Online Banking Terminology

Online Banking Terminology thumbnail
Don't get frustrated with online banking.

Online banking can be a convenient tool for personal finances. Understanding online banking terms may help online banking customers feel more comfortable with the online banking experience.

  1. Bill Pay

    • Let the bank handle your bills.
      Let the bank handle your bills.

      Bill pay allows customers to set up automatic, one-time and recurring bill payments from a checking account. The bank will mail payments, usually free of charge.

    Online Statement

    • Sometimes called paperless statements, online statements are electronic versions of mailed statements. Generally, they are identical to those received in the mail and are an environmentally conscious way to save paper.

    Apply Online

    • Many banks allow customers to apply for credit cards, loans, checking and savings accounts without visiting a branch in person. Even mortgages are available online.

    Account Activity

    • Account activity or account history provides a running total of all deposits, withdrawals and payments to individual accounts in chronological order.

    Summary of Accounts

    • An overview of all account balances is available in a summary of accounts. This could include a customer's mortgage, other loans, credit cards, investment accounts, as well as checking and savings accounts.

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References

  • Photo Credit computer image by blaine stiger from Fotolia.com air mail image by charles taylor from Fotolia.com

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