Page 26 - Book4E

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Currently, there are three main types of bank categories when it comes to electronic banking:
1. Brick and mortar: This is your traditional bank that offers electronic options like ATM and debit cards.
2. Click and mortar: This is the same as your traditional bank,
but it also offers online the same services you receive when
you visit your financial institution. You can open a checking or savings account; view your monthly statement; view transactions on a daily basis; transfer money between accounts (including accounts at another financial institution); apply for a loan;
and open investment accounts. In addition to these traditional services, at some banks you can also schedule and pay bills for loans, utilities, insurance, credit cards, etc.
3. Virtual: There is a growing number of banks that operate exclusively through the Internet. Because they have no actual bank building and their costs are low compared to traditional banks, they can offer high interest rates on deposit and investment accounts. They still follow the same required federal banking regulations. These banks appeal especially to people who spend a lot of their work and personal time using the computer.
Transferring funds online
Once people get comfortable with utilizing online processes for paying bills and transferring funds, they get hooked on the ease and conveni- ence of this feature. Once your payments are set up, it takes only a few clicks each month to take care of all your monthly payments.
There are three general ways of transferring funds online:
1 . Through your financial institution: Most fully functional institutions allow you the option of paying a one-time payment or setting up recurring payments for a single bill or multiple
Online Banking