Over the past decade the popularity of internet banking has increased dramatically. This has not just been among the technology-savvy young. People of all ages and backgrounds have used it to a large extent. The most important aspect of internet banking is its convenience. You can do much of your banking on the internet, apart from obtaining cash.

To gain access to internet banking you need first to register with your bank. This is usually done via telephone, often a different number to the main call centre line. It is quick and easy to arrange; technical support staff can assist you. You will be provided with a customer id number and a password. You should memorize these and not record them anywhere. It may be possible to change your password to something you can remember, but you should not use date of birth, telephone number or anything easily discovered by potential criminals.

You obviously need internet access. This can be at home, work, in a library, at university or an internet café. After finishing your transactions you should close the browser on the computer so another person cannot access your details by clicking on the “Back” button.

There are many advantages to using internet banking. You can access your account at any time, almost anywhere. Fees and charges are generally much lower than in a branch or even at an ATM. You do not have to stand in bank queues or spend time traveling and face inclement weather. Your lunch hour can be kept for eating lunch!

It is easy to check your balance at any time, before you go out to the ATM, so you know how much you can withdraw. You also have access to statements on all your accounts including credit cards.

You can schedule bill payments for certain dates, or just pay now. This is often less time-consuming that paying over the phone where you have to type in numbers with many digits. Internet banking retains these numbers, so you just enter the amount and away you go. You can print a receipt, or save it in Word for your records.

You can use BPay and Post BPay. You can also transfer money to your credit card to make a payment, or do the reverse to get a cash advance. You may want to pay some bills from your bank account, because the service provider may levy a charge for paying with your credit card. You can transfer money to other people’s accounts with the same bank or a different bank, but there may be hefty fees for this.

You can use internet banking to order a statement or cheque book, or to stop cheques. There is also useful information on your personal limits on BPay payments, third party transfers and international money transfers, secure internet shopping, and your internet banking activity.

You can find information on rewards programs for the appropriate credit cards, and check the rewards catalogues, with the points that are required to purchase a wide variety of merchandise and services. If you have this card you can find out your current points.

So check out what internet banking can offer you.

Summary

You need to register with your financial institution to get internet banking.

You can use internet banking for:

Checking your balance.
Ordering a statement or cheque book.
Stopping cheques.
Paying bills.
Transferring money.
Finding out about banking services including rewards programs.
Saving time and money.

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