This is a general list of the kind of services that online banks often offer to their customers.

Online Banking(1)

Online Banking(2)

Online banks offer a varied selection of services and facilities. The kind of access you have to your accounts also depends on the bank, with some banks offering more control and options than others.
This is a general list of the kind of services that online banks often offer to their customers. The actual selection of services that are offered will depend on which particular online bank you are doing business with.
• Bill Payments
This lets you directly authorise payments from your bank account to a third-party account. This makes it possible for you to pay for a store card directly, for example, instead of having to write and send a cheque or arrange for a money order.
• Money Transfers
Money transfers usually involves the direct transfer of funds between accounts in the same bank. This makes it convenient to transfer money from your current account to savings account, for instance.
• Standing Orders
Many banks offer facilities for managing standing orders. By going online you can check the status of your existing standing orders and make new orders if you need to.
• Direct Debits
Through direct debits, you can automate the payment for regular services at specified interval (every end of the month, for example). This allows you to set up your account so that your bills are taken care of regularly without requiring you to manually initiate each transaction every time. Your bank will provide you with a report so you can keep track of your payments.
• Transaction list
One very common online banking service accessed by customers is a list of all transactions on their accounts. This provides essentially the same information contained in a monthly statement, except that this is updated throughout the day to allow you to view all recent transactions.
Keep in mind that there is typically a delay before a transaction list will update to reflect any changes, usually one or two hours after the transaction takes place. This depends on the bank and some actually take longer.