The range of services and functions you can perform through an internet banking or an online banking service varies from bank to bank. Some banks allow full access to all your accounts, credit cards and savings accounts and allow you to perform most usual banking transactions through their online services.
The following is a list of typical services that can be accessed through most online banking services. The actual list of services available through your own bank may vary from this list and may include more or less services.
Bill Payments
Bill payments lets you make payments directly from your bank account to some other company's account, such as making a payment for a store credit card direct from your account rather than by writing a cheque or arranging a money order.
Money Transfers
Most online banking services will allow you to transfer money between accounts, such as to and from an associated savings account.
Standing Orders
Setting up and managing standing orders is a common banking function and most online banking services will allow you to manage your existing standing orders, as well as create new ones if necessary.
Direct Debits
Direct Debits can be a convenient way of ensuring that regular payments for services are made at a particular time each month. Most online banking services will allow you to make changes to existing direct debits or set up new ones should you so wish.
Transaction list
Perhaps the most obvious use for online banking is to obtain a recent list of all the transactions on your account. This is similar to the monthly statement you would ordinarily receive, however it lets you check all recent transactions.
Some online banking services will show all transactions on your account with only a one or two hour delay to allow for transaction processing, whilst others will be delayed longer.
As with all services provided by banks, exactly what functions you can undertake through online banking will vary so make sure you check with your bank to make sure they offer the services you require.
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