Online banking, also known as Internet banking or web banking, is an electronic payment system that allows customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. This system enables customers to access and manage their bank accounts over the internet, using a computer or mobile device, without needing to visit a bank branch .
Online banking services include a wide range of features, such as checking account balances, transferring funds between accounts, paying bills, and even opening new accounts. These services are typically available 24/7, which means customers can complete their banking tasks whenever it is most convenient for them, including outside of normal banking hours .
Online banking offers almost every service traditionally available through a local bank branch, including deposits and withdrawals . However, it is important to note that online banking may have some limitations, such as restrictions on cash deposits, and some transactions may require additional security measures, such as two-factor authentication or a secure token .
Overall, online banking provides a convenient and secure way for customers to manage their finances from anywhere at any time. As always, it is important to use caution and follow best practices for online security to protect sensitive financial information .