What is e-banking?

Answer 1

E-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. While the risks and controls are similar for the various e-banking access channels, this booklet focuses specifically on Internet-based services due to the Internet's widely accessible public network. Accordingly, this booklet begins with a discussion of the two primary types of Internet websites: informational and transactional.

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Answer 2

Your employer deposits your paycheck through an elctronic system. OR - you deposit your paycheck. You can set up online payments with your credit card company, your utility companies and other places. You give them your bank account number. When your electricity or phone bill are due you get the regular statement through the mail. But, the company gets paid automatically by your bank. You would usually set the accounts up to be paid on a certain date each month.