Internet banking, also known as online banking or e-banking or Net Banking is a facility offered by banks and financial institutions that allow customers to use banking services over the internet.
Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.
Traditional and online banks, they're both subject to the same laws and regulations—online-only accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) just like the accounts held at traditional banks.
Online banking can be accessed via a computer or bank’s mobile app. All the customer needed is a bank account, a secure password and a good internet connection, and he can access his account from anywhere.
Security is the same overall, with both types employing such measures as encryption to protect customer’s funds and identity.
The advantages of using internet banking including: availability, easy to operate, convenience, time efficient, activity tracking.
Internet banking
