Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that allows customers of a bank or other financial institution to carry out a series of financial transactions through the financial institution's website. Online banking will typically connect to or be part of the core banking system operated by a bank and is in contrast to bank branches which were the traditional way customers accessed banking services. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay To access a financial institution's online banking service, a customer with Internet access will need to register with the institution for the service and set up a password and other credentials for customer verification. Credentials for online banking are normally not the same as telephone or mobile banking. Financial institutions now routinely assign numbers to customers, whether or not customers have indicated an intent to access their online banking service. Customer numbers are normally not the same as account numbers, because multiple customer accounts can be linked to a single customer number. Technically, the customer number can be linked to any account at the financial institution controlled by the customer, although the financial institution may limit the range of accounts that can be accessed, for example, checking, savings, loans, credit cards and similar accounts. The customer visits the financial institution's secure website and enters the online banking service using the customer number and previously set credentials. The types of financial transactions a customer can make through online banking are determined by the financial institution, but typically include obtaining an account balance, a list of recent transactions, electronic bill payments, and fund transfers between accounts of one customer or another. Things to keep in mind: This is just an example. Get a customized paper from our expert writers now. Get a Custom Essay Most banks also allow the customer to download copies of bank statements, which can be printed at the customer's location (some banks charge a fee for sending paper copies of bank statements). Some banks also allow customers to download transactions directly into the customer's accounting software. The facility may also allow the customer to order a checkbook, bank statements, report lost credit cards, stop paying a check, recommend a change of address and other routine actions. Today, many banks are Internet-only institutions. These “virtual banks” have lower overhead costs than their physical counterparts. In the United States, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) and can offer the same level of protection for customer funds as traditional banks.