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The Internet and Email For The Over 50s: Online banking and paying bills

by Bob Reeves

There are many activities that we used to have to do face-to-face with another person, which can now be done online. Banking is one these areas. Online banking can be particularly beneficial as it means that we no longer have to travel to a branch in opening hours in order to do our banking.

All of the major high street banks now have an online version of their banking service. There are also some online-only banks. It is possible to do almost everything that you can do in a branch over the internet including paying bills, transferring money, checking your balance and buying financial services.

There are many advantages to banking online including 24 hour access to your account. You may also be offered better interest rates on savings accounts where it is an online account. This is because the bank is able to save money on administration costs which they pass onto the customer.

There are also some disadvantages the main one of which is security. It is a real issue and you do need to be aware of the risks, which are basically that you can have your money and/or identify stolen. The banks do operate strict security systems compared to other sites. Despite these concerns, millions of people do now bank online.



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