E Banking: Five Things You Must Know

E Banking: Five Things You Must Know

At the mention of E – Banking, the first thing that comes to an average person’s mind is “Fraud”, and the fear of falling victim, on the other hand, elite think about convenience and easy accessibility plus rapid share of money in transaction.

What is E-Banking?

E-Banking, the short form for Electronic Banking is the use of electronic devices and gadgets to perform banking transactions.

Today, there are many different electronic devices which can be used for financial transactions. These devices include smart phones, tablets, computers, automated teller machine (ATMs), point of sale machine (Pos) and many others. E-Banking has made Banking more convenient for bank customers as they can now perform banking transactions without having to visit a bank.

Consider the following information just as few of the numerous transactions modes which can be done via E-Banking:

1. Transfer of money from one bank account to another: This can be done for accounts in the same banks or accounts in different bank using your phone, tabletvor computer.

2. Withdrawal of money from your bank account through an ATM using your bank cards, such as Visa, MasterCard or Verve Cards.

3. Paying for goods and services via PoS machine: These machines can be found at supermarkets, fast food or other restaurants, hotels, salons and many other places once you have your bank card (ATM card) with you, you can pay for other items you have bought or services you have used.

4. Transfer of money, checking of your account balance and payment of bills through the ATM or via phone.

5. Printing of bank statements, checking your account balances and many other transactions through internet banking on your computer or tablet.

There are many banking services which are now offered electronically and many people use them conformably. However, there are number of bank customers who are reluctant to utilize the e-banking due to security concerns and other things. It is imperative to know that banks investbhuge resources on their e-banking channel to ensure that their customers are safe.

As a customer, there is something which you need to know as precautionary measures to be taken while making use of e-banking service:

  • Your most important protection is your pin (Personal Identification Number) or password. Do not use a pin or password which fraudsters can easily get for instance
  • Avoid using your date of birth or those of your family members, or serial and file numbers related to your work as a pin or password.
  • Do not use one pin or password for many accounts
  • Do not use that banking password for your social media accounts like Facebook, Twitter, Instagram, and the likes.
  • Lastly, change your pin or password when you suspect that someone else knows it.

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