Home > Posts > Fintech > Types of Online Banking Transactions

Types of Online Banking Transactions

Online Banking Transactions includes obtaining account balances, a list of recent transactions, electronic bill payments, financing loans, and funds transfers between a customer’s or other accounts. Online banking gives you the ability to manage money online with your mobile device or computer. There’s no need to visit a bank branch, and you can do what you need to do when it’s most convenient for you.

Types of Online Banking Transactions

there are four main types of financial transactions, and they include sales, purchases, receipts, and payments. All financial transactions that occur have an effect on at least two accounts, depending on the type of transaction.

Debit Cards is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user’s bank account when performing a transaction. Debit cards work like credit cards except that they automatically withdraw money from your bank account, and are one of the most common types of online banking transactions.

E-statements is an electronic version of your accounts statements which is accessible via CIBM Bank Online Banking. e-statements are guarded by electronic safeguards and are actually less likely to obtain by identity thieves than a paper statement sent through the mail. Many banks and credit unions recommend this type of online banking for security reasons.

Account Management is a client-facing, post-sale role. Account managers typically work with a dedicated group of clients for the length of the time the client stays with the company to help achieve the client’s goals and represent their company in non-support customer interactions. Online banking systems allow you to log in through their website and view your account information.

Deposits and Payments Direct deposit is a type of banking that allows you to provide a routing number so money can be transferred into your account automatically. For example, employers often use direct deposit to automatically deposit paychecks. This is an electronic deposit done online. It is also possible to set up automatic payments so that you can pay bills and have the amount withdrawn electronically from your account. This type of banking is an easy way to pay recurring bills like utility payments and insurance premiums.

Smart Card is a physical electronic authorization device, used to control access to a resource. It is typically a plastic credit card sized card with an embedded integrated circuit. They can be contact smart cards or contactless smart cards, thanks to an embedded microprocessor chip that provides increased security for personal information. Smart cards are often used for financial transactions, such as using credit or debit card.

Automated Teller Machines (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff. ATMs offer the convenience of multiple locations. You can withdraw cash at any bank that is part of the system to which your ATM card is linked. Your ATM card is protected by a PIN, keeping your money safe.

E-CHEQUE An electronic version or representation of a paper cheque. The account holder writes an e-check using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-checks are signed by the payer and endorsed by the payee.