For decades, the manner of managing finances has changed from traditional face-to-face banking to an online system.
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Online banking was introduced in a basic form during the early 1980s, and was offered to customers for the first time on October 6, 1995, by Presidential Savings Bank. Soon afterward, three other financial institutions--Wells Fargo, Chase Manhattan and Security First National Bank--began offering online services as well.
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Customers were initially allowed to view account balances and transactions through the use of a terminal and a phone line, but other functions have been added over time. Nowadays, customers can also manage their accounts, pay bills and view statements.
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Over time, many large banks have added online services with full-line capabilities, while some of the smaller, local banks offer services with limited functions.
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Advantages of current online banking include convenience, speed and productivity.
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A disadvantage of online banking is the security issue that others could have access to account information.
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Since its inception, online banking has been federally governed by the Electronic Funds Transfer Act of 1978.
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