canadian-money-advisor.ca logo  
saving money
What is Electronic Banking? Electronic banking refers to the use of electronic devices like computers, automated teller machine (ATM), etc. rather than paper checks or other hard materials. Basically all such transactions are carried out using a specific code or a password that is assigned to every customer so that they can access their accounts safely. Such accounts are all regulated by numerous laws to protect the rights of the consumers and also safeguard the data in their accounts.

The most popular form of electronic banking is of course the Automated Teller Machine. These machines can be used to withdraw money at any time of the day. In order to this, all you need is your ATM card and a secure PIN number. Sometimes a small fee maybe charged for using the machine which will be displayed on the screen. The second common form is the computer banking.

Most banks allow their customers to conduct transactions online such as cash transfer or bill payment, etc. Customers who have an account can access it from anywhere in the world using the internet if they know their password. Debit card is another such method in which you are issued a card to make your purchases and whenever you use the card, the money is immediately transferred from your account into the storeís account.

Another commonly used electronic banking system is the pay-by-phone system. Phones have become a necessity in everybodyís life. Therefore it is only obvious that they can be used to perform transactions efficiently. Paying certain bills and transferring money, etc. can be done this way. But you need to make arrangements with the bank before making any such transaction. Such banking always involves some kind of access devices.

The most common of these are cards, such as credit cards or ATM cards, codes, PIN numbers, etc. A particular transaction may require one or all of these data in order to allow you to access the account. These devices and tools are meant to keep your account data safe and prevent them from being accessed by anyone other than you. However if you ever get suspicious that your account has been compromised, you should call up the bank immediately and also seek legal action.

The biggest advantage of electronic banking is that it allows these transactions to take place from anywhere in the world any time without any problems. This saves a lot of time especially for people who donít have enough to spare. Now you can sit at home and transfer money to your family members at the other end of the world as and when they need it. Also using soft copies of documents rather than hard copies takes lesser storage and makes handling these documents much easier.

Almost all major banks in Canada offer electronic banking facilities. The numerous advantages they offer have made them among the most popular banking facilities. However you should read the disclaimers in the documents your banks provide to get an idea of the risks involved. What is Electronic Banking?

Add Your Comments:
Fields with * are required
Your Comment Below:
 
Name*
 
Email*
 
Website
 
Code*
 
Enter Above Code
 
Note: Comments are moderated - Spam will be deleted
 

HOME | Contact | Disclaimer | About Us | Faqs | Discussion |