Online Internet Banking

Who can get the most benefits out of online banking? Online banking is most useful when it saves the consumer time and money. It is particularly useful for those who have a lot of bills to pay and already use a personal financial program like Quicken or Microsoft Money. What are the basic services offered online? Shopping for interest rates, not just account rates, but also home/car loans and the like is an important advantage. Account viewing and bill paying are particularly useful services. You can access your account online to see your transaction history and account balance. You can pay your bills online and have your register updated and the data automatically imported into programs such as Quicken or MS Money.

A key advantage in banking online is that it can be done from anywhere, anytime. Bookkeeping is simplified and automated and so is tax computation. Your bills are paid with a minimum of effort. You save money.

Online banking can be done in two ways: using a personal finance software or connect to the bank just as one would log on to the Internet. Popular programs like Quicken and Microsoft Money allow you to track, check, and categorize your various accounts like checking accounts, credit card accounts, even loans and investments. Using the data you enter into the program, you can also prepare budgets and generally get a much clearer picture of the state of your finances. You can also do your bank transactions through these programs. Your financial information is automatically updated in the bank's registers and is also cheaper.
You still have the convenience of a local bank branch, even if you don't have specialized software to bank online. You can access your account information and pay your bills through the Internet. The charge for this is essentially the same as when you use special personal finance software. The only drawback is that you cannot import your financial information into personal finance software.

Internet Bank

Internet banking, Internet bank, online banking, virtual bank, cyber bank are some of the jargons being bandied about everywhere. But can all these terms be used interchangeably? Yes and no. There is a subtle difference. An 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 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.

The bank's costs are considerably lowered, since it has to support only a single online computer network. When a traditional bank goes online, it has to support large networks, in addition to its ATMs, branches, etc. These cost savings for the bank may be translated into considerably lowered fees or possibly no fees at all for the online banking services. Some Internet banks offer no-fee checking, unlimited check use, a VISA check/ATM card, and 24-hour Internet access to your account, all for no charge. The interest paid in an Internet bank account may be varied. Some banks may offer low interest or no interest at all; some may offer high interest rates (higher than the rates offered by traditional banks). In the former case, the account may be used just to pay the bills.

Internet banks are technologically proficient and may give more information than a traditional bank.
Suppose you withdraw money from an ATM, the transaction will be reflected within an hour on the bank's website. If you have more than one account, transferring money to and from the accounts is easy.
All said and done, it is time to consider the downside of Internet banks. Since the 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.

Independent Bill Paying Services

A service has recently emerged in the Internet that allows us to receive the bills via e-mail. We can go online, view the bill, select the payment date and authorize the amount for payment. This is especially useful for people who travel for a considerable period.

ATM Machine

Automated Teller Machine

Automated Teller Machines (ATMs) enable bank customers to withdraw money from their checking or savings accounts by inserting an ATM card and a private electronic code into an ATM machine. The ATM machine enables bank customers to access their money 24 hours a day and seven days a week wherever ATMs are located, including in foreign countries.

Automated Teller Machines appeared about 20 years ago. As we all know, no technology is welcome with open arms. It was no different in the case of ATMs too. Banks resorted to a lot of publicity stunts to get people to use them. All charges were free, which appealed to the populace. Thus grew the popularity of ATMs. But today, ATMs exist more as profit centers for the banks, than as a service to customers. Banks today make over 2 billion on ATM transactions. Institutions like credit unions, smaller local banks, and Internet banks are most likely to offer free ATM transactions.

There are mainly three kinds of ATMs: proprietary, non-proprietary and national. Proprietary ATMs are the ones owned by the bank where we have our account. Some may even charge their own customers to use the ATM service. Non-proprietary ATMs are those that belong to banks other than where you hold an account. Charges exist to use their services and add to it the charges imposed by your bank when you do not use its services. National ATMs are ATMs on a regional or national network. The fees to use these networks are high, and add to it the fees your bank charges you.

All ATMs provide the same service. The important things to remember are whether the bank charges you and which machine charges you for using it.

More and more, free ATMs are cropping up at convenience stores as a way to lure people in. (But don't assume that the machine is free - make sure by reading the "welcome" screen and any stickers on the machine.)

Knowing where the free ATMs are is especially important if you have opened or are thinking of opening an account with an Internet bank - because those Internet-based banks won't have proprietary ATMs.

PrePaid ATM

A PrePaid ATM card functions as an ATM card, Debit card and Money Transfer Card, all rolled into one. PrePaid ATM cardholders can accept payment for the goods or services they provide. You can also purchase online without revealing personal information. This card can be used to send money to anyone anywhere in the world inexpensively. And it is not tied to any bank account.

There are two kinds of cards:
PrePaidATM Virtual Card
PrePaidATM Physical Card

Use the PrePaidATM Virtual Card to shop online or transfer money to other Cardholders in seconds. It has three codes: a Security Code, used to log into the PrePaidATM website; an Account Code, used to transferring funds or making online purchases; and a PIN Code, which is used to authorize all transactions on the Internet.

Use the PrePaidATM Card at thousands of retail locations nationwide or wherever debit cards are accepted and receive funds at thousands of ATM machines worldwide. The PIN number will be the same for both the Physical and Virtual PrePaidATM card.

PrePaidATM cards are available only in the US, and can be bought from PrePaidATM Merchants, Check cashing locations, college bookstores, retail locations, friends, family members or online.