Accounting and Finance Foundations

Unit 3

Accounting and Finance Foundations Unit 3: The Role of Money 231

The Role of Money

Chapter 6Chapter 8

Lesson 8.6 Online Banking

To start banking online, you need to have an account at a bank that offers online banking, as well as Internet

access and a web browser that supports the bank’s software.

With online customer service, you can easily request a copy of a check or statement, order checks, and

make inquiries about account transactions. Customer service representatives answer e-mails about all

the above-mentioned inquiries as well as questions about using online banking.

All you need is a personal checking account or credit card. Then, just follow a few simple steps to get

started and you’ll be able to:

• Check your balances


• See account activity


• Download account information


• Transfer money among your accounts
  
  
  • Apply for a loan
  
  
  • Buy certificates of deposit
  
  
  • Order checks
  
  
  • And more!
  
  
  
  

Receive and Pay Your Bills Online

Many banks offer online bill payment as well as online banking. Online bill payment is a relatively inexpensive,

simple, and fast way to pay your bills. With online bill pay, you can:

• Make one-time payments


• Schedule recurring payments


• Schedule payments in advance


• Get bills delivered online
  
  
  • Update payment instructions
  
  
  • Track payments
  
  
  • Save money on stamps
  
  
  • Save time
  
  
  
  

Paying your bills online does have its drawbacks, though. Setting up your bill payment account can be a

rather time-consuming, tiresome process. You must be very careful when entering information about your

bills, including payment amounts, account numbers, and the businesses to be paid. If you aren’t careful,

payments could be made to the wrong businesses, be credited to the wrong accounts, or not even be paid

at all. And, some businesses don’t even accept online bill payments! Finally, some banks charge an additional

fee to pay your bills online.

Online bill-payment security precautions that most banks offer include:

• Account numbers not displayed online


• Automatic logoff


• Constant monitoring of systems


• I.D. and password required for account access


• Ability to change I.D. and password

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