Banking and shopping

Banking

Online Banking or internet banking allows customers to do financial transactions on secure websites.Years and years ago people would have to walk to their local bank or branch of the bank to withdraw money. But now the internet banking helps you to be organized over your money where you can check your statement from wherever you are in an area with the internet access. Nowadays it is a very popular method of doing transactions. Anyone can easily deal with it at anytime. Queuing in front of bank counters is not necessary now because the online banking system is there and it saves a lot of time of the people. But still so many people do not trust online banking because presently the credit card frauds which happened due to the online banking system increases day by day. By doing online banking you can save a lot money spent, such as transportation expenses etc.

History

The originator for modern home online banking services were the distance banking services over electronic media from the early 1980's. The term online became popular in the early '80s and referred to the use of terminal, keyboard and monitor to access the banking system using the phone line. Home banking can also be referred to as sending instruction to the bank through the telephone line. The UK's first home online banking service was set up by the Nottingham Building Society (NBC) in 1983. The system used was based on the UK's Prestel system and used a computer, such as the BBC Micro, or keyboard connected to the telephone system and television set. This system, known as homelink., allowed online viewing of statements, bank transfers and bill payments. In order to make online bank transfers and bill payment, a written instruction giving details of the intended recipient had to be sent to the NBS then they set up the homelink system. Typical recipients were the gas, electricity and telephone companies and transaction to other bank accounts. BACS was later used to transfer the payment directly. Stanford Federal Credit Union was the first institution to offer online internet banking services to all its members in October 1994.

Advantages of Banking

Lot money and time could be saved through online banking system.
Due to online banking transactions could be done very quickly, almost instantly.
It makes peoples life easier.

Please be aware that the free essay that you were just reading was not written by us. This essay, and all of the others available to view on the website, were provided to us by students in exchange for services that we offer. This relationship helps our students to get an even better deal while also contributing to the biggest free essay resource in the UK!