Online Banking and Its Advantage.
Most banking customers prefer spending the whole day in the banking hall for a transaction they can easily perform using the online banking services as a tools and this happens because of lack of information about the use of online banking and its advantage
What is online banking: This is a method of banking in which transactions are conducted electronically over the Internet using your phones or laptop at the comfort of your home.
Besides saving trips to the branch, you can view account balances, move money between accounts, and much more. In fact, you can probably accomplish more online than you can at a branch (and get better rates). You can also use third-party services and apps with even more to offer.
Advantages of Online Banking.
- Pay your bills online: You can use your bank’s online site to pay your bills and protect yourself from having your check get lost in the mail or stand in the banking hall for a long time before been attended to. Most banks will have a section in which you set up payees. You will need to fill out the information once, and then you can simply choose that profile every time you pay Bills like payments of DSTV, GOTV, PHCN, Recharge Cards, Internet services etc.
- View your Transactions: Online banking allows you to access your account history and transactions from anywhere. This is the quickest way to check and see if a transaction has cleared your account. You can also find out the amount of a transaction after you have lost your receipt. It also allows you to find out about unauthorized transactions more quickly, helping you resolve any issues right away.
Some banks will show you pending transactions. These are transactions that you made that day. If you spot a suspicious transaction you can contact your bank and the vendor in order to reverse the charges. The sooner you catch a problem like this, the more quickly you can resolve it. Pending transactions may not be for the exact amount of the purchase. For example, if you leave a tip this will not show on the pending transaction. Be sure to keep that in mind as you balance your account.
3. Transfer Money between Banks: Online banking also allows you to transfer money between accounts much more quickly and check on your available funds before spending money. It is more convenient than using the automated phone service and can save you a trip to the bank. When you apply or set up your online banking, be sure that all of the accounts you have at the bank are listed. This will make it easier to transfer money and make loan payment online.
4. Mobile Banking: Most banks will have a mobile app that allows you to take advantage of online banking on your phone. This makes online banking even more convenient and allows you to quickly check up on your account when you are out shopping, transfer funds over if you’re short, or check to see if a merchant has double-charged you. However, you need to be sure you are accessing this information on a secure network and avoid using public WiFi while completing these transactions. Mobile banking makes online banking even easier.
5. Protect Yourself Online: It is important to be careful when banking online as you do not want your safety or privacy to be breached. It is important to clear the cookies after each banking session if you are at a public computer.
Additionally, make sure that your password is long enough to prevent it from easily being hacked. Never give your online account information to someone who is not an authorized signer on your account. These steps should protect you from identity theft. You should make sure to protect your password especially if you have roommates.
Take the time to make the necessary precautions, and monitor your account regularly for fraudulent charges.
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