General Question

talljasperman's avatar

How does Internet banking work?

Asked by talljasperman (21916points) October 9th, 2015

I was wondering if I should get an online bank account.

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4 Answers

_Seek_'s avatar

Generally speaking, Online Banking is a service provided by your banking institution – just another way to manage your money.

I bank with Chase. With Online Banking and Mobile Banking, I very rarely if ever actually have to go to the bank. If someone writes me a check, I can take a picture of it with my mobile phone and deposit it through the Android app. If I need to transfer money from checking to Savings, I can do that on the website. I was even able to use Online Banking to inform my bank I was leaving the country this past summer, so anything I purchased in Canada wouldn’t be flagged as fraudulent.

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janbb's avatar

I use online bill pay through my bank for paying bills and transferring money from account to account but I also walk to my branch frequently because I enjoy the walk and the people interaction.

jerv's avatar

It allows you to do some of the things that you would normally do at an ATM; balance inquiries, transfer funds between your accounts, and the like.

It also gives you an up-to-the-minute statement so that you can view all transactions in a given time period (including those that just happened minutes ago) without waiting for the bank to mail you a statement at the end of the month or having to go to the bank and talk with a teller; you can do it from the privacy of your own home, no pants required.

Additionally, many banks allow you to use online banking to send other people money. I used to have my rent set up that way; my landlord always got the rent on-time via certified check and I didn’t have to do a thing because I set it up online. Not all banks offer that service though, and some only allow it for electronic transfers but not for checks/money orders.

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