If you don't have time to visit the nearest branch, all you have to do is pick up a phone to get access to your account. You can also use the Internet for your immediate banking needs such as withdrawal, money transfer, bills payment, or even loan applications. Express banking will surely save you the time and worries from making it even before the bank closes its doors for any transaction. Most express banking services are also available 24/7, so you can say good bye to having to wait in a long line during rush hours.
Some may say that the use of automated teller machines (ATMs) announced the birth of express banking. Just by using your security numbers, you can instantly gain access to your account and withdraw money anytime and almost anywhere. But other than this, new bank products and services have also introduced the use of plastics as virtual money (credit cards) as well as other bank products and services through online and telephone banking. Listed below are good examples of express banking innovations:
Now, you don't need to carry loads of cash and risk getting robbed. Just by swiping your credit card, you can make fast and easy purchases within your credit limit. This wallet-size plastic card earns you instant access to cash advance even while in other countries. You only need to pay a portion of the entire balance each month with added interest over a period of time. The interest rate, credit limit, monthly charge, and repayment period are based on the type of credit plan you applied for such as a Visa or MasterCard. Another good thing in using credit cards is that you get to earn reward points, which you may convert into a gift item, discount, or free service.
Debit cards may be used to pay for items and services whenever cheques are not accepted by merchants. It also serves as a virtual money. But unlike credit cards, payment is charged directly from your existing account. A receipt or sales slip will show details of the transaction such as the bill or interest charged.
With a checking account, you may issue cheques to merchants, individuals, or companies to pay the exact amount you owe them. Cheques are also used for paying huge amounts of money. This account helps verify the transaction through the account number, date of issue, exact amount and currency, and the signature of the payee. Just by presenting a valid cheque, the bank will pay the authorized person or representative directly from the depositor's account.
Telephone banking is now done through an automated system. To secure this express banking option, authentication is done through voice recognition or keypad entries. This method provides access to account information, options for payment of bills, and authorized money transfers. You may also choose to talk to the bank's customer service representatives to discuss loan applications, investment plans, replacements, and updates.
Through secured sites, express banking services are now available online. This means, you can gain easy access to your account statements and use options for money transfers, bill payments, and more ways to manage your finances. Special features of online banking include wire transfers, loan applications, investment offers and sales, account information, and payment schedules wherein you can automatically set the payment for your electric, phone, and other monthly bills. This service is also offered through other payment solutions such as BPAY and EFTPOS.