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  • Online banking

    serch.it?q=Online-banking

    Online banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. Some banks operate as a "direct bank" (or “virtual bank”), where they rely completely on internet banking. Internet banking software provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transaction and making payments. Access is usually through a secure web site using a username and password, but security is a key consideration in internet banking and many banks also offer two factor authentication using a (security token).

  • Online savings account

    serch.it?q=Online-savings-account

    An online savings account (OSA) is a savings account managed and funded primarily on the Internet.

  • Transaction account

    serch.it?q=Transaction-account

    A transaction account, checking account, chequing account, current account, demand deposit account, or share draft account (at credit unions) is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds and in accounting terms they are considered as cash. Transaction accounts are operated by both businesses and personal users. Depending on the country and local demand economics they may not earn any or they can earn very high interest rates. Again depending on the country the financial institution that maintains the account may charge the account holder maintenance or transaction fees or offer the service free to the holder and charge only if the holder uses an add-on service such as an overdraft.

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