Banking

Take a look at how the worldwide credit crisis has affected the banking system and the steps that banking institutions take to absorb the impact of the unfavorable situation. Take for instance; banking and finance always go hand in hand. Our banking articles do not talk only about bank but also discuss credits and loans. There are so many other titles that usually catch the attention of readers like vehicle loans, education loan, property loan etc.

What is online banking?

1. Online banking is most useful for consumer to saves the time and money. It is particularly useful for those who have a lot of bills to pay.

The requirement for online commerce banking is constantly increasing in consumers more and more for doing their banking transaction so quick and easy. Moreover number of commercial concerns is also turning to do their banking through Online Banking via the Internet.

2. A main benefit in online commerce banking is that it can be done from anywhere, anytime and more over globally, online commerce banking offers several security measures to protect your personal account information (PAI). There is no specific online banking region to which the transactions are limited. Your bills are paid with a minimum of effort. You save money. Online banking business (Net banking) offers the advantage of banking.

There are two type of online banking:

Online Banking can be done in two Ways:

1.      Personal Finance Software(PFS):  Its connect to the bank just as one would log on to the Internet. In which Quicken and Microsoft Money allow you to check, track, and categorize your various accounts like loans, accounts, credit card and investments.

By using all the data you can also prepare budgets and generally get a much clearer picture of the state of your finances. You can also do your bank transactions through these programs.

2.      Secondly, even if you don’t have specialized software to bank via the Internet even you still have the convenience of a local online banking region. You can access your account information and pay your bills online.

Electronic Banking Services(EBS)

Electronic Banking is conducted by using (ATMs), telephones, debit cards or Credit Cards. Debit cards look like a credit card. But unlike a credit card, using a debit card removes funds from your bank account immediately. Means to transfer funds directly from one account to another.

Electronic banking makes use the of electronic currency. Check cards or debit cards, smart cards or stored-value cards, digital cash and digital checks are the different types of electronic currency. If you use a check card to make purchases, the funds are transferred immediately from your account to the store's account. Smart cards have a specific amount of credit embedded in it. The chip in the card contains both personal and financial information.

Larger institutions may be able to manage the technical overhead and security concerns over Internet banking. Electronic banking offers consumers the convenience of accessing and transferring funds between their accounts, paying their bills and other purchases, twenty four hours a day, seven days a week.

Independent Bill Paying Services

The banks have come up with online e-mail where you can receive bills in your inbox. A service has recently emerged in the Internet that allows us to receive the bills via e-mail. We can go online, view the bill, select the payment date and authorize the amount for payment. This is especially useful for people who travel for a considerable period.

What you need to know for Opening a banking account –

There are two main types of accounts, Current accounts and Saving accounts.

Saving accounts are used mostly for saving money, and Current accounts give you lots of different ways to use your account, including ATMs and phone and internet banking.  These are mostly used by companies, organization, institutions etc. If you are thinking about opening a current account, take a look at our personal current account cost comparison, it can help you compare costs and benefits and find the account that's right for you.

When you open an account in bank you need to contact your local branch(bank)to open an account. You may have to make an appointment. To open an account, you will need to fill in an application form. Ask for a copy of this form when you have filled it in. You also need to prove your identity and address. You need following documents for open an account in a bank:-

1. A document issued by a Government department showing your address;
2. A notice of determination for tax credit;
3. A current balancing statement or a C2 certificate from the Revenue Commissioners;
4. A social insurance document showing your address;
5. A current car or household insurance document showing your address;
6. A letter from your employer stating that you have started work but cannot yet provide proof of your address (you will have to give the bank proof at a later date);
7. A letter from a licensed employment agency stating that you have recently arrived in Ireland and are starting work but are not yet able to provide proof of your address (you will have to give the bank proof at a later date); or
8. A letter from a person in a position of responsibility confirming your address. Again, this person must come to the bank and prove his own identity.