Glencoe Keyboarding with Computer Applications

Online Banking

Introduction
Learn how to use your computer to manage money by using electronic banking services.

Directions
Read the information below and apply what you learn to answer the questions. Key your answers into the spaces below. After you finish keying, check your work carefully and click Submit.

Manage Your Money
The days of standing in line at a bank or paying bills by mail is over. Today, those tasks can be done electronically, along with many online services for managing your money. Below is a list of services now offered by many banks.

Online Bill Pay Banks now offer bill-paying services that will send a check to anyone from your checking account. You can also schedule automatic payments for monthly bills such as credit card payments, mortgages, car payments, phone bills, etc. You just need to enter the information online and the bank takes care of the rest.

Electronic Deposits Instead of receiving paychecks on paper and then going to the bank, you can now have your employer deposit your paycheck directly into your bank account electronically. This saves time for you, your employer, and the bank.

Transfer Funds You may need the convenience of a checking account, but you may also want to earn the higher interest that your bank offers in a savings account. Many people have both types of accounts. They can transfer money when they need it into the checking account, or if the checking account gets too large, they can transfer money into the savings account. With online banking, you can transfer specific amounts of money immediately, or schedule regular transfers.

View Transactions Banks will send a monthly statement through the mail, but by going online, you can instantly see any deposits or withdrawals in your account over any period of time. It is a convenient way to make sure automatic bills have been paid, if a paycheck has been deposited, if funds have been transferred, or if your account balance is sufficient to cover your expenses.

Electronic banking saves paper and saves you time and money. You don’t need stamps or checks and you don’t have to drive anywhere. It helps you pay bills on time and is secure.

Best of all, you may never have to stand on a long bank line again!

Find Information on a Web Site With your teacher’s permission, use a search engine to find out more about this topic. Here are some keywords you might use: online banking, electronic banking, online money management.

1			What are four advantages to banking electronically?
2			Describe two ways you can use online bill payment services.
3			Why might you want to transfer funds from a checking account to a savings account?
4			How does being able to view transactions online help you manage your money?
5			How would electronic banking help save you money?