Internet Banking

DONE

Hi folks, today we will learn about the various channels offered by Banks to make sure that customers only visit their branches to deposit or withdraw cash.

One of such facility is Internet Banking wherein Banks offer all kinds of services such as requesting for a reference letter, checking available balance and ledger balance, transferring funds between one account to account between the same Bank and also between other Banks. Remittance can be made across countries as well using Internet Banking and the beneficiary details have to be entered or rather saved once.

Let me explain you the difference between available balance and ledger balance shown on any Internet Banking page. Available balance is generally displayed when the customer clicks to check his account balances overall or rather the first page of Internet Banking and when the customer checks the transactional history for his account, all transactions are displayed wherein any transactions that are not yet posted or cleared are also displayed as balance.

If a customer does not understand the basic difference between available and ledger balance, he might assume the ledger balance as available balance and issue cheques. Their is a possibility that cheques might be returned due to insufficient funds as a hold might exist on the account or other cheques deposited in the account might not be cleared.

To add further to the things that can be done using Internet Banking is requesting cheque book, taking a copy of the account or credit card statements, requesting for various services on the credit card or debit card. Also customers can check their loan outstanding, their credit card outstanding, their investment details, insurance details, paying bills and so on. The list goes on wherein numerous banking transactions can be done using internet banking.

The simplicity with which Internet Banking works has made it prone to fraudsters who try to get the user ID and password of customers and then remit the available funds in customers account to their account. Always remember, a Bank will never ask its customer to click on a link to enter their user ID and password or to share their identity. If you see anything unusual on the Banks website their is a possibility that you are on a different site or a dummy site.

Always be very careful while using Internet Banking, never share your passwords or write it down. Try to keep a password easy for you to remember but difficult for others to guess. Banks invest a lot of money to keep their customers money and their reputation safe but still fraudsters keep trying and jump on the slightest chance available. Finally, never login to your internet banking account from an unknown or non protected PC to protect your own interest as Bank will not indemnify the customer if fraudster is able to get your user ID and password.