mobile banking

Mobile Banking: The ultimate way to bank on the go

From today’s top stories to your checking account balance, chances are you want access to information in the palm of your hand and available 24 hours a day, seven days a week.
Enter Mobile Banking1. It combines the ease of Online Banking and the mobility of your favorite handheld device so you can check your account balances, transfer funds, pay your bills and more. And if you’re already an Online Banking customer at Bank of America, all you need is an internet-connected cell phone, smart phone or PDA to make taking care of business on the go simple and convenient.

Here are some things you should know about Mobile Banking:
It's a free service—all you have to do is sign up. However, cell phone providers typically charge fees for downloading information so please make sure you understand the related costs.

You can transfer funds or check your balances and transaction records for most of your Bank of America accounts.

Pay your bills and receive alerts about your accounts. (Note: All transfer and Bill Pay payees must be set up in Online Banking prior to making payments or transfers in Mobile Banking.)
You can locate a nearby ATM or banking center quickly and easily.

Get the complete picture— take the Mobile Banking test drive.
$0 Liability Online Banking Guarantee. This means that you won't be held liable for charges originating from Online Banking—or Mobile Banking—if you report the unauthorized activity within 60 days of the date that the transaction first appeared on your statement.
SiteKey® . When you use Mobile Banking, your identity will be verified just as it would be if you were using Online Banking. That means you'll enter your Online ID, verify that your SiteKey ® image and title are correct, and confirm it by entering your Passcode.
Information Storage. Mobile Banking information is not stored on your cell phone so if your phone is lost or stolen no information on your account will be readily available to the person who found (or stole) your phone as long as you didn't specifically save your Passcode or other sensitive information on your mobile device.
If you have a web-enabled cell phone, smart phone or PDA, signing up for cell phone banking can save you precious time. Go ahead—try banking on the subway or do your banking at the park. Before you know it, you'll be banking everywhere and loving every second of the freedom it gives you.

Online Banking Security

Just the FAQs: From Online Banking security to Bill Pay

Whether you're simply thinking about enrolling in Online Banking or you have been managing your accounts online for years, it's important to understand the facts about Online Banking so you can take advantage of all the conveniences it has to offer.
Some of Bank of America's most frequently asked questions are about Online Banking security, Bill Pay, what services are available online and how to get started. And you'll find many of the answers you need below:

Enroll in Online Banking.

All you need to enroll in Online Banking is a valid Bank of America checking account or personal credit card, internet access, a recommended browser, a valid email address and an ATM or Check Card number and PIN.
Simply enter the information when you're prompted, create an Online ID and Passcode, create your Online Banking security SiteKey™ and choose your SiteKey Challenge Questions and click submit. In just a few minutes, your Online Banking account will be activated.

Bill Pay.

Bill Pay is a free Online Banking service that allows you to pay your bills online. With Bill Pay, you can pay almost any business or individual you currently pay by check—and you can do it online at your leisure. Not only is Bill Pay convenient, it also helps save paper, the cost of stamps and trips to the mailbox. It also keeps the checks you would normally write out of an unsecured mailbox, thus helping to prevent identity theft.

eBills.

A companion piece to Bill Pay is the eBill service. With eBills, you can request that your creditors stop sending you paper bills and instead send electronic versions through your Online Banking account. When a bill has been received, you will be notified via email—and when you're ready, you can elect to pay it with Bill Pay. In fact, there is no limit to the number of bills you can pay. The more bills you pay, the more money you'll save on mailing costs.

Online Banking services.

Beyond tracking your accounts and using Bill Pay, Bank of America helps you accomplish a variety of tasks online that used to require a phone call or a trip to your local bank. For instance, with Online Banking, you can reorder checks, request a stop payment on specific checks, order copies of checks, view up to 18 months of account statements, change your address or request a balance transfer for your Bank of America personal credit card.

Accessible accounts.

With the Online Banking service at Bank of America, you can access virtually all of your personal and business accounts. Regardless of whether you have only one personal checking account or a business investment account, you can view your account activity as long as you have set up online access.

SiteKey and Online Banking security.

Bank of America takes Online Banking security very seriously, so whether you simply want to check your account balances or use Bill Pay, there is a host of Online Banking security measures to help keep your personal information private. Some of these security features you'll see, like SiteKey, and others you won't (but that doesn't mean they're not working).
Just one of the many Online Banking security measures that you won't see is Secure Socket Layer (SSL) protocol for transferring data. SSL is encryption that creates a secure environment for the information being transferred between your browser and Bank of America. This Online Banking security feature ensures you're communicating with the correct server and prevents another computer from impersonating Bank of America. It also encrypts the data during transfer and verifies that your information wasn't altered during the transfer.
One security feature you will notice when you log into your Online Banking account is SiteKey. This award—winning tool is a standard part of the Online Banking sign-in experience that helps prevent unauthorized access to your accounts and validates that you're at the official Bank of America website.
SiteKey consists of three parts: an image, an image title and three challenge questions that are between you and the bank. When you're at your own computer, simply enter your Online ID, then click the sign-in button and you'll see your chosen SiteKey image and image title—that verifies that you're at the legitimate Bank of America website. When you know it's safe, just enter your Passcode to view your account.
When you're signing in from a different computer, this Online Banking security tool will ask you one of your three challenge questions to verify your identity. When you answer correctly, the SiteKey image and image title will appear and you'll know it's safe to enter your Passcode and sign in—and the bank will know it's really you.

Features Of Online Banking

Online Banking

Our Online Banking service will help you track and control your finances, all from the comfort of your home or office. Designed to save you time and money, Online Banking allows you access to your bank accounts via the internet. You can look up current balances, transfer money between accounts and much more. It is safe and secure. And best of all it is free!
Online Banking provides the following services:


Self-Enrollment

Real-time Account Balances and Information

Real-time Account Details/Activity with Running Balance
Transaction Sorting and Filtering

Assign Transaction Categories and Memos

Create User Reports based on Transaction Categories

Active Statement for Money

Web Connect for Quicken®

Stop Payment

One-time Transfer

Repeating TransfersUser Defined Account Alerts

Bill Pay Alerts

Secure Mail

Online New Account Application

Deluxe® Check Order/Reorder

Check Imaging

eStatement Presentment

Account Preferences

Forgotten Password System

Advantages Of Banking

Advantages of Online Banking

In a time where it seems like you can do just about anything on the internet, it seems only right to be able to get your banking needs done online. Let’s look at the advantages of online banking versus going to a physical bank branch.

1. Convenience

Sometimes there just isn’t enough time in the day to get everything you need-to-do done, that’s why convenience is one of the biggest advantages of online banking. With business hours ranging from approximately 9am to 6pm, shorter hours on Saturday, and often closed on Sundays, making a trip to the bank can easily become a difficult task for customers with a regular 9 – 5 work schedule. Instead of running around town, trying to make it to the bank before they close, just login online and get your banking done whenever it’s convenient for you.
top of page

2. No Lines

One of the things most people dislike about banks is waiting in line. It is not uncommon to find yourself waiting in line at a bank, waiting to be helped. By banking online, you don’t have to wait in line to get your baking done, leaving you with more time to get other things done.
top of page

3. Availability

With online banking, you can keep track of your money much easier because your account information is available anytime online. To get your balance, simply login to your account. Avoid getting stuck waiting for the bank to open again, having to visit an ATM, or calling a time consuming customer service number to get the same information. You can even save money, since some ATMs and customer service calls charge a small fee to get your account balance.
top of page

4. Innovation

If you are seeking a convenient and innovative way to handle your personal finances, consider banking online. In addition to the advantages listed above many online accounts include features like online bill pay which helps you save time and money when paying bills. Many online banks also offer the convenience of checking your account information from your cell phone. Check your balance by SMS or receive alerts when money is withdrawn or a check clears. In many ways online banking provides a better experience than a physical bank branch thanks to these new features.

Functions Of Bank

Functions of Central Banks

General functions of central bank are as follows:

1. Supervision of the banking system
2. Advising the government on monetary policy
3. ssue of banknotes
4. Acting as banker to other banks
5. Acting as banker to government
6. Raising money for the government
7. Controlling the nation’s currency reserves
8. Acting as “ lender of last resort”
9. Liaising with international bodies

Lets look at little brief of some of them:

1. Supervision of the banking system: Central bank supervises the banking system of thecountry. Central may be responsible for banking system. They collect information from commercial bank and take necessary decision by two ways- a) bank examine and b) bank regulation

2. Advising the government on monetary policy: The decision on monetary policy may be taken by the central bank. Monetary policy refers to interest rates and money supply. The central bank will corporate with the government on economic policy generally and will produce advice on monetary policy and economic matters, including all the statistics.

3. Issue of banknotes: The central bank controls the issue of banknotes and coins. Mostpayment these day do not involve cash but cheques, standing order, direct debit, credit cards so on. Nevertheless, cash is important as bank’s cash holdings are a constraint on creation of credit, as we have seen.

4. Acting as banker to other banks: The Central bank will act as banker to the other banks in the country. As well as holding accounts with international bodies like IMF World bank. It is a common habit for the central bank to insist that the other banks hold non-interest bearing reserves with in proportion to their deposit.

5. Acting as banker to government: Normally a central bank acts as the government’s banker. It receives revenues for Taxes and other income and pay out money for t6he government’s expenditure. Usually, it will not lend to the government but will help the government to borrow money by the sales of its bill and bonds.

6. Raising money for the government: The government Treasury bill and bond markets are covered by the central bank. While sometimes the treasury or ministry of finance handle

Banking Introduction

Introduction to Banks

The bulk of all money transactions today involve the transfer of bank deposits. Depository institutions, which we normally call banks, are at the very center of our monetary system. Thus a basic knowledge of the banking system is essential to an understanding of how money works.

Bank Deposits and Reserves

The monetary base is created by the Fed when it buys securities for its own portfolio. Bank deposits themselves are not base money, rather they are claims on base money. A bank must hold reserves of base money in order to meet its depositors' cash withdrawals and to cover the checks written against their accounts. Reserves comprise a bank's vault cash and what it holds on deposit at the Fed, known as Fed funds. The Fed requires banks to maintain reserves of at least 10% of their demand deposits, averaged over successive 14-day periods.

The Movement of Bank Reserves

When a depositor writes a check against his account, his bank must surrender that amount in reserves to the payee’s bank for the check to clear. Reserves are constantly moving from one bank to another as checks are written and cleared. At the end of the day, some banks will be short of reserves and others long. Banks redistribute reserves among themselves by trading in the Fed funds market. Those long on reserves will normally lend to those short. The annualized interest rate on interbank loans is known as the Fed funds rate, and varies with supply and demand.
The reserve requirement applies only to the bank's demand deposits, not its term or savings deposits. Thus when a bank depositor converts funds in a demand deposit into a term or savings deposit, he frees up the reserves that were held against the demand deposit. The bank can then use those reserves in several ways. For example, it can hold them to back further lending, buy interest-earning Treasury securities, or lend them to other banks in the Fed funds market.

Controlling the Fed Funds Rate

The supply of reserves changes whenever base money enters or leaves the banking system. This occurs when the Fed buys or sells securities or when the public deposits or withdraws cash from banks. The demand for reserves changes whenever total demand deposits change, which occurs when banks increase or decrease aggregate lending. The Fed controls the Fed funds rate by adjusting the supply of reserves to meet the demand at its target interest rate. It does so by adding or draining reserves through its open market operations.
The Fed funds rate effectively sets the upper limit on the cost of reserves to banks, and thus determines the interest rates that banks must charge the public for loans. Bank interest rates influence the demand for loans, and thereby the net amount of bank lending. That in turn determines the liquidity of the private sector, which is important in terms of aggregate demand and inflationary pressures. The selection and control of the Fed funds rate is the key monetary policy instrument of the Fed.

The Effects of Government Spending

The Fed acts as a depository for the Treasury as well as member banks. All government spending is paid out of the Treasury's account at the Fed. Whenever the government spends, the Fed debits the Treasury's account and credits the Fed account of the payee’s bank. The Treasury replenishes its Fed account with transfers from its commercial bank accounts where it deposits the receipts from taxes, and the sale of its securities.
In order to minimize variations in aggregate banking system reserves, the Treasury maintains a nearly constant balance in its Fed account. In effect, Treasury payments are simply transfers from its commercial bank accounts to the bank accounts of the public. Funds move in the reverse direction when the public pays taxes or buys securities from the Treasury. The Treasury must maintain a positive balance in its commercial bank accounts to avoid having to borrow directly from the Fed. However it has no need for, and does not accumulate, balances in excess of its near-term payment obligations.
On average, government spending does not affect the aggregate bank deposits of the private sector. The Treasury sells or redeems securities as required to balance its inflows against outflows. However short-term variations occur because receipts cannot be synchronized with spending. Banking system reserves remain essentially unaffected by government spending because the Treasury transfers funds from its commercial bank accounts to replace the funds spent out of its Fed account.