Internet Banking information

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Online Banking in the UK – Ireland – Dublin – …

Internet banking information : Last Edit: 2019-12-07

What is internet banking

Via internet banking (or online banking) customers are able to conduct financial transactions on a secure website that is operated by their bank.

History of internet banking: more information.

One of the first internet banking systems was NBS (Nottingham Building Society). This was in 1983. Since the internet as we know it today did not exist yet, they called it online banking (not internet banking yet).
The system used was based on the UK’s Prestel system and used a computer connected to the telephone system.
This was still partially operated by humans on the bank site.
Later this was automated by the BACS system in 1985.
And, in 1995 the internet as we know it today. (www : The World Wide Web) Was introduced to the big public. And from that date on internet banking became more popular.

What can one do with internet banking?:

The applications on the internet banking platform keep on expanding.
Common tasks on the online banking system (but not limited to) are:

  • Funds transfers between the customers own accounts or external accounts.
  • Paying your bills
  • Investment (buying and selling stocks)
  • Printing your online statements
  • E-mail or chat to somebody from the bank.
  • even video chat
  • And also, opening a loan for a car or a mortgage for your house

Is online banking or internet banking safe?

internet banking information - is it safe?

Although some European banks (Dexia, KBC, Argenta) claim to have the most secure system. Something mayor happened, on 2007-10-06 (YMD). An incident leaked out. According to the VRT (Dutch), the Russian mafia succeeded to steal money from several internet banking customers. So, if for instance, Dexia and KBC claim to be the safest online banks. It is likely there are more internet banks confronted with this situation. In other words:
They are just better in keeping it out of the media

What is the best online bank for online-banking?

Each internet banking system has it advantages and disadvantages. (What can they do, how much do they cost,…)
Notice that, if your own bank offers internet banking, it is not necessary the best system. (read: cheapest) In your own interest, it’s best to look around what others are offering and at what cost.
Some examples : Halifax and Barclays just to name some.

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