Understanding Online Banking Part (4)
With Intuit’s Quicken and QuickBooks products and with Microsoft Money, for example, the program will actually make many of the comparisons between your records and the bank’s records. This is easy, of course, because it’s easy for the accounting pro- gram to compare your electronic records with the recently retrieved electronic bank statement.
Prerequisites for Using Online Banking
To use online bill payment, you need a connection to the Internet and a client (like Quicken, QuickBooks, or Microsoft Money) that will send payment and banking instructions to your bank. If you want to use online banking, you also need a bank that supports online banking functions.
NOTE:
Currently, about 75 banks and credit unions support online banking and this number is constantly increasing. In an effort to increase the number of banks offering this service, Intuit, Microsoft, and Check Free (another online bill payment service) have created an alliance, called the Open Financial Exchange.
The objectives of this alliance are to make online exchange of financial information easier and to encourage greater numbers of financial institutions to participate in online banking.
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