History of Internet Banking

admin — Sun, 27 Sep 2009 11:24:59 +0000

Referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line, the term online became popular in the late ’80s. ‘Home banking’ can also refer to the use of a numeric keypad to send tones through a phone line giving instructions to the bank. Using the videotex system, online services started in New York in 1981 when four of the city’s major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services. Because of the commercial failure of videotex these banking services never became popular. Excapt in France where the use of videotex (Minitel) was subsidised by the telegram provider and the UK, where the Prestel system was used.

The UK’s first home online banking services was set up by the Nottingham Building Society (NBS) in 1983. This allowed on-line viewing of statements, bank transfers and bill payments. In order to make transfers and payments, written instructions gave details of the recipient and had to be sent to the NBS who set the details up on the Homelink system. Common recipients were gas, electricity and telephone companies as well as accounts with other banks.

Internet Bank Accounts 101

admin — Thu, 07 May 2009 03:27:04 +0000

The popularity of internet bank accounts has skyrocketed due to the recent state of the economy. People are taking advantage of the higher interest rates which are being given for a deposit into the internet bank account. There are many other advantages that come with using an internet bank account, such as:

An internet bank account can yield you a higher interest rate than a traditional account at your regular lending institution.
An internet bank account can be used to easily transfer money to an account that is listed with the same financial institution. This transfer can often occur within 24 hours of the transfer being requested.
There is instant access to the bank account, the balance and the history that has transposed within the bank account. This means that having an internet bank account is more convenient than ever.

When choosing an internet bank account be sure to shop around for the best interest rate. Comparing interest rates could mean the difference of up to two percent. Also, it is important to look at the level of customer service that is being provided from the company that is offering the internet bank account. Are you easily able to come into contact with someone over the phone twenty four hours per day in case there are any concerns or questions associated with the internet banking account? Use these aspects to choose your internet bank account and ensure that you are making the most of your deposits.

Internet Blog Online » Internet Banking

History of Internet Banking

Internet Bank Accounts 101