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Definition: online banking


Transacting business with a bank, savings & loan or other financial institution over the Internet rather than in person at a branch or drive-in location. Customers can view their account balances, transaction history and cancelled checks, as well as pay bills, transfer funds and apply for loans. Most banks offer online banking as an option, whereas a "virtual bank" has no physical branches and conducts all business online.

Mobile Banking
Mobile banking is online banking via smartphones and tablets. Using a dedicated mobile app, all transactions can be handled from any location worldwide. See mobile check deposit and virtual bank.