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Online Banking

Online banking refers to any banking transaction that can be conducted over the internet, generally through a bank’s website under a private profile, and with a desktop or laptop computer. These transactions include services traditionally offered at local branches without having to go to one. Online banking is generally defined as having the following characteristics:

  • Financial transactions are conducted over the internet through a bank’s secure website.
  • The bank may have physical branch locations or it may exist only online.
  • The user must register with the financial institution online and create a login ID and password.

Customers can perform financial transactions while banking online, like paying bills or transferring money from one account to another. Other basic activities include:

  • Viewing account balances at any time of day
  • Viewing or printing statements
  • Viewing images of checks
  • Applying for loans or credit cards

In essence, a customer can do almost any activity online that he or she would be able to do in person when visiting a branch.