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Internet Banking and Online Banking
Internet banking, Internet bank, online banking, virtual bank, cyber bank its jargon everywhere. But can all these terms be used interchangeably? Yes and no. There is a subtle difference. An Online internet bank, or rather, an Internet-only bank is a virtual bank, or a cyber bank, one that does its business entirely on the web. Meaning, it is a branchless bank. Internet banking and online banking can of course be used interchangeably. The underlying principle here is the same, that is, using the Internet to perform banking transactions. An important distinction between an Internet Only Bank and online banking is that you don't need any special software to access the services of an Internet Bank. You just need a computer and an Internet connection. Whereas to access the services of a traditional bank online, special software may be required (for some services, at least). What attracts people to Internet-only banks? The primary reason is convenience, as in free bill paying and the fact that there is no need to change banks if you relocate. Another important is the free service they offer.
Online internet banking is usually carried out through a computer that connects to a banking website via the Internet. Internet banking also can be conducted via wireless technology through Personal Digital Assistants (PDAs) or cellular phones.
All said and done, it is time to consider the downside of Internet only banks. Since the Online internet bank has no physical branches, the host bank decides the charge on using their ATM. Another problem is that in addition to direct deposits, you may have to mail your deposits. Also, it is important to make sure when exactly the money is withdrawn from the bank for payments. If it is withdrawn earlier than the due date, you may lose that many
days' worth of interest on the payment.
Internet Auction
Auction on the Internet began in the year 1995, and has come a long way since then. An Internet auction is a virtual flea market, where antique and collectible enthusiasts can participate regardless of where they are. But Internet auction fraud is a high-ranking consumer fraud. An Internet auction website may focus on either person-to-person transactions or business to person transactions. Successful bidders in an Internet auction can make payments by credit card, debit card, personal check, cashier's check, money order, or cash on delivery.
Online payment services allow buyers to use a credit card or electronic bank transfer to pay sellers who are not equipped to handle these transactions. Online escrow services accept and hold payment from the buyer until the buyer receives and approves the merchandise. Then the payment is forwarded to the seller.
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