Identification

• Online banking is also called brick-to-click banking, according to bankrate.com. It is a bank that gives you the option of using checks, depositing money and transferring money at their physical location, or the option to do most of your banking on your computer. Online banking is also called electronic banking or Internet banking.
  
  

Function

• Online banking functions just like a physical bank. You can log on to your site and transfer between accounts, pay bills, use automatic deposits and check balances in all your accounts. If you need cash, you can make withdrawals using your ATM card or debit card. The only time you may need to enter an actual bank is to deposit a paper check or see a loan officer.
  
  

Features

• Online banking allows you to access your bank account from your computer 24 hours a day. With a password and a secure system, you can view all your accounts, move your money around, open new accounts, pay your loans, access past months, print off transactions and electronically pay bills. With an ATM card, you have 24-hour access to ATMs across the country, so you can access your money. With a debit card, you can pay bills at any store instead of writing a check. The bank automatically deducts from your checking account.
  
  

Benefits

• Besides the traditional banking functions, online banking offers other benefits. You have access to account aggregation, rate alerts, portfolio management and balance alerts. Transactions are quicker than using the paper route. You can access your account no matter where you are.
  
  

Virtual Banking

• Besides the brick-to-click banks, there are virtual banks that do not have a physical location or personnel. They offer the same services as a regular bank and must follow the same federal guidelines. Because they do not have the overhead of buildings and personnel, they can offer better deals on loans and higher returns on savings.