Largest Internet Banks

Internet banks, no matter what size, guarantee one thing: accessibility. You can have access to your Internet bank anytime and anywhere as long as you have an Internet connection. You can transfer funds from one account to another, pay your bills, and view your bank transactions and balances whenever you want. Some Internet banks even hook up to vendor sites so that you can purchase your groceries and shop for a new pair of shoes.

Large versus small

Looking for an Internet bank that you think would suit you? Are you unsure if you want to go with the big banks or the small banks? Are you afraid of the instabilities of smaller banks? Or do larger banks intimidate you? You should choose a bank that can address your requirements and that you feel comfortable with. Here’s a comparison so you can make an informed decision.

Smaller banks tend to offer a narrower ranger of online services compared to their larger counterparts. With a smaller pool of funds, smaller Internet banks do not have the flexibility to offer high interest rates. But the opening and maintaining balance required by these banks are lower, too, so it is much easier to open an account with them. If you only need basic Internet banking services such as local fund transfers, deposits, crediting, etc., then these banks may be sufficient.

Large banks, on the other hand, can compensate for many of the shortcomings that their smaller constituents cannot fulfill. Interest rates continue to rise whenever the amount of the transaction rises. Larger banks have a farther reach, allowing them to have more associates worldwide.

The infrastructures of larger Internet banks are also substantially different. Aside from accessing your account, you can also gain access to your accounts via SMS using your GSM handy phones. You can also send instructions to the bank through this technology. Larger banks tend to have more elaborate security systems to ensure the safety of your money.

A Brief History of Internet Banking

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.

Online banking has been around for quite a few years. In fact, it was introduced in the 1980s and has come a long way since then. The last decade has seen a profuse growth in internet banking transactions. Several pieces of legislation have also been introduced in this area.

Though it began in the 1980s, it was only in the mid nineties that internet banking really caught on. What attracts customers to internet banking is the round the clock availability and ease of transactions. Studies estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in the traditional ways. Statistics released by the FDIC show that only 40% of the banks in the U.S. offer internet banking facilities worth mentioning. All the others may have an online presence but do not have enough online transactions to justify their presence on the internet.

Some customers have been known to turn to internet banking due to dissatisfaction with standard procedures and practices. The total absence of human interaction appeals to some people. Some customers turn to internet banking facilities for security reasons. This is mainly because of customers being assured of banks’ ability to keep transactions safe and secured.

Most online transactions are made using the Internet Explorer interface. The Internet Explorer has been around for more than ten years now.

Considerations About the Use of Internet Banking

The use of technology has made it much easier to take care of many tasks and responsibilities. In example, the addition of internet banking is something that many people use on a daily basis. Not only is it more convenient than going to the bank or making a phone call to check your account, it is also much quicker. If you have been wondering if internet banking is worth a try, here are some of the benefits it offers.

Even though not all banks currently offer the option to take care of your account online, there are many banks that are beginning to change and broaden their horizons to offer this to their members. It is such a popular and preferred option that many people will choose whether or not to join a bank based on if online banking is supported. Having this option can make your life much easier, especially when you are in a hurry and need to check or change something on your account.

One of the reasons that online banking is so popular is because of the push towards a paperless society. Being able to view your monthly bank statement online is a step towards this. There are still many banks that offer the option of paper statements, but many prefer to view them online. It makes it easier to make sure you don’t miss your statements in the mail every month, and it can also make it easier to keep track of past statements.

Another reason that online banking is so preferential is because it allows you to take care of many banking tasks that previously you would have to either call the bank to handle, or even go to the bank personally for. You can now make transfers and take care of automatic payments via the internet instead of having to wait in a line or on hold on the phone. It makes the process much faster.

It also makes it more convenient to check your balance. For people that access the internet via their cell phones, this is especially true. It is more convenient and easy to check your balance on your account before a purchase when you have the option of internet banking. Otherwise, you would find yourself having to check your balance via an ATM or making a call to the bank for the information.

The downside to checking your balance on the internet can depend a lot on which bank you choose to hold an account with. If the bank does not update their accounts on the internet often enough, you may not find out in time if you have pending actions in your account balance, or even what your current balance is in order to avoid an overdraft fee. While this rarely happens to most people, this is an example of why it is important to have an account with a bank that you know is reliable.

In many cases, you can even apply for different bank services on the internet via bank sites as well. It is not unusual to apply for a loan with your bank via the internet or to make complete changes to your account online as well. Tasks like this would typically take you a while to complete if you went to the bank personally. However, in cases like applying for a loan, you can apply and find your answer much quicker than usual via the internet.

If you have been wondering if internet banking is the right choice for you, consider trying it out for a while. You might find that it makes keeping track of your account even easier than before, and that you have more time to take care of other errands. The only true way to decide if this option is best for you is to experience it for yourself.