Online Tellers Take You Out Of The Queue

Online Tellers Take You Out Of The Queue

Sun Herald
15 October 2000
By HANNAH EDWARDS

IF you've ever wondered what the banks give you in return for increasing fees, the answer is internet banking.

It is quick, convenient and cheaper than going to a branch, writing a cheque or using the phone.

Internet banking lets you check account balances, pay off credit cards, open new accounts, pay bills and view transaction histories.

But the services vary between banks so it pays to look around for the deal that best suits your banking habits.

Chris Sayers has been using the Commonwealth Bank's internet site to do his banking for nearly two years.

As chief operating officer of Darlinghurst furniture supplier Chairbiz.com, Mr Sayers uses the internet to transfer salaries, check account balances and confirm payments.

``I use internet banking for just about everything," Mr Sayers said.

``I use the internet to budget with two separate accounts: a savings account and my `slush fund'. I get paid by two companies and the money goes into separate accounts so I can see who's paying me."

Mr Sayers prefers to log on to the website rather than traipsing around to different bank branches.

``If I can avoid going into the bank I will," he said. ``I find the bank branches to be a little bit hostile and I don't always feel safe sending someone to do the banking if they are depositing large amounts of cash."

Bankchoice.com spokesman Ian Hamilton recommended internet banking should be used to complement regular banking habits.

``It is good to mix and match the way we bank," Mr Hamilton said. ``[Benefits include] the ability to access your account at any time from almost anywhere. It's good for people who are time poor because it is very convenient.

``Also, the ability to manage finances becomes easier. At the bank you don't want to ask too many questions. Online you can spend an hour interfacing with the bank."

It is also cheaper to do your banking online.

Even the problem of remembering multiple log-in names and passwords has been simplified.

AMP has developed a new feature on its website called AMP Account Minder which has just one password to remember but links you to other bank accounts, investments, frequent flyer points and E*Trade. However, at this stage only Westpac, Commonwealth and ANZ banking services are listed. Also, no transactions can be made on the site.

AMP Financial Services media relations manager Mike Smith said: ``Instead of having to remember dozens of PINs and passwords you can do it on the spot you can even do it while wearing your pyjamas. It will save a lot of headaches."

ANZ has developed a comprehensive internet banking site that offers the option of depositing funds into any personal account and paying bills to 2,000 companies.

Personal transaction histories can also be downloaded from the ANZ banking website on to an accounting software package, such as Quicken or Microsoft's Money, allowing in-depth analysis of financial information.

In addition to the usual calculators for working out how much you can borrow and what your repayments will be, offered on all banking websites, the Wizard website (ewizard.com.au) lets you check whether your loan statements are correct.

Its home loan checker says ``most home owners pay their mortgage without checking if the fees or payment dates are correct. As an isolated payment, the fees can appear inconsequential and the slight variation in payment or withdrawal dates pass unnoticed by the home owner.

``However, over the long term of a home mortgage these small adjustments add up and generally in the favour of the lender."

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