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Online Banking
History of Online Banking
The ability to manage your bank account online began for some in the late 1980’s.
It did not gain popularity with the general public until the internet was more accessible in the 1990’s.
Now, most people use online or mobile banking either through their computer or their cell phone.
E-Banking
E-banking or Electronic Banking is banking through the use of the internet.
Using their phone or computer, customers can:
- Make withdrawals
- Deposit money
- Pay bills
- Check account balances
- Transfer money between accounts
E-Banking Benefits
- 24 hour access
- Fast
- No paper
- Convenient
- Access from anywhere
E-Banking tools
Debit Cards and ATMs are 2 tools that make E-banking possible.
A debit card is a plastic card that looks like a credit card but is linked to your bank account.
Money is automatically taken out of your account when a purchase is made.
Purchases made with a debit card require the purchaser to enter a PIN (personal identification number).
An ATM is an automated teller machine. It gives customers access to cash at any time. ATMs are found at banks, supermarkets, and convenience stores. You must have your debit card and your PIN to access accounts using an ATM.
ATMs are free for a customer to use at their bank’s location. If you use an ATM at another bank or location that is not associated with your bank, you will most likely pay a fee.
How to Use the ATM
- Insert ATM card into the slot.
- Enter PIN.
- Perform the desired transaction (deposit or cash withdrawal).
- Keep printed receipt to compare with monthly bank statement.
- Remember to take the ATM/Debit card when finished.
E-Banking Safety
- Sign the back of your cards and write "See ID"
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Memorize your PIN and keep it hidden
- Do not write it down where the card is kept
- Do not tell others
- Shield the PIN with body at ATMs
- Do not give it out over the phone or e-mail
- Change PIN if it is suspected someone else knows it
- Write down the card number and financial institution contact information
- Store it in a safe place separate from the card in case the card becomes lost or stolen
- Report lost or stolen cards to the financial institution immediately.
Trends in E-Banking
Due to the Check Clearing for the 21st Century Act (Check 21), banks are able to process checks electronically and instantly. You must have money in your account if you are writing a check since technology makes getting the funds out almost instantaneous.
In the future, we could see a change from PIN accessed accounts to:
- handprint,
- eye,
- fingerprint scans or
- voice commands