Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.
The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking, which was the traditional way customers accessed banking services, according to https://en.wikipedia.org.
To access a financial institution’s online banking facility, a teacher with internet access will need to register with the institution for the service, and set up a password and other credentials for customer verification.
The credentials for online banking are normally not the same as for telephone or mobile banking. Financial institutions now routinely allocate customers numbers, whether or not customers have indicated an intention to access their online banking facility. Customer numbers are normally not the same as account numbers, because a number of customer accounts can be linked to one customer number.
Technically, the customer number can be linked to any account with the financial institution that the customer controls, though the financial institution may limit the range of accounts that may be accessed to, say, cheque, savings, loan, credit card and similar accounts.
The customer visits the financial institution’s secure website, and enters the online banking facility using the customer number and credentials previously set up.
The types of financial transactions, which a customer may carry out through online banking, are determined by the financial institution. They usually include obtaining account balances, a list of the recent transactions, electronic bill payments and funds transfers between a customer’s and another’s accounts.
Most banks also enable a customer to download copies of bank statements, which can be printed at the customer’s premises. Some banks also enable customers to download transactions directly into the customer’s accounting software.
The facility may also enable the customer to order a cheque book, statements, report loss of credit cards, stop payment on a cheque, report change of address and other routine actions.
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