On-line Banking

“Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society”.(Wikipedia)

Something else to think about: If you’re reading this, chances are you make purchases online, whether it’s from some of the many retailers who sell through e-commerce, or on eBay. You might have been a little hesitant at first, but by now it’s probably second nature to you. With some precautions—a good firewall, anti-virus and a spy detection program—and a dose of common sense about phishing and fake e-mails, you’ve probably had completely secure transactions. Online banking is simply the next step from that.I have to access my account from anywhere, pay bills (my credit card, electricity, phone etc), and move money from checking to savings and back again. About the only thing I can’t do is transfer money from my Commonwealth account to the overseas account, but that’s the way the law is set up (to prevent money laundering), so I have to wire transfer money when necessary through other institution which offer such service. Banking online is hassle free process. The login process is virtually as fairly straightforward as any other site and it is just a matter of extra precautions to take care. As we know, banks and financial institutions take a great many precautions, as they have to. And yet, people don’t seem to be convinced really. "A recent survey showed that, of computer users, only 39% regularly bank online, citing security as a major concern issues". (Nelson, March 2006)

Under circumstances, people should be aware about their money, especially these days, when reports of identity theft have risen significantly. This is a horrible incident where it does happen; however, few have come from proper online transactions. But the introduction of high security standard of 128-bit encryption provides a security means; it’s the same as you find when buying online through secure sites (and if you purchase from non-secure sites and give credit card details… Sorry, but you get what you deserve). Online banking makes sense for me; I do most of my banking in the Australia online, too, other than putting money in the bank. But does it for you? I think it’s something you should be doing right now. As you have better control of your money, you also be able to check current balances in all your accounts, and view at your previous transactions for several months (in some instances, years) without having to request a statement—and most banks would charge for such a paper service. Majority of the banks offer online bill payment, allowing you to take care of that at home, without physically writing checks or having to buy stamps or run to the mailbox. Commonwealth Bank, for example, has a long merchant list to choose from, or you can add others. You should probably still allow a few days for the check to progress through the system so you don’t end up with a late fee. Through on-line banking, it allows you to check your balances and move money between your accounts at the click of a mouse. It helps to eliminate the danger of being overdrawn, while still letting you keep money in a higher-interest savings or other account until it has to be moved. This gives you the flexibility to let your money really work for you, the way banks always claim it should in their ads ". (Nelson, March 2006)

References:

Wikipedia.
Chris Nelson. March 7th, 2006. Shouldn't You Be Banking Online? Retrieved from http://news.digitaltrends.com/feature/49/shouldn-t-you-be-banking-online