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What Is the Definition of Online Banking? The brick-and-mortar bank is the bank customers may use for banking. It is the bank where customers go to deposit checks,withdraw money, transfer money, and it's also the bank used to pay bills by mail. Brick-and-mortar banks KAK . Today's world ofbanking is more efficient. With online banking, customers rarely need to walk into a bank. Most of their banking is available throughtheir computer. Online banking is also called brick-to-click banking, according to bankrate.com, as well as electronic banking or Internetbanking. It is a bank that gives customers the option of using checks, depositing money and transferring money at their physicallocation, or the option to do most of their banking on their computer. They can log on to their site and transfer between accounts, paybills, use automatic deposits and check balances in all their accounts. If they need cash, they can make withdrawals using their ATMcard or debit card. The only time they may need to enter an actual bank is to deposit a paper check or see a loan officer. History According to "Banking and Finance on the Internet," a book edited by Mary J. Cronin, online banking was first introduced in theearly 1980s when four New York banks - Citibank, Chase Manhattan, Chemical and Manufacturers Hanover - offered home bankingservices. The systems were quite KBK to use and did not prove to be very popular. In the U.K., it was Nottingham Building Society thatin 1983 offered the first electronic home banking system. How it Works In order to use e-banking, customers need access to a personal computer and Internet connection. When they register for ebanking,they are asked to provide a login name and password. Additionally, each time they want to access their account they might berequired to answer a security question, which minimizes the risk of someone else accessing their account. Features Online banking allows customers to access their bank account from their computer 24 hours a day. With a password and asecure system, they can view all their accounts, move their money around, open new accounts, pay loans, access past months, printoff transactions and electronically pay bills. With an ATM card, they have 24-hour access to ATMs across the country. With a debitcard, they can pay bills at any store instead of writing a check. The bank automatically deducts from their checking account. Virtual Banking Besides the brick-to-click banks, there are virtual banks that do not have a physical location or personnel. They offer the sameservices as a regular bank and must follow the same federal guidelines. CKOKNKJUKNKCTKIOKN they do not have the overhead of buildingsand personnel, they can offer better deals on loans and higher returns on savings. Advantages of E-Banking For customers, convenience is probably the main advantage, because it allows them to access their accounts whenever theywant, and perform transactions from the comfort of their home. Almost equally important is ubiquity, because e-banking is availablefrom any internet-connected computer anywhere in the world. For banks, e-banking means lower operating costs, as they need fewerbranches and staff. Last but not least, it means new revenue opportunities, because e-banking attracts new, usually higher-incomeclients. Disadvantages of E-BankingFor customers, it takes time to learn how to use e-banking facilities and, more importantly, to trust their bank's website and stopworrying about security issues. For banks, it means investing more in equipment and highly trained staff to run the website andnecessary software. (Adapted from http://www.ehow.com)
In the fourth paragraph, they might be required to answer a security question, means that
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