Banking has become a very usual and a common phenomenon that we have forgotten that folks once stored money in our very house. Nowadays, it is an unwritten law almost for everyone to have a bank account. Technologies now enter even the naïve people’s life. Online banking is one such example and this facility is provided by many banks and you don’t need to waste time to go in to the bank and do any kind of transactions over there. Here are the few basic terms and techniques related to online banking.
The types of banks are three and almost all of them provide with this facility:
1. Commercial banks:
Commercial banks are the ones that we usually bank with and they also help us out with online banking solutions. The other services are that of account management, savings accounts and loans processing for different purposes and so on. The state or the federal body regulates them, while some banks like Lloyds are regulated by the Financial Services Authority
2. Credit Unions:
This is some kind of community banking. Here people in the same field get together. It can be those in the same job arena or those working for the same company or having anything in common between them. Profits are to be shared equally by 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 happen to be based on geographic locations. People living far from the place are not benefited by this. The account amount is between $ 5 and $ 50. The loans are available at lower rates when compared to the interest rates of the commercial bank
3. Savings and Loan Association:
This is some kind of rotational finance. The money that has been put as monthly savings is usually let out to someone else as loans and the company survives with those interest rates.
To find everything about Online Banking click on the following website listed in the resource box.