Getting Started With Internet Banking

Internet banking of each bank may vary on specific details, however, there are many things that banks do the same or very similarly, so it is worth taking a second to learn about how Internet banking works in general as well as reading the information your bank sends you.

These are common steps to get started with your Internet Banking:

• Firstly, you have to register for Internet banking, if you didn’t do it when you set up your account. This is generally a matter of simply visiting your bank or phoning them and saying “I would like to sign up for Internet banking”.

• They will then send you a series of letters with various PIN along with instructions on how to use them to access your Internet banking. Some banks provide a physical security device (namely Online Security Device/OSD) with a numeric keypad for more secured online transactions.  This device usually generates one-time PIN (for single-use, random PIN) to authorize online transactions. Not each online transaction will require this 2-level authentication, but most important tasks such as payment and transfers, change ATM PIN, account details and activity will require one-time PIN.

• Sign on to your Internet Banking account using the PIN provided by the bank and register your Online Security Device(OSD) which usually comes with serial number. Once your register and activate your OSD, the OSD becomes uniquely yours and you can start your first transaction online.

• Upon successful registration, whenever you try to access online transactions, you need to enter the one-time PIN displayed on your OSD for authorization.

• Once you are registered, everytime you sign on your Internet Banking account, you should be presented with a list of your accounts (if you have more than one) or a list of your recent transactions. This allows you to quickly see the status of all your accounts and what has happened to them recently. From here, you can access pages where you can make various kinds of one-off payments, and set up or cancel regular payments.

• To make a one-off payment, such as a bill payment or sending money to someone else’s account, you will need the person’s bank account number – some banks will have a list of utility bills already built in to the website. It may take 2-3 working days for transferring money to other bank, while for account in the same bank will do in the same day.

• Setting up regular payments is a little more complicated. Again, you need the numbers and amounts, but you also need to know the start date, end date, and how often you want the payment to be made. Be careful of exactly when you set your payments to leave your account, as the bank will often charge you a large fee if there is no money in the account when the payment is due.

So, you are ready for getting your banking at your fingertips now.

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