Online Bank

Online Banking
  The purpose of online banking is to give customers fast, easy access to their account, where they are able to manage payments, transfer money, view statements and much more all on a secure site, all in the comfort of their home/office. 
  Major advantages of online accounts are they are very convenient and available 24/7, unlike customers' nearest banks which have a time constraint, and can all be done just by a few clicks of a mouse. Online banking can also be a easy way of payment, bill payments or transfer of money can be all done on the computor, this can be set up monthly for conveniance to the individual. Transactions are processed much quicker than traditional methods such as ATM, and works faster. This could be benefitial to anyone who is buying online, or for business purposes. Online accounts have a higher interest rate than traditional banking, this could benefit those who like the conveniance of online banking however dont need to have a traditional bank account.
  However, there are some disadvantages to online banking, due to it being run from the internet, you may be targeted by online frauds, and could face your account being hacked. Therefore people must make sure their connection is secure. Some banks, for example Lloyds TSB, have put in place security implications, such as a automatic log off after 10 minutes, and fraud detection systems. They also aim to refund any money if your account were to be hacked. Starting up a online account can also be quite a slow lengthy process, first you have to input personal information online, then to confirm its you there is written documents sent out with individual codes and user numbers. These have to be inputted every time you want to access your account, and if lost there is more lengthy process to go through to regain your account. Users also have to adjust to using an online account, which for some may seem more trouble than actually going to your local bank, therefore you have to be patient.