Internet Banking And Electronic Banking Essay examples

1034 Words Oct 10th, 2014 5 Pages
Online banking which also is referred to as internet Banking or electronic Banking (eBank), connects the consumers to the bank 's internet site through a browser as the means of conducting and managing various banking activities. It is noteworthy to mention that the banks are not restricted to exist exclusively online or to have a physical site; rather they can be any of the two or the combination of both. There are banks that have no physical sites, e.g. Telebank in Arlington, Virginia, while some banks like Bank of America, exist both online and also have physical sites. Some of these activities are as follows:
• Make different payments, e.g. pay your bills
• View account statements and while making inquiries, monitor your account balances and your banking activities
• Apply for credit or debit cards
• Apply for various types of loans
• Transfer funds between your different accounts. Knowing how much money you have in each account can enable you to move money to other accounts to earn higher rates on certain funds
While there are so many advantages to the online banking, there are also some disadvantages.
Advantages:
1- Due to the online banking low operating expenses, they offer low transaction charges on the banking services to their customers in opposed to the physical site banks. You can do practically most of the things you normally do when you visit the branch. For example, you can pay bills and transfer funds.
2- It is by far the less expensive option. Online bill…

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