Online Banking

Online banking is a service provided by banks that allows people to deal with their money online. It is an extension of the automated branch systems used by banks from the late '70s and is used by all main high-street banks such as www.barclays.co.uk and www.natwest.com.

Online banking allows you to manage your money when it suits you, 24/7, even when the banks are closed. You don't have to go to the bank anymore and wait in queues because you can manage your account using an internet connection rather than having to wait for a bank clerk to do it. It allows easy access to important information about your account.

Online banking will allow you to:



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• View and check account balances;
• Make payments quickly and easily;
• View and check statements;
• View and search your transactions;
• Check savings accounts;
• Quickly transfer money between accounts;
• Manage your credit card and mortgage.

Some banks provide their customer services for online banking 24/7.

Some banks allow you to manage money on your mobile phone or iPad. They can also offer text message services. SMS banking services include www.firstdirect.com which is owned by HSBC (Hong Kong and Shanghai Banking Corporation). You can even make contactless payments using your mobile phone using a service such as QuickTap.

My parents use online banking services to manage their money and my Dad uses contactless payment at McDonald's. Businesses can also use online banking and it makes their payments more efficient. Online banking is also useful for those who don't like or have problems going out.

However, start-up can take a long time because you have to set up an account before you use it for the first time. At first, online banking sites can be difficult to navigate, but once you use it more often, you will get used to it.

Some people don't like online banking because they are worried about the security. It is a problem  because if people can access your account, they can steal your money, so banks have to take extra care that their systems are secure. If you use online banking, you also have to make sure that your computer is secure and has anti-virus software because of spyware which can steal your identity, password and PIN number  An e-mail sent to you may link to a fake banking site by an illegal process known as phishing. People do this to steal your identity and your money.

You can now pay your bills and manage your money using the internet. People get cash from cash machines. This reduces the number of staff needed to work at bank branches which reduces their costs. Banks can offer more services to their customers than in high street branches and therefore increase their sales and profit. It would be better if strangers didn't set up fake banking accounts because stealing is illegal. I think that overall, online banking is good for everyone.