The Internet has not just entered our life – it has become a part of it. You can work, order food, buy train and plane tickets, and even take loans without leaving your home: it’s enough to submit an application online, and the bank will review it without providing paper documents and transfer the money to your card or account. Today, many banks offer a new service: online banking. We have analyzed the possibilities of online banking in Bank of America, Capital One Bank, and Cardinal Bank and it turned out that all these companies offer the same conditions and opportunities. With this option, all operations can be made and tracked in your account from a mobile phone. It is considered one of the most promising areas for the development of the banking business. What is it? What advantages do users get and why is it really convenient?
What is online banking?
Online banking (or Internet banking) is a system that allows you to manage bank accounts and perform other financial transactions via the Internet without visiting a bank. To get access, you need to open an account (it can be a salary account); then activate the service in the bank, having received a login and password; and then go to the service from a regular PC, laptop or even a mobile device, using the login and password.
Most banks do not charge for using the Internet service since online banking reduces the expenses of the bank itself and helps to attract new customers and increase user loyalty.
What opportunities does internet banking provide?
Track your account transactions
You can find out how much money is in your account without an ATM. But, of course, this service is not limited. You can see the data on all your deposits tied to the card, and also find out what operations were performed during the specified period: purchases, payroll, transfers, money withdrawals and everything else.
There are plenty of opportunities: transfer money between your accounts, to another card you own, to a card of another user of any bank. But you can transfer funds not only to the cards but also to E-wallets: PayTM, Amazon Pay, Google Pay, PhonePe, Mobikwik, ICICI Pockets, and others.
Pay for goods and services
Buying clothes, non-cash currency, insurance policy, electronics (even in foreign online stores) – all this can be done from home, without leaving a cozy couch, if you have online banking service from Bank of America, Capital One Bank, and Cardinal Bank. One of the most popular opportunities is paying bills: for electricity, cellular communications, telephone, Internet, a kindergarten and a dozen more services. Moreover, you can create a template for regular operations and pay for it in order not to enter all the details every month, or even activate the “Autopayment” service so that bills are paid automatically.
Open and close deposits
With online banking, you can replenish deposits, track the growth of interest, withdraw part of the amount (if it is allowed under the contract). As a rule, online services offer to explore the types of deposits operating in the bank and to open your own in just a minute. You can specify the account for debiting and the account for enrollment, the date of replenishment and the amount (both fixed and a percentage of income or expenses), and the money is “accumulated” practically without your participation.
This applies primarily to classic loans (including mortgages) that you took in cash – the bank will show the date and amount of the next payment, and you can return money via the Internet.
Work with cards
Many banks offer virtual cards, they can safely pay for purchases on the Internet. Business is not limited to this service only. The Internet bank allows you to order a plastic card, change the account to which the card is linked, block the card if you have suddenly lost it.
What is online banking more convenient than an offline bank?
Although many users still prefer traditional banks, online banking is gaining momentum, there are several reasons to use it.
- It saves time. The main reason why people choose Internet banking is the ability to perform banking transactions without leaving home. In addition to comfort, this saves time, because you don’t have to go to the bank or spend time in queues. It is not necessary to adapt to the work schedule of a bank, you can perform all operations even at night;
- Operational information. You can monitor the status of your accounts at any time and from any place;
- Protection from fraudsters. If you have lost the card, you can quickly block your account. You can also track all transactions performed and respond promptly if someone suddenly withdraws money from the account;
- Lack of commission. Many operations, for which the bank takes a commission, can be performed via the Internet for free or for a lower fee;
- Bonus programs. Working with an online service is not only free, but you can also often get additional bonuses and cashbacks for paying for goods and services via the Internet.
The potential of Internet banking is not exhausted. Online banks are not going to stop, they plan to expand the functionality and offer users new services that make their lives easier.
If you are interested in the bank that offers the Online Banking option, you can choose any of these companies right now: Bank of America, Capital One Bank, and Cardinal Bank, but do not forget to compare other features and services offered by these organizations.