For you to access your account, your Sky TV box must be connected to the telephone system (usually connected when Sky TV is installed). If the connection is broken or damaged, the customer will not be able to access their account. You will be charged a fee to access your account via the TV: charged by the minute.
Advantages:
Disadvantages:
- Limited use of your account compared to other methods
Costs are incurred when accessing your account (charged at local rate)
There is no personal interaction between yourself and the bank (employee/advisor)
You cannot deposit physical cash using TV banking i.e. cheques, cash in hand. This would require a personal visit to the bank
If your Sky TV system fails to function, you cannot access TV banking
* HSBC is the only provider out of the high street banks. However, some internet banks allow customers to bank via TV.
Internet Banking
Every major bank has an on-line presence where information about services can be obtained. However, internet banking goes one step further allowing a customer to access their account on-line, make transactions and amend account/personal details.
Just about every major bank offers an internet banking service but you will have to register which may or may not incur charges (depending on your bank): usually, it is free to register for personal internet banking but there may be a cost for business internet banking.
Security is set up which usually consists of a unique number/password issued by your bank and a 6-10 digit number set up by yourself. The security procedure will vary between banks.
If transferring money on-line, usually the money will be transferred over-night if being transferred to an account within the same bank. However, if you are transferring money to an external account, it can usually take over three working days to transfer.
Advantages:
24 hour, 7 day a week access
No need to queue as you would at a bank
You can access your account at any computer with Internet access
Security is integrated
Applications for a majority of popular services can be made on-line i.e. loans, savings accounts, mortgages, etc
Disadvantages:
You pay for internet connection costs when using the service
If your internet connection fails to function, you cannot access Internet banking
There is no personal interaction between yourself and the bank (employee/advisor)
Internet banking can be slow with a 56k modem
You cannot deposit physical cash using internet banking i.e. cheques, cash in hand. This would require a personal visit to the bank
You still have to visit the bank to obtain cash floats and/or use an ATM machine to withdraw cash
PC Banking
PC banking is similar to Internet banking. The main difference is that you do not use the Internet to access your account. Instead, from your PC, you connect directly to the bank's intranet using specialist software, modem and existing telephone line.
In general, PC banking allows you to perform the same degree of functionality as Internet banking. However, PC banking is potentially faster than Internet banking and offers increased security, therefore allowing you to access more services.
Again, not all banks offer PC banking. A fee may also be paid to use the service. Consult your bank for more information.
Advantages:
24 hour, 7 day a week access
No need to queue as you would at a bank
A higher level of security compared to Internet banking
Potentially, more services can be accessed due to increased security
Disadvantages:
There is no personal interaction between yourself and the bank (employee/advisor)
You can only access your account from the PC that you originally installed the software
You cannot deposit physical cash using internet banking i.e. cheques, cash in hand. This would require a personal visit to the bank
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