online banking

[bmaria]

Difference between traditional banking and online banking

[Xanthia Alysha]

Online banking is doing all your reconciliation of your accounts online or on the internet.

Traditional banking means going physically to the bank whenever you have a banking need. Like a deposit. They you get a paper printout of your account every month which you use to check your out flow of funds against to make sure the bank hasn't made a mistake (does happen).

So with online (internet) banking you call up your account anytime you want from home. So you can watch your bank activity every day if you want to. You will know daily what is happening. What checks have cleared and if or not all is well. You also save paper and that saves trees.