful in many ways but at the same time, the risk is sometimes quite high. So, do some research about your bank. You must know the level of security they offer for online banking. Ask your friends about their experience with the particular bank. And consider looking for other’s review online. For the New Zealand online banking system, I would say that Raboplus (operates under the Rabobank) and ASB are still the best. So, after all, the choice is yours. Make it wisely.

By: L. Lyme

About the Author:

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Internet banking is one of the best things that have happened to the financial sector. It has made banking a breeze and it’s not going to stop getting better. The amount of things that you can do with banking online is amazing and it has also reduced the cost of banking for the banks as well as the bankers.

With banking online, you are now able to access your account at any hour during the day or night. You no longer have to wait until the morning for business hours in order to deposit money or check the status of a check or bill. You can also bank from anyplace in the world and also from any spot. Even if you are away from a computer you are able to bank with using a mobile phone. This is something that we would have never thought of sometime back.

Choosing an internet banking site is quite easy since there are a number of sites that provide assistance in choosing a good internet banking site. Also you need to do an ample amount of research to see which bank online suits your requirements.

The first thing you need to look at before choosing a service to bank online is the interest rate offered. An online banking service may offer a good interest rate on checking accounts but not for savings accounts. So while choosing one, you must see which service gives the best interest for you’re the account type you want to get.

Secondly, you need the check all the features the banking service has to offer. Try to find one that does not charge too many fees. For instance, some banks may charge for having a check mailed to you and some may offer that service for free. So find one that has features that will best suit your needs, as well as make you’re banking experience more convenient.

Another thing you must look for in the banking service is the timings of operation. Yes, it is possible to use any online banking service at any point of time, but most regular banks that have online banking sites usually wait until business hours to complete a transaction. This can be a great disadvantage, especially if you want to send or receive money when there is an emergency.

While choosing an online banking service to bank online you must always be careful. This is why it is important to do a lot of research and probably search for a site that will give you the best information and guidance for choosing an online banking service.

By: Christopher X Price

About the Author:

[carpwp:amazon{online banking}][/carpwp]

parvvy asked:

online banking services for Punjab National Bank

shad d asked:


I am trying to find out how I can find information on my wife’s internet activity ie: to see if she has online bank acct. website etc. without paying for an investigator. please help.

a a asked:


chase online banking is secure?

ehowfinance asked:

Online banking is just another way for a person to access traditional banks. Discover how online banking makes things cheaper for the banks themselves with help from a portfolio manager in this free video on money management and financial advice. Expert: Roger Groh Bio: Roger Groh is the founder of Groh Asset Management. Filmmaker: Bing Hu

amymarks84 asked:


Is there a way i can start a free banking account online?

eHowTech asked:

Online banking is a great way to check a bank account balance, perform money transfers, or pay bills online without having to visit the actual bank. Sign up for online banking by creating an account with a password with help from a freelance computer specialist in this free video on the Internet banking.

Roz_26 asked:


War thanks for the input but i already have a bank account. I’m just trying to learn more. Also, i dont think hsbc’s website is a ‘fake page’ lol.

South Jersey asked:


Is there a fee to have automatic transfers of amount of money from one account to another. When you do your banking online?