Banking has become such a commonplace phenomenon that we have forgotten that people once stored money in our home. Today, it is an unwritten law that almost everyone has a bank account. Technologies now enter even the lives of naive people. Online banking is one such example and many banks provide this service and you don’t need to waste time to go to the bank and do any type of transaction there. Here are some basic terms and techniques related to online banking.
There are three types of banks and almost all of them offer this facility:
1. Commercial banks:
Commercial banks are the ones we usually bank with and they also help us with the online banking solution. The other services are account management, savings accounts and loan processing for different purposes, etc. They are regulated by the state or federal agency, while some banks such as Lloyds are regulated by the Financial Services Authority.
2. Credit unions:
This is a kind of community bank. Here people from the same field meet. They can be those in the same field of work or those who work for the same company or have something in common with each other. Profits must be shared equally among all members of the group and you can open an account with the group only if you are a member of the group. Sometimes they are based on geographic locations. People who live far from the site do not benefit from this. The account amount is between $5 and $50. Loans are available at lower rates compared to commercial bank interest rates.
3. Savings and Loan Association:
This is a kind of rotational financing. The money that has been put down as monthly savings is usually left on loan to someone else and the business survives on those interest rates.
To find out all about Online Banking, click on the following website listed in the resource box.