Q:

What is telebanking?

A:

Quick Answer

Telebanking is the process of handling bank accounts over the phone. It is also referred to as telephone banking. This service is commonly offered by banks, credit unions and credit card companies. There are often fees associated with using this service.

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What is telebanking?
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Full Answer

Using a telephone to check a bank account balance, transfer money or review account history is considered to be safe and convenient by some patrons. The provision of telebanking allows customers to carry out all of these transactions without accessing a mobile application, finding a computer or visiting a branch location. Telephone banking therefore appeals to people who want immediate, spoken feedback on their bank accounts and who are concerned about the security associated with other remote banking options.

Telephone banking makes customer service and bank account information available to a patron 24 hours a day, 7 days a week with no interruptions due to holidays or weekends. This is a useful asset when traveling overseas or working hours that make traditional banking access difficult. This service often has nominal fees attached to it, especially as more financial institutions move toward self-service solutions that include mobile applications, paperless account maintenance and online banking opportunities. Fees and service options related to telebanking vary from one financial institution to the next and are not regulated by the FDIC.

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