- A banking service that enables bank customers to access their account information and perform certain bank transactions using a personal computer and a modem.
internet banking, computer banking, remote banking
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Bill Presentment — Definition,
- An online system that allows customers to receive and view the bill on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred from the account.
- Client-based Banking Software — Definition,
- Customers use money management software and their own computers to access the bank using a modem and a phone line.
- Electronic Commerce — Definition,
- The purchase or sale of products and services through an electronic system such as the Internet.
- Express Account — Definition,
- A low-fee or no-free chequing account, limited to ATM, telephone, and online transactions. Express account customers are charged fees when using bank teller services.
- Home Banking — Definition,
- A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.
- Online Banking (OLB) — Acronym, Important,
- Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
- Online Bill Payment — Definition,
- A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
- Personal Finance Manager — Definition,
- Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
- Retail Banking — Definition,
- Banking services offered to individual customers such as savings accounts, personal loans, cheque cashing, and RRSPs.