In banking terminology, the term Internet Banking refers to a virtual online bank without the building, for which its tellers and vault can only be accessed via the Internet. Internet Banking has revolutionized the way people use financial services.
For example, many banks now offer some form of online banking services, although Internet Banking refers to a bank set up for use only and exclusively over the Internet. Internet Banking generally offers competitive interest rates because they have dispensed with the large real estate overhead that traditional retail banks often have to maintain by opening branch offices to better serve their customers. In addition, at Internet Banks you can have access to your account twenty four hours a day, seven days a week. Internet Banking offers considerable convenience in paying bills online, shopping and finding auto loans and mortgages online as well. Some Internet Banking institutions also offer a 24 hour telephone support line so that its clients can discuss their banking needs directly with a representative.