Online banking offers 'flexibility and immediacy'

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Online banking offers 'flexibility and immediacy'

The popularity of online banking is growing substantially due to the "flexibility and immediacy" that it offers, according to the British Banking Association (BBA).

With more safeguards in place and with more people getting used to using the internet, banking online is becoming much more widespread, the association stated.

From 2001 till this year, the number of those using online banking has grown by 174 per cent, according to the UK payments association Apacs.

Brian Capon, a spokesman for the BBA, said: "It [online banking] is instant and I think that's part of the appeal of internet banking, not just for banking but as a society these days.

"But it's very important that you have software in place, firewalls, virus protection and things like that."

There are fundamental rules for online banking, such as not leaving one's PC logged on to one's bank account, he added.

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