It’s all about going online – you can bank on it
25 Mar 2015
Online banking is an internet-based banking service that makes it easy for you to manage your money without going into a branch. Here’s how to get started.
Why online banking?
It’s convenient because you can always access it. It allows you to
do your everyday banking via a computer, tablet or smartphone any time of the day, including weekends and public holidays.
The move to online banking is both a result and cause of branches shutting down.
“It meets a wide range of retirees’ lifestyles and personal needs, [especially] those who lack mobility or just find it difficult to get to a branch,” explains Peter Boehm, Finance Editor, onthehouse.com.au.
There can be downsides, however – users need to be vigilant about protecting their security to safeguard their money.
How it helps you
Unlike going into a physical bank, online banking is fast and less time consuming. You can use it at any time of the day from the comfort of your home, without having to wait in line like you would at a branch. Just keep in mind that your transactions will be processed during normal banking hours. Having said that, if you have accounts at the same bank and make transfers between them, these will take place instantaneously.
Other advantages include being able to review your statements and transactions online, scheduling payments and being able to check your balance without having to make a phone call or find an ATM.
How to use it
It’s very straightforward. Call your bank and they will create your login details for you. They will provide you with the website address where you sign in to your account. Open the website in your internet browser and log in.
Once you have logged in, you will be able to:
- View all balances and transactions
- Pay your bills
- Schedule regular payments to other parties
- Transfer money between your accounts
- View and order statements
- Open a new account
- Apply for a loan
- Request an increase for credit card limits
You can do almost anything online, except deposit physical cash.
“This still has to be done at your local branch, although some banks have deposit only facilities at their ATMs if you don’t want to queue up,” explains Boehm.
Mobile banking apps
These are applications available to download on your smartphone or tablet so you can log in to do your online banking anywhere, any time.
They can be downloaded from the App Store for Apple
®