Business Math 3-3 Online banking

Goal Calculate account balance needed to make online payments

Start Up Your friend received a letter from his bank inviting him to enroll in the bank’s online banking program. He thinks he would like to use the service. He also wonders whether the monthly charge of $5.95 for the online banking is worth the cost. What would you say to your friend that might help him decide? Math Skill Builder page 94

Online-account access Another type of electronic banking is on line banking. This service allows you to do your banking by using a computer and the internet. These services allow you to – Have access to your account 24 hours a day – Transfer money between accounts – Have bills sent to you electronically instead of mail – Make payments to companies you select – Reorder checks and send messages to bank staff – Look at the history of your account

Making decisions about online accounts When selecting a bank to do online service consider – Convenience of bank currently using – One that meets your needs – Easier to use – Least cost Must determine what will be paid on line Determine dates bills due See example 1 page 96

Wrap up Check for understanding page 97 Your friend should see a demonstration of the online banking program. He should talk to other users of that service. Since he wants to try it he should at least try for a short time but if it doesn’t work for him he should switch back to the bill payment process he is using now. Exercises 1-13 page 98