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Published on August 3rd, 2013 | by Pete

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Online Banking FAQ

Online banking is the most efficient and hassle-free form of banking that’s available to bank customers today. Essentially, customers are given an account by their bank which is accessible online. The particular services available differ from one institution to another, but the core resources and facilities are mostly the same across the board.

This article goes through some of the basic questions you may have about your online bank account. Before you apply for a bank account online, have a look at this article to clear up some of the questions that you might have.

What are the basic applications of online banking?

At a very basic level, you should be able to view your account balance and all the transactions you’ve made online. Apart from viewing your balance and transactions, you can pay bills online, as well as make transfers to other accounts; you won’t have to physically visit your bank branch to do these things any longer.

If the person whose account you’re transferring money to banks with the same institution as you, the money will be transferred on the same day. Otherwise, the money usually takes one working day to be shifted over.

How safe is online banking?

Online banking is robust in terms of the safety that it offers its customers. Granted, you may feel hesitant about entering your details online, but banks are very meticulous when it comes to protecting their customers’ accounts online. Most online accounts are protected through encryption. This means all your sensitive information is transformed into a string of unidentifiable characters.

After your information has been safely encrypted, it is then sent over the internet. This way, your data is completely private, understandable only by your computer and the bank’s.

What details do I need to access my online bank account?

Again, this will differ from bank to bank, but generally speaking, you will require your account details (which include your account number, bank sort code and name). Additionally, you may require a special pass code that the bank will send to your postal address, where your card is registered. Some banks will send a separate card altogether, with your membership number, if there is one.

Some banks may prompt you with security questions to access your account. They will also probably prompt you every now and then to change your password or passcode, because changing your password occasionally strengthens your account’s security.

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