The challenge for the banking industry has been to design this new service channel in such a way that its customers will readily learn to use and trust it. After all, banks have spent generations earning our trust; they aren't about to risk that on a Web site that is frustrating, confusing or less than secure.
Most of the large banks now offer fully secure, fully functional online banking for free or for a small fee. Some smaller banks offer limited access or functionality; for instance, you may be able to view your account balance and history but not initiate transactions online. As more banks succeed online and more customers use their sites, fully functional online banking likely will become as commonplace as automated teller machines.
What is the "Virtual Banks-.
If you don't mind foregoing the teller window, lobby cookie and kindly bank president, a "virtual" or e-bank may save you very real money. Virtual banks are banks without bricks; from the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your corner bank. .
Virtual banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds. .
How to manage your accounts online.
When you sign up for online banking, you designate which accounts you wish to access online. Then you will be issued a user ID and temporary password via regular mail, e-mail or both, with instructions on how to use them to access the secure online banking portion of your bank's site where your account information is available 24/7. .
Many banks require you to change your password during your initial visit for added security. These site "keys" are the only way to access your accounts online, so keep them in a safe place.
Once inside your private site, you will have access to all of the accounts that you have registered for online banking.
