Telephone banking is one of the fastest and most convenient ways to run banking errands. However, it is not the only way.
As a personal or business banking customer, your bank offers a variety of different ways for you to manage your money. In addition to telephone banking and automated telephone banking services, ways to manage your money include on your smartphone or tablet computer with mobile banking, on your computer or laptop with online banking and in-person at your local branch.
Mobile banking is performed on a mobile device, such as a smartphone or a tablet computer. To use mobile banking, you must FIRST download a mobile application. All banks in the United Kingdom have these available, for both Android and iOS devices. For example, here’s the RBS app for RBS. Once you have downloaded a mobile banking app, the setup process is simple. All you do is input your customer number, confirm your identity through SMS verification, and away you go.
When they were first launched, mobile banking apps offered limited functionality but they now allow you to move money around, add new payees and cancel standing orders and Direct Debits.
If you do not want to download a mobile application, or if you are on your computer or a laptop, then you can manage your money and accounts online by visiting your bank’s website and logging in. To use online banking, you must first register for it. To do this, call your bank or visit their website for instructions on how to register. Registering is quick and easy, and you should be able to get access to online banking the same day. Some banks to take longer to verify your account, however, for security, with an example being HSBC.
Through online banking, you can setup new payees, add or remove standing orders and Direct Debits, transfer money between your accounts and much more. You’ll have access to all your bank accounts.
Branch banking is the traditional way to manage your money. Simply, this involves visiting your local branch to deposit and withdraw money, to cash a cheque, to cancel a Direct Debit, to order a statement or to report a lost or stolen card. Despite the convenience of telephone, mobile and online banking, many people still prefer to bank with their local branch. The only limitation is your location, since you might not have a branch near you. Individual bank branches also operate inconvenient hours. For example, they close early on weekends and are not open on Bank Holidays. They can also be understaffed.
Compared to telephone banking, mobile banking and online banking, branch banking is old fashioned. However, it can be just as effective and as useful. To find your local branch, visit your bank’s website and use their branch locator feature. For example, Barclays has a branch finder feature on their website here. Alternatively, you can head over to Google and search for ‘bank branch + location’.