What You Need to Know about Electronic Banking

What You Need to Know about Electronic Banking

There’s never been a better time to sign up for electronic banking with GBTI. With electronic banking, you can access your account and take care of your daily financial business around the clock from your home, office, or mobile phone.

Are you curious to learn more about this convenient, safe, and easy banking option? Read on for answers to some of the most frequently asked questions about electronic banking.

What is electronic banking?

Electronic banking, also known as online banking or Internet banking, is a web-based service that allows you to access your bank account via the Internet and carry out a range of financial transactions. Given the many benefits it offers, electronic banking has increased in popularity over the last decade, and most financial institutions, including GBTI, now offer some form of this online service.

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What do I need to use electronic banking?

To participate in electronic banking at GBTI, you’ll need to have a GBTI account, a computer or mobile device, and an Internet connection. No special software or other programs are required. When you register for the electronic banking service, you’ll be asked to create a password associated with your account number. Once that step has been completed, you can log into your account any time using your number and password.

Do I have to pay a fee to use electronic banking?

Participating in electronic banking with GBTI is completely free of charge! All you need to do to get started is visit your local GBTI branch to complete the registration process.

What kinds of transactions can I complete with electronic banking?

Most of the basic transactions you can carry out at a bank branch can now be done online using electronic banking. For example, you can check your bank balance at any time; make bill payments and transfer money to other accounts; check on your mortgage, loan, or savings accounts; receive your monthly banking statement (you can choose to go paperless by receiving only a digital version of your statement rather than a paper copy each month); set up direct debits or other automatic payments; and manage your credit cards.

It’s important to be aware, however, that you may still need to visit a bank branch for some types of transactions. Purchasing traveler’s checks, arranging certain wire transfers, making cash deposits, or completing a mortgage application, for example, usually need to be carried out in person with a bank representative.

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Is electronic banking safe?

Some people are hesitant to sign up for electronic banking because they are not sure whether it’s safe to access their bank account and carry out financial transactions online. GBTI, however, fully guarantees the safety and security of its electronic banking service. The login credentials (your account number and password) that you will use to access GBTI are not known to anyone else; furthermore, after five minutes of screen inactivity, the electronic banking system will automatically log you out, so no one else can access your account online when you’re away from your computer.

If you’re still concerned about the security of electronic banking, there are some simple tips you can follow to keep your online account and transactions even more secure. For example, you should create an electronic banking password that is difficult for others to guess, and never share your login information with anyone else. Further, make sure to update your computer’s operating system and antivirus software regularly and avoid accessing electronic banking services from a public or shared Wi-Fi connection.

What are the benefits of electronic banking?

Using electronic banking offers customers all kinds of advantages. Three of the biggest are:

Convenience—Convenience is usually the most important benefit of electronic banking. In the past, performing even basic transactions could be time consuming and difficult, especially if you lived far away from a bank branch or if you were working or otherwise unavailable during a bank’s normal business hours. Electronic banking removes these barriers, allowing you to conduct most of your financial business whenever you want, from wherever you happen to be.

Efficiency—Another important advantage of electronic banking is that it is fast and efficient. When funds are transferred between accounts, for example, the transaction happens almost instantly, especially if the accounts are held by the same financial institution. Likewise, bill payments can be processed almost immediately, which is particularly helpful because it can allow you to keep your money in your account as long as possible before making a payment rather than having to pay well in advance to ensure processing happens before the bill’s due date.

Better account oversight—Many customers find that being able to access their account and review their bank balance and past transactions online help them to better manage their money. For example, when you can review in real time how much money you have spent recently, it’s easier to track whether you are sticking to your budget and your financial goals. In addition, checking your account regularly online helps you detect any problems or fraudulent activity early on.