what are the functions of e banking? explain all of them.
Answers
Functions of E-Banking
Here are a few essential functions of E-Banking-
1. Transfer Funds
E-Banking allows customers to transact money transfers between their accounts, or to a third party account. Customers must have enough funds and a recipient or payee information to make the transaction.
2. Manage and Purchase CD Accounts
Through Online Banking, customers can invest and purchase a certificate of deposit from their respective bank. Internet Banking allows customers to compare the availability of all the offers and their terms, for example, Maturity periods or APY.
3. Manage all Accounts From One Place
Online Banking is a time saver as it provides customers with the opportunity to handle several bank accounts such as CDs, Checking, IRAs and savings from one location.
4. Pay Bills
E-Banking fosters electronic bill payment for depositors to send money from their online account to creditors, for example, a departmental store or public utility.
5. View Images of Checks
Online Banking gives customers the freedom to view their paid checks and even allows them to take a scanned print of images.
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