home banking

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Carrying out banking transactions by means of a home computer linked to a bank’s computer via the Internet (e-banking) or by means of a telephone link to a call centre or a computerized system (telephone banking). This enables the account-holder to carry out certain operations – most commonly checking the balance held or transferring sums between accounts – at any time of the day or night without leaving the home or office. Although regular transfers, such as direct debits, can be arranged, paying in or drawing cheques is not possible in home banking (although it is using a postal account). In the UK these services are now offered by all the high-street banks but only a minority of account-holders make regular use of them. Home banking is, however, a growing trend among business customers.

Subjects: Financial Institutions and Services — Accounting.

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