Banking has become a very common and common occurrence that we have forgotten that people used to store money in our homes once upon a time. Nowadays, it is an unwritten law for almost everyone to have a bank account. Technologies are now entering the lives of innocent people as well. Online banking is one such example and this facility is provided by many banks and you do not need to go to the bank and waste time doing any type of transaction there. Here are some basic terms and techniques related to online banking.

There are three types of banks and almost all of them provide this facility:

1. Commercial Banks:

Commercial banks are the ones we usually do banking with and they also help us with online banking solutions. Other services are account management, savings accounts and loan processing for various purposes etc. State or federal bodies regulate them, while some banks such as Lloyds are regulated by the Financial Services Authority.

2. Credit Union:

It is a type of community banking. People from the same region gather here. It can be people working in the same job field or working for the same company or anything in common between them. The profit is to be shared equally by all the members of the group and you can open an account with the group only if you are a member of the group. Sometimes, they are based on geographic locations. There is no benefit to the people living away from it. The account amount is between $5 and $50. Loans are available at lower rates as compared to commercial bank interest rates.

3. Savings and Loan Association:

It is a type of rotational finance. The money that is put in as monthly savings is usually loaned out to someone else and the company survives with those interest rates.

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