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What is Online Banking?

January 23, 2023

Just as the internet has allowed many to work from home, earn college degrees online, and shop from a laptop, it has also revolutionized the way that many do their banking. Instead of traveling somewhere to take care of your banking needs, you can now do most things online. 

HOW DOES ONLINE BANKING WORK?

Online banking refers to doing your banking through the internet from a computer or mobile device. Many traditional banking services are now offered online. You can deposit checks, transfer money from one account to another, and pay bills online, among other things.

The primary advantage of online banking is that you don’t have to visit a financial services center. As long as you have a reliable internet connection, you can do your banking from wherever you are during times that are convenient for you.

For example, online banking could allow you to do your banking during a break at work, while dining at a restaurant, or when traveling.

Getting started with online banking is very easy and usually just takes a few minutes. After registering for online access with your bank or credit union, you can access your account online whenever you like.

WHY SHOULD YOU USE ONLINE BANKING?

There are several important reasons to consider online and mobile banking. It’s fast, efficient, and it may also save you a lot of time.

24/7 Account Access

Online banking gives you access to your account regardless of the time or day of the week. If you work a night shift, for example, and want to check your account during a break, you can do that. You can also do online banking during the weekends and holidays when branches are closed.

No Need to Travel to a Local Branch

Online banking is an efficient way to do your banking. There’s no need to drive anywhere to deposit a check or transfer funds. In addition to saving time, online banking is also environmentally friendly. It allows you to save money on gas and wear and tear on your vehicle.

You Can Monitor Your Account for Fraud

Being able to check your account from your computer or mobile device allows you to monitor it for fraudulent activity. If you see anything that looks suspicious, you can quickly alert a representative at your financial institution. Some financial institutions also have online banking features that alert you of unusual card activity and allow you to block your debit and credit cards. 

You Can Pay Your Bills Online

With online bill pay, you don’t have to mail your payments and wait for the post office to deliver them. You may also be able to set up automated payments to keep you from missing important due dates on your rent, mortgage, car payment, or student loan.

You Can Deposit Checks Online

By taking pictures of the front and back of a check with your mobile device and uploading the images to your account, you can deposit a check without having to take it to a branch. This can save a lot of time, especially when you only have one check to deposit.

HOW DO YOU USE ONLINE BANKING?

Online banking is very easy to use. When you log into your account, you’ll be presented with an account overview that shows your account balance and other important information. You’ll also have a menu of options for various banking activities like depositing checks, transferring money, online bill payments, and more.

Depending on your financial institution, you may have the option to start a chat or send secure messages regarding questions or concerns with your account. 

IS ONLINE BANKING SAFE?

Online banking is very safe. Technology is used to ensure that your account information is protected when you access it online. Two-factor authentication is one way that your information is protected. When you access your account online, you must use a strong password and enter a code that is sent to you by text message.

Data encryption is another method that is used to protect your account. Account information that is sent and received online is encrypted to ensure that it can’t be viewed by anyone other than you or a bank or credit union representative. Firewalls and antivirus software are also used to protect your account from hackers and viruses.

HOW DO YOU SIGN UP FOR ONLINE BANKING?

It’s very easy to get started with online banking. The process can be completed in the following steps:

1. Go to Your Financial Institution’s Website

On your bank or credit union’s website, click on the link that says something like “Sign Up for Online Access.” This will start the signup process.

2. Enter Your Account Information

You will need to enter your account information and other identifying information. You may be asked to enter your address, social security number, or other information to verify your identity.

3. Accept the Online Banking Agreement

You’ll be presented with an online banking agreement. After reading this document, click “I Agree” to accept it.

4. Select and Answer Security Questions

You’ll need to set up and answer three security questions. You may be asked to answer one of these questions to verify your identity if you ever forget your login information.

5. Create Your User ID and Password

This will be the credential you’ll use to access your account. Be sure to choose a strong user ID and password so that it will be very difficult for anyone to guess it. 

SHOULD YOU DO YOUR BANKING ONLINE?

Getting started with Online Banking through Fibre Federal Credit Union is quick and easy. If you have any questions while you’re setting up or using your online account, you can contact one of our representatives for assistance. 

Click on the following link to learn more about online and mobile banking. It’s important to consider both the pros and cons to help you decide whether online banking is a good choice for your needs.

Pros and Cons of Online & Mobile Banking

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