Online Banking Definition

Online banking refers to banking services where depositors can manage more aspects of their accounts over the internet rather than visiting a branch or using the telephone.

Online banking definition. Some banks operate as a direct bank. Online banking through traditional banks enable customers to perform all routine transactions such as account transfers balance inquiries bill payments and stop payment requests and some even offer online loan and credit card applications. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. You can choose to bank online with a traditional bank or credit union you have an existing relationship with or to open an account with an online only institution.

A system allowing individuals to perform banking activities at home via the internet. Online banking also known as internet banking e banking or virtual banking refers to carrying out banking operations on the internet. Online banking offers customers almost every. Some online banks are traditional banks which also offer online banking while others are online only and have no physical presence.

It eliminates visits to a bank branch and lets you initiate transactions when it s convenient for you. Online banking allows a user to conduct financial transactions via the internet. Online banking also known as internet banking or web banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution s website. Online in this context means on the internet.

It also refers to setting up regular payments online. Online banking is also known as internet banking or web banking. For example it may include paying bills transferring money or checking one s balance online.