5 tips on banking

Internet Banking – for individual and joint accountholders

Internet Banking is an automated self-service facility which provides you, the customer, the flexibility to carry out a host of banking transactions from your home, office or from wherever you are, whether in Sri Lanka or abroad. It gives you complete control of your finances and freedom, unfettered from normal banking hours. All you need is a computer and access to the internet. This facility also offers access to a whole range of information and value-added services, you do not normally enjoy at the banking counters, and in the most customer friendly manner. Banks offering internet banking facilities usually have a FAQ (Frequently Asked Questions) option, which if you read will help to clear any doubts you may have with regard to this facility. 

It is simple to subscribe to an internet banking facility. Forms are usually available online from your bank’s website, and all you have to do is to complete them and submit to the bank. The bank will then issue you with your User ID and the password.

Highlights of Internet Banking

1.Easy access

Travelling to your bank and parking facilities have become a major hassle today. The ability to do the transactions without visiting your bank as well as the ability to perform those transactions 24 hours of the day is the major benefit in using internet banking. This will not only enable you to attend to your banking at a time convenient to you, it will also help you to save time, effort as well as costs.  

To perform any transactions all you need is a User ID and a Password which your bank will provide when you subscribe to their internet banking facility. You will have the freedom to access your bank from wherever you are as long as you have a computer with an internet connection.

2.Adequate Security

Most customers have a major concern regarding security in using internet banking. Banks pay special attention to this aspect not only to protect the interests of the customer but also to protect themselves against any claims that may be lodged against them.

The bank issues a User ID and a Password to each internet banking customer. They also provide a facility to change your password to one of your choice at anytime you wish. The User ID and Password is akin to your signature in a manual transaction. Therefore you will have to take special care not to let any other person have access to them. If you feel that someone may have got to know your password, you must change it immediately and verify whether any transaction has been performed on your account without you knowledge.

When performing financial transactions such as fund transfers, some banks require a second password referred to as a transaction password while others provide a One Time Password (OTP) through a SMS or a specially provided device, in order to make internet banking more secure.

You must remember that you the customer also have a responsibility in the maintenance of security. In selecting your password do not use easy to guess passwords such as yours or your spouse’s date of birth, spouse’s name, children’s names etc. If you write down the password, ensure that it is kept in a secure place and that the User ID is also not kept at the same place, especially in your purse or handbag.

It is recommended that the length of the password is not less than 6 characters and not more than 12 characters. It is also advisable not to repeat the same character more than once and to use a mix of alphabetic, numeral and other symbols in order to make it difficult for anyone to guess it.

For each financial transaction performed a transaction reference number will be generated and displayed on the screen. In making bill payments it is a good habit to note this number and the date of payment on the bill in case you have to make a query in the future. 

3. Wide range of services

Accessing all your accounts (Current, Savings, Time Deposits, Loans, Foreign Currency accounts, Credit Cards etc.) is not the only feature provided by banks through their internet banking facility. Banks also provide a wide range of services including most or all of the following:

Inquiries

•  Balances available and unrealised funds in all your accounts with the bank
•  Account history  on your accounts with the bank
•  Foreign Exchange rates
•  Interest rates both Rupees and Foreign Currency
•  Bank branch locator

Requests

•  Cheque book requisitions
•  Account Statement requests
•  Stop payment of cheques

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Fund Transfers

•  Fund transfer between your own accounts at the bank
•  Fund transfer to other accounts with the same bank
•  Fund transfer to other accounts with other commercial banks

Payments 

•  Utility Bill Payments 
•  Insurance Payments
•  Payment of school fees (to selected private schools)
•  Payment to Credit Card accounts
•  Share Trading Payments

Other facilities

•  Opening new accounts 
•  On line Loan Applications
•  Financial calculator to calculate return on deposits, maturity values. Loan instalments etc.
•  Downloading various application forms
•  Automatic new account update 
•  Scheduling payments to be effected on future dates
•  Updating personal information
•  Password change
•  Capability to send authenticated Emails to the bank

Please note that cut-off times are applicable for certain fund transfers value same day, such as transfer of funds to an account with another commercial bank.

 

4.Charges

Each commercial bank has its own policy with regard to charges levied by them for their internet banking facility as well as for each type of financial transaction performed using this facility. Banks usually do not levy any charges for certain financial transactions such as fund transfers between your own accounts or to an account held with the same bank, and for almost all non-financial transactions   Therefore it is important to ascertain from the bank the charges levied by them for the transactions you wish to perform. 

5. Some Dos and Don’ts 

•  Change the Passwords soon after you receive them from the bank when subscribing to Internet Banking facility and thereafter at regular intervals and whenever you suspect that some other person has got to know it
•  Scrutinise the operations on your account regularly to ensure that the transactions you have performed have been correctly accounted and that there are no unauthorised transactions appearing therein.
•  Double check the financial transactions before you confirm them as the natural tendency is to assume that the data keyed in by you is correct and confirm without checking.
•  When you have the time, use the scheduling of payments facility to make your payments on future dates to ensure that you are not pressed for time on the day of payment.
•  Manage your finances by transfer any idle funds to an interest bearing account or to an account giving you a higher yield for the period you are able to place the deposit.
•  Use the Email facility provided to send any authenticated instructions to the bank.
•  Do not give your User ID and Password to even a family member for your convenience. If required obtain a separate User ID and Password for that person.
•  Do not leave both the User ID and Password in the same place such as your purse 
•  If you wish to write down the User ID and Password ensure that it is kept in a secure place
•  Note to Log out when you complete your transactions before you exit the internet connection.
•  Never respond to SPAM e-mails and enter into the internet banking site through links provided by those e-mails. As a practice, always type the IP address provided by your bank afresh, and enter into the internet banking site. 
•  Beware of bogus emails being circulated requesting Internet Banking customers to activate the password by submitting the login details to a link given in the email in order to avoid permanent deactivation.