Online Banking

Online banking is a service that allows customers to do financial transactions over the the internet. Some of the feature of online banking websites include performing financial transactions, pay bills, apply for loans, investment purchasing, online statements, balance check and much more. You are able to search through your account and see your statements and transaction details and search these in date order. With their internet system you are also able to check your details up to the very minute. As well as checking you own account you are also able to transfer money to differnet accounts aslong as it is within the same bank. As you are now able to check your balance and pay your bills online there is also an option whree you can stop bills being posted and instead they will just email you when a new bill arrives.

Advantages of Online Banking

• Conveninet open 24/7
• Easy and simple to set up only need to answer a few simple question.
• Allows you to do a variation of different things
• As long as you have internet you are able to bank anywhere around the world
• If you dont have time to go out you can easily do it over the internet
• Can get better investment deals over the internet ("Online Only" deals)
• Hassell free and easy to use
• This way is also much better for the environment as you are not wasting paper.

Disadvantages of Online Banking

• Security is a big issue with online banking many people are not willing to bank online as they feel other people may somehow access their account.
• People can get unsure about the transactions they make wondering if it actually went through or not.
• For some people it may also take a while to get used to using the service.
• Can get no help if you have a problem or query unlike if you went into a traditional bank.
• Many people also find online banking impersonal. 

Online banking can always be slightly risky like everything in life. But the security used for online banking is improving day by day and fraud rates are quickly decreasing. The link below shows an article proving this showing how fraud rates are going down.

Online Banking Fraud Down 36%

The next link shows how the rates of people using online banking websites have increased.
Online Savings Accounts And Checking Accounts Grow In Popularity


ATM Machines

ATM machines (automated teller machines) is "An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services". ATMs allow you to access your bank account so you can make cash withdrawls, credit card cash advances and check your balance. Many now also let you purchase phone credit. You are able to take out cash from an ATM all around the world with the money you want being converted at a wholesale exchange rate which also makes it popular for many tourists as you often get the best exchange rates using an ATM. ATMs are stand alone machines and do not require anyone else to help operate them ie a bank clerk.

When you insert your bank card into an ATM the magnetic chip on your card will be read and then your transaction will be processed. You then have to prove that the card belongs to you by entering your own unique PIN number.