Online Banking The first online banking society was named ‘EGG’, here was where you could add or transfer money to ‘Money Manager’ by sending a secure message to the ‘EGG’ banking society. Online banking is extremely popular nowadays, however online banking comes with both scopes and limitations. Online banking is used every day by people when they want to either check their balance, transfer money over to another account or just or just to get instant feedback and a quick service. Banks have to guarantee that they can keep your money safe and secure at all times. To access your online bank account you have to enter your username and a specific code that is assigned to you through entering your pin code on a card machine. This is where your banking society gives you your code to enter your online banking account; this is then followed by a number of security questions.
Advantages
- You can check your account whenever you want.
- You can pay other people to transfer your money over to other accounts.
- Direct debits.
- Standing orders
- Your banking society can give you instant feedback and service.
- Many security questions are asked to make sure your account is secure and safe as possible.
Disadvantages
- If a Branch closes- people are made to lose their jobs because less staff is needed to run a bank online.
- There have been many cases of fraud; it’s hard to make websites 100% secure.
- Fail safes, guarantees for a credit card transaction.
- Banks have to guarantee that your money will be safe.
- Even if you do cancel your card you can still miss a lot of money in a short period of time.
- Identity theft- guarantees need to be there otherwise no-one would use it.
- The idea of money not being real made it hard for people to understand.
Online internet scams are beginning to increase around the UK and a larger amount of people are being fleced for lots of money purly because people have scammed them into giving their online banking details. In April 2009 Zhen Xing Yang and his girlfriend Xi Zhou were murdered because they were thought to have made money from an internet betting scam by selling false qualifications such as providing false visas. Internet scams can happen very easily so lots of websites advise you to look out for warning signs of internet scams to prevent it happening to you.
Personal Experiance
Although I don’t not have an online banking account my parents do and find it very easy and efficent to use. My family have always has fairly postive experiences with online banking because they have always been able to transfer money over to other accounts easily as well as being able to check their balance whenever they want which they find very helpful. Also the online banking society have always provided instant feedback for my parents when they have had questions about being interested in a loan so they could build an extension on my house. However, there was one time where the online banking system transferred a certain amount of money over to the wrong account making it very time concuming for my dad to sort out.
- Your banking society can give you instant feedback and service.
- Many security questions are asked to make sure your account is secure and safe as possible.
Disadvantages
- If a Branch closes- people are made to lose their jobs because less staff is needed to run a bank online.
- There have been many cases of fraud; it’s hard to make websites 100% secure.
- Fail safes, guarantees for a credit card transaction.
- Banks have to guarantee that your money will be safe.
- Even if you do cancel your card you can still miss a lot of money in a short period of time.
- Identity theft- guarantees need to be there otherwise no-one would use it.
- The idea of money not being real made it hard for people to understand.
Online internet scams are beginning to increase around the UK and a larger amount of people are being fleced for lots of money purly because people have scammed them into giving their online banking details. In April 2009 Zhen Xing Yang and his girlfriend Xi Zhou were murdered because they were thought to have made money from an internet betting scam by selling false qualifications such as providing false visas. Internet scams can happen very easily so lots of websites advise you to look out for warning signs of internet scams to prevent it happening to you.
Personal Experiance
Although I don’t not have an online banking account my parents do and find it very easy and efficent to use. My family have always has fairly postive experiences with online banking because they have always been able to transfer money over to other accounts easily as well as being able to check their balance whenever they want which they find very helpful. Also the online banking society have always provided instant feedback for my parents when they have had questions about being interested in a loan so they could build an extension on my house. However, there was one time where the online banking system transferred a certain amount of money over to the wrong account making it very time concuming for my dad to sort out.
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