Online Banking Provides Convenience and Satisfaction for Customers

Online Banking Provides Convenience and Satisfaction for Customers

With 31 banks offering Internet banking and with nearly 19 million Internet banking subscribers conducting more than 210 million banking transactions with a value of 2.33 billion Ringgit, as on June 2015 / first half of 2015, Online or Internet banking has become a very popular means of conducting banking in Malaysia.

And, when queried most online banking customers swear by the convenience and satisfaction that online banking affords. Here, we will try and take a look at what makes online banking so convenient and satisfactory for customers:

Anytime, anywhere access

As an online banking user, you get 24 hours * 7 days a week * round the year access to a wide range of banking services. And, you get this access from wherever you are – whether in Malaysia or overseas and at whatever time that feels convenient for you. And, this access is immediate depending only upon the speed of your Internet connection!

Real-time

Online banking is real-time! You can track and monitor your transactions as and when they happen. And, if you notice anything out of the ordinary, you can immediately flag it up to your bank.

Wide range of banking services

As an online banking user, you can conduct a whole range of banking transactions. These include opening or closing term deposits, transferring funds, paying bills, managing cheques, trading, investing, changing your account limits, applying for credit cards or loans – the list is virtually endless.

Online Banking also provides you with the facility to link all your accounts – savings, current, term deposits, loans, credit cards under the same account name. With all your banking accounts under one roof you can better manage your spending and saving. You can set standing instructions for regular bill payments and since you know your spending patterns well you can also set instructions for sweeping account surplus to term deposits thus enhancing your savings. Financial management becomes so much more easier.

Online banking – security

Banks take utmost pains to ensure a safe and pleasant banking experience when you visit them online. In fact, almost all banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide.

In addition, various banks have different authentication procedures in place that enhance the security of your banking. Finally, you can also opt to receive real-time alerts and reminders through SMS and/or email whenever transactions (financial or non-financial) occur on your account. You can get on top of possible frauds as soon as they occur.

Free

Accessing and using online and mobile banking is free. Of course, your Internet or mobile provider will charge your for your Internet usage. And, certain services used through online banking may be charged. These could include interbank transfers, telegraphic transfers, cheque book requisitions etc.

Comparison Between Online and Traditional Banking

Comparison Between Online and Traditional Banking

Online banking in Malaysia – By numbers

Let’s look at some stats first: There are 31 banks that offer Internet banking and 13 banks that offer mobile banking in Malaysia. As on June 2015, there were nearly 19 million Internet banking subscribers and more than 6.6 million mobile banking subscribers.

A little more than 210 million Internet banking transactions were recorded during the first half of 2015 with a value of 2.33 billion Ringgit. During the same time period 165.1 million mobile banking transactions were recorded with a value of approximately 9,300 million Ringgit.

What all those above stats get to prove is that online banking is very popular amongst Malaysians and its younger sibling, mobile banking is well on the way to becoming so. So, how does online banking stack up against traditional banking? Lets examine briefly through the prism of a few main banking features:

Online banking vis-à-vis traditional banking

Access – Online banking wins hands down here. With an online banking login and password you can login from any system or even your mobile (whether through your bank’s mobile banking site or through an app) at any time of the day or night. In the traditional banking model you will need to visit your bank during working hours to complete your banking transactions.

Convenience – In general, online banking offers a far more convenient channel for conducting banking transactions. You do not have to deal with the hassles of freeing up a time slot during banking hours, travelling to the branch, waiting for parking, and then waiting in a queue to be serviced. Online banking gives you the convenience to do your banking from the comfort of wherever you are, at whatever time suits you best.

Security – There are many who believe that online banking is risky given the number of hackers, viruses, trojans and malicious many things lurking out there to siphon off your money. Although the risks are real, the reality is that banks are employing a number of measures (think, OTPs, Security Devices, 2-factor authentication etc) to make your online banking so much more secure.

There is also an onus on you to take a little effort to educate yourself about the risks and cultivate a few precautions that will ensure a risk-free online banking experience. With traditional banking, the risks are more physical in nature; robbers waiting to steal your money and the like.

Customer Service & Communication – Online banking offers a plethora of digital channels, 24/7, to ensure communication between you and your bank. These include IVR banking, phone banking, SMS banking, email banking etc. However, there may be situations where you will benefit from talking face-to-face with someone in the bank in some position of authority.

Getting a few points off your home loan interest rate, negotiating to ensure that delayed payments on your loan does not impact your credit standing are best done at the branch with someone whom you are familiar with. And, there are certain situations where you actually need to be at the bank; the bank’s policies or legal regulations may require so.

Summary

Online banking is great for the convenience it affords. However, traditional or branch banking also has its place. Happily banking customers seem to have found a good balance between the two. They use the convenience of online banking for routine transactions and in case of an out-of-the-norm transaction they have the reassurance of a branch to fall back upon.

How is Online Banking Growing Popular in Malaysia

How is Online Banking Growing Popular in Malaysia

Online banking in Malaysia – by numbers

Internet or online banking has become one of the most popular ways of accessing banking services in Malaysia. Just take a look at the following numbers*:

17.6 million – The number of Internet banking subscribers. This represents a penetration to population of 58.2%.

5.6 million – The number of mobile banking subscribers. This represents a penetration to population of 18.6% and a penetration to the total mobile subscriber base of 12.9%.

350 million – The total number of transactions occuring through the Internet banking channel.

4,108.3 billion – The total value of transactions in Ringgit happening through online banking.

213.9 million – The number of transactions occuring through the mobile banking channel.

14,677.5 million – The value of transactions in Ringgit happening through mobile banking.

31 – Number of banks offering Internet or online banking.

13 – Number of banks offering mobile banking.

What the above stats reveal is that online banking or its younger cousin, mobile banking have gained considerable popularity and usage amongst the Malaysian population. We will also take a look at a few reasons, why:

Round the clock access

24 hours a day, 7 days a week – those are the times at which you can access a near full range of banking services. You can also say goodbye to queues, parking woes and travelling hassles.

Convenient

You can now bank like you normally do from wherever you are – whether at the office, at the mall or in the comfort of your home. All you need is an Internet connection and a laptop or a desktop computer. Or, an Internet-enabled mobile, with the relevant banking app or with a browser.

Real-time view

Online time is real-time! You can track and monitor your transactions as and when they happen. And, if you notice anything out of the ordinary, you can immediately flag it up to your bank.

Secure

Banks take utmost pains to ensure a safe and pleasant banking experience when you visit them online. In fact, almost all banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide.

In addition, various banks have different authentication procedures in place that enhance the security of your banking. Finally, you can also opt to receive real-time alerts and reminders through SMS and/or email whenever transactions (financial or non-financial) occur on your account. You can get on top of possible frauds as soon as they occur.

Banks take utmost pains to ensure a safe and pleasant banking experience when you visit them online. Hope you take a little care from your end to ensure total safety and confidentiality for your online banking.

Free

Accessing and using online and mobile banking is free. Of course, your Internet or mobile provider will charge your for your Internet usage. And, certain services used through online banking may be charged. These could include interbank transfers, telegraphic transfers, cheque book requisitions etc.

* Statistics courtesy – Bank Negara Malaysia; pertains to the year 2014 or at the end of 2014.

How to Choose the Best Online Banking Service in Malaysia

How to Choose the Best Online Banking Service in Malaysia

Lets start off by taking a brief look at Internet and mobile banking numbers in Malaysia. As per statistics published by Bank Negara Malaysia, there are currently 31 banks offering Internet banking and 13 banks offering mobile banking services. And, as at the end of 2014 there were 17.6 million Internet banking subscribers representing a penetration to population rate of 58.2% and more than 5.6 million mobile banking subscribers representing a penetration to population rate of 18.6%.

What we’ve managed to establish through the above numbers is the range, popularity and extent of online banking services in Malaysia. Choosing the best online banking service from this large plate is simply not an easy task. Instead, we will try to come up with a few pointers to help you choose the best online banking service appropriate for your needs:

Recognize and understand your bank’s online security processes

Your bank would already have put in place a range of security measures to ensure the safety and confidentiality of your online banking experience. Some of them work behind the scenes while others require your active participation.

Behind the scene security measures

▪ 128-bit encryption to protect data communication with the bank

▪ Secure “https” website

▪ Internal firewalls

Measures requiring your active participation

▪ 2-Factor Authentication: The username / password which you use to login to your bank’s online banking platform forms the first part of 2FA. Additional authentication is usually provided by OTP or One-Time Passwords / PINs; this forms the second factor of authentication.

▪ OSD use: Your bank may have provided you with a small, hand-held device called the Online Security Device. This device generates One-Time PINs (OTPs) that are required to be used to authenticate financial transactions and a range of important, non-financial transactions.

Try and understand the depth and breadth of the security measures used by your bank. If you are not able to make sense of all the terms involved you can try checking out reputed security blogs or you can try and talk to a tech-savvy friend or the systems security expert in your organization to help you make sense of the technicalities involved.

Learn more about online security

Online security hazards are constantly evolving. To be prepared for them you need to be aware of them. Banks with great online banking platforms also take care to provide updated security learning to their customers. Citibank Malaysia’s online security section, for instance, provides a host of security tips; this section also carries a “Last modified” date so you know how current the information provided is.

Instant alert services

Check whether your bank also provides you with instant alerts through email and SMS, for free or for a small fee, everytime a transaction, financial or non-financial, goes through. Such alerts can keep you updated real-time on all activity on your account. And, even if a fraud is happening, such alerts could possibly help you quickly bring the situation under control.

Mobile Banking

Today, online banking has expanded to cover mobile technology as well. Great online/mobile banking platforms enable you to conduct banking transactions using your mobile browser, through SMS/Text banking and also through mobile banking “apps”. Check whether your bank provides you with the added convenience of a range of mobile banking services.

Top 10 Tips for Safe Online Banking

Top 10 tips for safe online banking

Lets start off by examining a few interesting pieces of statistics:

▪ There are 17.2 million Internet banking and nearly 5.5 million mobile banking subscribers in Malaysia as on September 2014*.

▪ Internet banking transactions for the first three quarters of 2014 totalled over 255 million with a value of 3,047.8 billion Ringgit. In 2013, there were 269.8 million transactions with a value of 3,457.6 billion Ringgit*.

▪ In the same period (Jan ’14 – Sep ’14) there were 166.4 million mobile banking transactions valued at 10,626.9 million Ringgit*.

▪ Losses due to Internet banking fraud in 2012 amounted to 3.2 million Ringgit#.

What the above stats show us is that online (Internet & mobile) banking has really taken off among Malaysians. And, more disturbingly, online fraud has not lagged behind.

All the relevant authorities are in agreement that most cases of fraud can be prevented if consumers exercise due caution. We’ve tried to summarize some best practices that if properly implemented could help you enjoy a safe online banking experience:

Data security :

Keeping your data – your personal details, your login information etc – secure is of paramount information. Lets review a few measures on ensuring security for your data:

1. Do not store your ATM/Telephone PIN, online banking username(s) and password(s), especially on your mobile or laptop.

2. Do not divulge your username, passwords, PINs and other confidential banking information to anyone, including those purportedly from the bank or a regulator.

3. Secure all your banking-related documents (hard and soft copies) in a safe place.

4. Select passwords that are not easily relatable to you. Your date of birth, your child’s name etc are easily guessable options and are to be strictly avoided.

Device security :

Next is ensuring the safety of the device – a laptop, a smartphone, a desktop or a tablet – through which you access your bank online. Check out the following:

5. Make sure the auto save option on your device is turned off and does not capture your banking username(s) and password(s).

6. Use a reputed anti-virus software on your device to keep it safe from attack by malicious software.

7. Log out when you’ve completed your banking session. Closing your browser without logging out is a strict no-no. Finally, clear your browser’s cache and history after each session to remove any stored/captured details.

8. Be extra careful when banking on a public/shared device or through a public/shared network. Better still, avoid banking through such channels.

9. Alerts and monitoring : Most banks provide transactional alerts through SMS and email. Register for such services; it could help identify suspicious activities on your account, in time. And, even if you do not want to transact, make the time to login and check your transactions against banking and card statements, receipts etc. Pay particular attention to transactions that you don’t recognize.

10. Learn : Fraudsters keep evolving with time, using more and more sophisticated methods to lure victims. Constantly educate yourself about fraudsters and their evolving methods. Most banks have sections on their websites and send regular updates on how to identify and deal with fraud. Bank Negara Malaysia and the Malaysian Cyber Security Agency’s websites also have informative sections on identifying and dealing with fraud. Make the time to read through them.

Report : Despite all preventive measures, if you do suspect that you have fallen victim to fraud, bring the issue to your bank’s notice immediately. Your bank will stop all further transactions on your account till the issue has been cleared. You could also try contacting the Cyber999 Help Center of CyberSecurity Malaysia.

* Statistics courtesy – Bank Negara Malaysia

# Statistics courtesy – Cyber Security Malaysia

How To Use Online Banking In A Secure Manner

How to use Online Banking in a secure manner

Banking has become easier and more convenient thanks to banking via the various digital age banking channels like Internet / Online banking and mobile banking. However, online channels are not without their vulnerabilities. Here is how you can avoid the pitfalls and enjoy online banking in a secure environment:

Use the correct website

Enter your bank’s website address (URL) accurately in your browser. There are fraudulent sites out there that mimic your bank’s website – they have a very similar look and feel. What is more, they have an address that is also quite similar to your bank’s. It is quite easy to fall into this trap which is why you need to be accurate about entering your bank’s URL.

“Phishing” emails make use of this mechanism; you will receive an email purportedly from your bank through which you will be directed to a fraudulent URL.

Once you login to the correct site you will see the address change to “https” and a closed padlock icon will be displayed on the status bar of your browser (indicating a secure website).

Multiple layers of protection

Today, banks use multiple layers of protection to ensure a safe online banking experience for their customers. The login username and password form the first layer of authentication. The second layer of authentication involves use of One Time Passwords (OTP) either through SMS to your registered mobile phone or generated through an OSD (Online Security Device). Moreover, important transactions (all financial and some non-financial) will further require an OTP to complete.

Login regularly

Make sure that you login to your banking account a couple of times a week. You may not have any transactions happening; use this time to go through your transactional records. Pay particular attention to transactions that you don’t recognize. Also, try and set up transactional alerts (through SMS and/or emails) to help identity suspicious activities in a timely manner.

Data and Device security

Data

▪ Memorise your ATM/Telephone PIN, online banking username and password and not record it anywhere, including your mobile.

▪ Do not disclose your username, passwords, PINs and other confidential banking information to anyone even those allegedly from the bank or a regulator.

▪ Store all your banking-related documents (hard and soft copies) in a secure place.
▪ Use a password that is not easily relatable to you (and different from your password for other sites); for instance, based on your username, phone number, birthday etc.

Device

▪ Do not select the auto save option on your computer / mobile browsers for storing or retaining usernames and passwords when logging into online banking.

▪ Protect your device by using a trusted anti-virus software.

▪ Always click log out when you have finished your banking session. Do not close your browser window without logging out.
▪ Clear your browser’s cache and history after each session so that your account information is removed, especially if you are using a shared device.

Incident reporting

If you suspect that you have fallen victim to fraud, flag the issue to your bank immediately. They will stop all further transactions on your account till the issue has been cleared. You could also try contacting the Cyber999 Help Center of CyberSecurity Malaysia.

Limits And Restrictions Of Internet Banking

Limits and Restrictions of Internet Banking

As on March 2014, there were nearly 16 million* Internet banking subscribers (up from 9.8 million in 2010) and nearly 4 million* mobile banking subscribers (up from less than a million in 2010) in Malaysia. This attests to the tremendous growth in popularity of online banking services.

Internet banking, whether through “traditional” devices like laptops or desktops or through mobile phones and tablets, has led to banking convenience, speed and removal of banking time-restrictions. Internet banking, however is not without its drawbacks; lets take a brief look at some of the limitations of online banking:

Restriction on limits – Although most banks have enabled their customers to carry out a wide range of transactions online it is important to remember that there may be limit restrictions placed on certain types of transactions. For instance, you may not be able to transfer funds above a certain limit either domestically or internationally.

Restriction on transactions – Again, you may not be able to perform certain types of transactions ( financial or non-financial) through the net. These may be due to regulatory or policy reasons. For instance, you may not be able to change your address without submitting relevant documentary proof. Transactional restrictions could also be device applicable. Certain transactions that you could comfortably complete via a desktop may not be acccessible through your mobile.

Product sign-up limitations – Certain products or services may not be instantly available online. You may be able to register to show your interest in such offerings but you may have to go through an online-offline process before you can avail of such products. Such limitations usually apply to high-end products or products that may require significant investment. Regulatory restrictions may also apply; you may be required to complete mandatory KYC (Know Your Customer) processes before you sign up.

Absence of personal guidance – The Internet may have made banking more convenient and more accessible but it is a pretty impersonal medium. And, even if there are services like “Chat” available customers may still require the reassurance of human interaction. Moreover, a branch officer may be able to get you waivers, extra discounts etc based on your personal relationships which may not be available online.

Finally, when dealing with complex transactions like investments or retirement planning solutions you may require the support and hand holding of an experienced executive in person.

Restrictions may be placed because of regulatory or bank policy reasons to ensure better customer service or for ensuring better security for the customer. As a customer, this should not distract you from making the most of the many benefits Internet or online banking has to offer.

Benefits Of Using Online Banking Services

Benefits of using online banking services

Internet banking or online banking is a system that allows customers of a bank to carry out financial transactions over the Internet through their bank’s secure banking website. According to statistics published by the Bank Negara Malaysia, there were 15.9 million Internet banking subscribers representing more than half the nation’s population. Catering to their needs were 31 banks which offered Internet banking services; of these, 13 banks are also offering mobile banking services, online banking’s latest evolution.

And, during the first quarter of 2014, 79.4 million Internet-enabled financial transactions worth Ringgit 1,037.1 million were carried out – attesting to the increased popularity of online banking. Let’s look at some of the main reasons why online banking has become so popular:

24/7 access

With online banking, you now have access to a near full range of banking services, 24 hours a day, 7 days a week, round the year, excepting downtimes! What is even more attractive is that this access is immediate – no travelling, no waiting for parking and no waiting in queues!

Convenient

With an online banking-enabled account you can now perform a whole host of banking transactions from the convenience of wherever you are. These include opening or closing term deposits, transferring funds, paying bills, managing cheques, trading, investing, changing your account limits, applying for credit cards or loans etc.

Up-to-the minute overview

Online banking provides you with a real-time view of all your accounts; you can view your latest position on all your accounts; many banks also support such real-time monitoring with SMS and email alerts.

One-stop shop for financial management

Internet banking provides you with the facility to link and monitor all your accounts – savings, current, term deposits, loans, credit cards etc. Such an overarching view will enable you to better manage your spending and saving. You can set standing instructions for regular bill payments and since you know your spending patterns well you can also set instructions for sweeping account surplus to term deposits thus enhancing your savings. Financial management becomes so much more easier when you are online.

Secure

Internet banking is both safe and secure. Almost all banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide. In addition, various banks have different authentication procedures in place that enhance the security of your banking. You can also opt for receiving alerts and reminders whenever transactions happen enabling you to be alert to fraudulent happenings on your account.

Free

Registration to and using of online banking services is generally free although certain services availed through Internet Banking may be charged; these possibly include interbank transfers, telegraphic transfers, cheque book requisitions etc.

Mobile banking

Bank Negara statistics reveal that, as at the end of Mar ’14, there are nearly 4 million mobile banking subscribers representing over 13 percent of the population; in the first quarter of 2014, more than 52 million transactions were carried out with a total value of more than 3200 million Ringgit. Mobile banking refers to banking services that can be accessed using mobile through mobile-enabled websites, SMSes or through the use of specific apps. Mobile banking is the latest evolution of online banking.

Various Types Of Banking In Malaysia

Various types of banking in Malaysia

The following types of banking institutions are prevalent in Malaysia:

Conventional Banking

Conventional banking is the conduct of banking as per the laws and regulations that govern banking in a country. In Malaysia, conventional banking is supervised by the Central Bank of Malaysia, Bank Negara Malaysia by the powers vested in it through the Central Bank of Malaysia Act 2009.

Conventional banks in Malaysia are required to comply with the provisions under the Financial Services Act, 2013. Currently there are 27 commercial banks in Malaysia who offer retail banking services.

Islamic Banking

Islamic banking refers to a system of banking that complies with Islamic law also known as Shariah law. In Malaysia, Islamic banks are supervised by Bank Negara Malaysia and have to comply with the provisions given in the Islamic Financial Services Act, 2013. Currently, in Malaysia, there are 16 Islamic and 5 international Islamic banks. And, a number of other banks operate through Islamic banking “windows”.

Investment Banking

Unlike commercial banks which focus on providing retail credit and loan facilities, investment or merchant banks provide more sophisticated and complex banking facilities like raising capital by way of syndication, corporate financial advisory services, management of investment portfolios, listing of public companies, underwriting of new issues of shares, mergers and acquisitions and the restructuring of companies, especially those under Section 176 of the Companies Act, 1965.

13 investment banks currently operate in Malaysia. Investment banks are supervised both by Bank Negara and the Securities Commission.

Offshore Banking

Malaysia also offers offshore / international investment, banking and financial services through the offshore financial hub, the Labuan International Business and Finance Centre (IBFC) which comes under the purview and supervision of the Labuan Financial Services Authority (Labuan FSA; formerly known as Labuan Offshore Financial Services Authority — LOFSA).

Banking services in Malaysia are offered through the following channels:

Branch Banking

A branch is a retail location through which a bank offers its services to customers both through face-to-face and automated delivery. One may access almost the entire array of a bank’s products or services through the bank’s branches “over the counter” though there may be certain products/services that are offered only at certain branches. All commercial and Islamic banks offer their services through branches the total number of which in Malaysia has been estimated to be nearly four thousand.

Online Banking

Internet Banking or Online Banking or PC-Banking as it was known then started off in Malaysia in the 1990s. Internet banking is basically the accessing of a range of banking services through a bank’s secure website. Today, 31 banks (conventional and Islamic) in Malaysia offer Internet banking services. And, as on March 2014 there are 15.9 million Internet banking subscribers which works out to a penetration rate of slightly more than half the population.

Phone Banking

Phone Banking or Telebanking services as it was known then commenced in Malaysia in the 1990s. Phone banking is the provision of banking services through the phone. Customers can contact their bank on the bank’s customer service number and get a range of banking services done. In many cases, these phone banking numbers are toll-free.

Mobile Banking

Customers can also access banking services through their mobile phones or smartphones. As on March 2014 as per Bank Negara statistics there were nearly 4 million mobile banking subscribers. Banking services can be accessed either through SMS or through the use of apps. Currently, there are 13 banks in Malaysia which offer mobile banking services.

Best 6 Benefits of Online Banking

Internet Banking or Online Banking or Net Banking or Web Banking or E Banking is the conduct of banking transactions via the Internet through the Bank’s Internet portal. Internet Banking’s popularity in Malaysia can be gauged from the fact that the number of users has risen from 2.6 million in 2005 to 15.5 million in 2013 representing 74% of the banking population of which 42% are regular, active users. This is because there are a host of benefits to be derived from Internet Banking:

1. Accessibility

Internet Banking provides users with 24 hour access to banking services, 7 days a week, round the year. What is more important is that this access is immediate – no travelling, no waiting for parking and then no waiting in queues!

2. Easy Financial Management

Online Banking provides you with the facility to link all your accounts – savings, current, term deposits, loans, credit cards under the same account name. With all your banking accounts under one roof you can better manage your spending and saving. You can set standing instructions for regular bill payments and since you know your spending patterns well you can also set instructions for sweeping account surplus to term deposits thus enhancing your savings. Financial management becomes so much more easier.

3. Updated

Internet Banking provides you with an up-to-date, in fact up-to-the-minute view of all your accounts.

4. Secure

Online Banking is generally very safe and secure. Almost all banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide. In addition, various banks have different authentication procedures in place that enhance the security of your banking. You can also opt for receiving alerts and reminders whenever transactions happen enabling you to be alert to fraudulent happenings on your account.

5. Complete Banking convenience

Online Banking permits you to conduct a whole host of banking transactions from the convenience of wherever you are. These include opening or closing term deposits, transferring funds, paying bills, managing cheques, trading, investing, changing your account limits, applying for credit cards or loans – the list is virtually endless.

6. Free

Subscription to Internet Banking services is generally free although certain services availed through Internet Banking may be charged including interbank transfers, telegraphic transfers, cheque book requisitions etc.