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Bank of America
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Bank One
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Chase Bank
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CitiBank
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Union Bank of California
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US Bank
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Washington Mutual Bank
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Wachovia Bank
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Wellsfargo Bank
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Online Banking |
Online banking (Internet banking) is a term used for performing transactions, payments etc. over the internet through a bank's secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer or Mozilla Firefox is utilised and any normal internet connection is suitable. No special software or hardware is usually needed.
The number of customers who choose online banking as their preferred method of dealing with their finances is growing rapidly. Many people appreciate the convenience. Online banking usually offers such features as electronic bill payment and the downloading of bank statements for import in a personal finance program. There is a growing number of banks that operate exclusively online. Because these online banks have low costs compared to traditional banks they can offer high interest rates.
Protection through single password authentication, as is the case in most secure internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, encryption alone does not rule out the possibility of hackers gaining access to a vulnerable home PCs and intercepting the password as it is typed in (keylogging). There is also the danger of password cracking and physical theft of passwords written down by careless users.
Many online banking services therefore impose a second layer of security. Strategies vary, but a common method is the use of transaction numbers, or TANs, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third popular option is providing customers with chip card readers capable of generating single use passwords unique to the customer's chip card. Another option is using digital certificates, which digitally sign or authenticate the transactions, by linking them to the physical device (e.g. computer, mobile phone, etc). In the United States, most online banking still uses single password protection.
You should also beware of a scam called phishing where crooks send an e-mail that may look exactly like e-mails from your bank. These e-mails often claim that some account or personal information is needed. You're asked to click on a link and fill in the information. As a hard-and-fast rule, never click on a link in an e-mail and then divulge account information. Call your bank -- don't use a phone number supplied in the e-mail -- and ask if the e-mail is legitimate.
Check out online banking service for following banks:
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Bank of America
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Bank One
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Chase Bank
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CitiBank
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Union Bank of California
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US Bank
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Washington Mutual Bank
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Wachovia Bank
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Wellsfargo Bank
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