Is there any charge for internet banking?

Banking institutions do not charge anything when registering for online banking. However, you may be charged a small fee for the transaction you make, such as sending money to another account and bill payments. The fee charged for money transfer varies among banks, and hence, you need to check the tariff guide for your bank. Some services offered on e-banking are free of charges, such as viewing your account balance, account statements, and account history.

Banks usually charge fees for different types of actions you make on your account. Fees are an important source of profits for banks. Some examples of bank fees are account fees, maintenance fees, ATM fees, and loan fees. You can avoid being charged some fees by working with an online bank that probably doesn’t have physical locations.

Most of the banks have physical locations with employees who run the daily activities of the bank. Such banks will require to earn sufficient revenue so that their operations run efficiently. To ensure the employees are paid, and all the bank’s operations run smoothly, banks usually look for ways to earn revenue by charging certain fees and investing the customers’ money. There are other ways banks make revenue, such as interest on loans, etc.

Leave a Comment