Tele Banking: Without visiting the bank one can receive the services of banks. The device used for this purpose is called tele banking. This is a fast and convenient way of obtaining services from the banks by using a telephone. One can receive the services such as information about account, conduct of selected transactions, report of loss of ATM card, debit card, credit card or cheque book, etc. To avail this facility any bank customer can apply to the bank. However, the bank manager has discretion to reject this facility.
The facility can be available for all customers having savings or current accounts in their individual capacity in the bank offering this facility. The information transactions are obtained from a PC loaded with the latest information of the accounts from bank’s records through periodic “Data pumping” exercise an interval determined by the bank based on their perception of customer’s requirements.
The customers are given passwords in addition to their account numbers which are their log-in ID. The customers should be very careful to maintain secrecy of passwords and PIN numbers. The customer has to call from a telephone with tone dialing facility. The customer can ask to mail the cheque book. Such cheque book is couriered only at the address registered with the bank.
Meaning of Tele Banking:
Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform financial transactions over the telephone, without the need to visit a bank branch or automated teller machine. Telephone banking times can be longer than branch opening times, and some financial institutions offer the service on a 24 hour basis. From the bank’s point of view, telephone banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions.
Services Under Tele-banking :
The customers get the following services under tele-banking.
- a) Online balance enquiry.
- b) Request for service.
- c) Last five transactions.
- d) Transactions of a recent date.
- e) Details of transactions.
- f) Request for cheque book.
- g) Request for a statement of account.
Thus, the customer can access information of his account and do some transactions without visiting the bank even when he or she is out of the station. This service is available around the clock.
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