Random Thoughts

Not many of us know, but the idea of online banking really started since the late of 1980’s. By that time, if you have a phone, a terminal and a monitor you could access the banking system.  These services were first offered in New York in 1981 by some of the city’s biggest banks including Citibank and Chase Manhattan. The concept soon spread to the UK, where it was used by the Bank of Scotland in 1983.

However, the idea only took off on October 6, 1995, when Presidential Savings Bank announced its regular client use. Soon after, banks like Wells Fargo, Chase Manhattan and Security First Network Bank started using the same concept.

But with the frightening new processes and technologies, some people got weary of hackers that might take away their personal information and on using online banking. This made the banks spend more time on reviewing and developing their security features.

One advantage of online banking is it is very convenient. You can pay your bills even at home or easily make online transfers to accounts at other banks and even receive email alerts when you have a low balance or suspicious activity. One more thing is its low cost. That is why online-only banks are often able to offer customers the best interest rates on certificates of deposit, money market accounts and savings accounts.

 Here is some list of what you can do with online banking:

* Make payments to other people or companies

* Make transfers between your checking and savings accounts

* Buying investments such as stocks or bonds

* Complete loan application

* View recent account activity, such as procurement, payment, deposit and withdrawal

* View and print pay checks

* Download the most recent bank statements or historical

* Contact bank staff

It is undisputable, that using online banking sure is convenient and productive. But we cannot deny either how harmful it may get. With the growing number of hackers, many lose their accounts and are fooled because of some fake online banking procedures.

Because of these problems, online banking community had decided to focus more intently with their securities.