Now every bank has started giving facility of online banking to their customers which is not only helping the customers regarding transaction process but also help banks in maintaining the records of their customers. Online banking is a facility provided by banks with the help of which people can access their account and do all types of transactions through a secured website created by Banks. To get this facility, people have to go to their bank and have to fill up a form after which they get a customer ID and a password with the help of which they can access their account.
The foremost facility provided by online banking to the people is that they can do any transaction process without visiting their bank. Online banking helps people in paying their each and every bill online and also transferring funds from one account to others. Some banks provide their customers the facility of scheduling all bill payments of month at once after which customers don’t need to remember bill payment dates and their bill payment get deducted every month from the account on the date chosen by customer. Banks also provide some additional features in online banking like latest stock market information, loan applications and various offers provided by bank.
On the other hand there are some risky factors and inconveniences that a customer must know. Customer should always access their account through a secured connection otherwise there is a strong possibility of identity theft. In case online bill payment, customer must know that the recipient is also capable of processing e-payments. Customer should always keep a hard copy of bank statement because in case of any technical error, it will be the only proof. There is also a possibility when the website is down and you are doing some online transaction. So for that case, always keep the bank phone number when you are not able to access your account.
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