Rather than visiting a branch of their bank, more and more people are managing their finances using the internet. This is known as online banking. Online banking is the management of finances using the internet.
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Online financial services can be accessed anytime day or night. Customers enter their account details and password to access their account. Many banks have apps that allow customers to carry out banking activities using their smartphones.
KNOW? Did You
According to 2014 research by BrightPoint Designs, the third most
popular activity conducted on the internet in Ireland
was internet banking. This was after emailing and social media use.
Online banking allows customers to:
• Check balances, view transactions and access their account history. • Transfer funds between accounts. • Open a savings account. • Pay bills and set up and manage standing orders. • Apply for loans, overdrafts and credit cards. • Use online budgeting tools to plan income and expenditure. • Top up mobile phone credit.
CREDIT UNIONS
We will learn more about co-operatives in chapter 17
GO
A credit union is a co-operative financial institution owned by the people who save with and borrow from it.
