Home banking

Banking can be done 24 hours a day using a computer and InternetInternet : A global network connecting millions of computers. connection.

Most major banks now offer onlineonline : Connected to the internet. banking and some are offering Internet only banking. Without the overheads of running and staffing high street branches they can offer higher rates of interest to customers.

Services

• You can pay your bills from the comfort of your home or the workplace.
• It is possible to transfer money immediately to high interest accounts.
• You can check balances and daily transactions on line.
• It is possible to set up direct debits and order stationery on line.

Benefits (to the customer)

• All services are from the comfort of your home or workplace, 24 hrs a day, 365 days a year.
• Higher interest rates are available to Internet bankers.
• It is easy to shop around on line for the best interest rates and switch funds automatically.

Concerns

• Small branches are closing or having opening hours reduced.
• Reductions in staffing at the major banks.
• The move towards banking from your PC, digital [digital: A signal that carries information as a series of 'on' and 'off' pulses. ] TV or mobile phone will only increase these concerns.
• Some customers have worries about security because of possible credit card fraud.