Page 25 - Book4E

CHAPTER 5
Online Banking
Online banking or Internet banking refers to the ability to perform transactions, payments, etc., through a financial institution’s secure website. This allows people to take care of financial transactions like paying bills outside of bank hours and from anywhere they can access the Internet. In most cases, any normal Internet connection is suitable. No special programs or equipment is usually needed.
Whether you use the Internet for managing your accounts or not, you still most likely participate in Internet banking. ATM and debit card transactions are all part of the new world of cashless financing. Any financial transaction you make that does not involve exchanging actual cash or a check is called a cashless transaction. It is now quite possible to go through a whole week or longer without touching cash or checks.
Shopping online has been available for several years, but in the last few years, it has really exploded with the number of online auction sites and coupon sites available. It has also become easy to pay online through online banking and through private services like PayPalTM. As these processes change and improve, online banking will become more and more common.
Internet banking has dramatically changed the way we manage our finances. Even if you don’t use this form of banking now, chances are that you will before too long. It is estimated that by 2011, over 40 mil- lion Americans will be banking online. (John Scalzi, The Rough Guide to Money Online.)
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