Internet banking is also called e-banking or net banking. It is a service provided by banks and financial institutions that enables the bank to make transactions via the internet.

It is one of the easiest ways of incurring transactions as customers don’t need to go to the bank’s respective branch. Instead, they can avail all the services while at home.

Any individual can access this feature by registering for the online banking service. Almost all the banks, like columbia bank Medford, provides this service to their customers. By availing of this service, you can transfer funds online, make deposits, or complete your payments online.

It is a very convenient service provided by banks and also is a secure form of banking. Unique Customer IDs and PINs secure your online bank, so one needn’t worry about your data being stolen online.

Features

• Checking account station via the internet
• Access to financial as well as non-financial services provided
• Pay bills such as telephone bill and electricity bill
• General insurance can be bought online
• Transfer funds to other accounts
• A fixed deposit account can be opened

Advantages

• Availability: You can use any transaction at any time of the day without being time-bound by banking hours.
• Easy and convenient to use: Banking services are used to understand by all with a few clicks. An individual can conveniently make purchases and complete the transactions right the place you’re.
• Secure: A password protects all the bank accounts, so there are minimized chances of important data being leaked online.

Disadvantages

• One needs to have access to a stable internet connection to make transfers online.
• It is difficult for people to use who’s yet to get the hang of the internet.
• There is fear which follows when you’re putting your information online. Most of the people still prefer going to banks.

Internet banking, no doubt, is a growing and emerging form of transactional service. All one has to be is careful while handling it online.