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Banking Online - College Essays

Banking Online

Banking online has evolved. Internet access to banking started out with the Web site of your local banks, offering the chance to view your balance, move funds from one account to another and maybe even pay bills. Now, as of about four years ago, there's virtual banking.

Well, the first indication that you're money's in a safe place is the placard that greets you at the door - FDIC.

This federal U.S. agency, the Federal Deposit Insurance Corporation, typically protects up to $100,000 of your deposited funds from loss. Established in the 1930's, the FDIC became a way to curtail the runs on banks that occurred directly after the Depression. By 1934, with the initiation and support of the ...

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from one account to another and offer instantaneous verification of this change in balance, others will delay the transaction, or at least your view of the transaction, by more than 24 hours. This makes using online access to keep track of your balances next to impossible and it can aggravate attempts to use the bill paying and other online features.

With a traditional savings account, you are able to deposit and withdraw virtually at will, with no minimum deposit or balance required. For this you earn a small interest - currently at an all time low range of .6 - 2 percent.

A money market account offers the immediacy and convenience of a traditional checking account along with the interest bearing advantage of a savings account. There are some limitations, however. Generally you can write just a few checks per month - at some banks as few as three. You are also limited to just a few more withdrawals as well. You'll also be held to a minimum running balance, although a money ...

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Banking Online. (2011, April 20). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Banking-Online/98235

"Banking Online." Essayworld.com. Essayworld.com, 20 Apr. 2011. Web. 23 Nov. 2024. <http://www.essayworld.com/essays/Banking-Online/98235>

"Banking Online." Essayworld.com. April 20, 2011. Accessed November 23, 2024. http://www.essayworld.com/essays/Banking-Online/98235.

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PAPER DETAILS

Added: 4/20/2011 12:28:34 AM
Submitted By: north58
Category: Business
Type: Premium Paper
Words: 535
Pages: 2

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