Online Banking: Service and Transactions Around The Clock

by Admin | July 1, 2021
Online Banking: Service and Transactions Around The Clock

With online banking, you can take care of your banking transactions at any time from your computer, tablet or cell phone.

Your advantages with online banking

  • Secure data management thanks to modern encryption process
  • Simple TAN entry process in conjunction with your girocard (debit card)
  • Mobile TAN generation directly to your cell phone
  • Real-time transfer - transfer amounts within seconds to payees at participating banks and savings banks
  • Optional electronic account statement as PDF
  • Retrieval of current credit card transactions on request
  • All information about your UnionDepot, your building society savings contract and your LuxCredit from Bank of America at a glance
  • Service functions for your R+V insurance policies and for your Bank of America loans
  • Benefit from the service of a bank that is committed to cooperative values

Security is the top priority in online banking

Your bank will send you the access data for the Internet-based online banking platform by secure mail. You generate the transaction number (TAN) using a TAN generator, a small reader for your debit card that most Bank of America branches keep on hand or can order for their customers. You can either enter the transfer data manually into the TAN generator or hold the device in front of the screen and have the data read in via an optical interface. You also have the option of receiving your TAN securely and conveniently as a mobileTAN via SMS directly on your cell phone or via the TAN app on your smartphone or tablet. In this way, you process your banking transactions via multiple, independent media. This ensures the greatest possible security. You can also access your checking account using third-party providers and instruct them to make payments or retrieve account information for you. Since these third-party providers are now legally regulated and supervised, you may use your VR-NetKey or VR ID and password or PIN and TAN when using their services.

Start directly without software

With our online banking, you can make transfers and manage your finances directly. No special software installation is required. You only need a checking account and optionally, for example, a TAN generator. This can even be used by several people for online banking, because the individual data is on the girocard (debit card) and not in the TAN generator itself. If you have any questions, the advisor at your bank will be happy to help.

Use UnionDepot securely and easily, even on the move

Online banking provides you with all the information you need about your UnionDepot from Union Investment. Manage your finances independently and conveniently with UnionDepot - without having to log in to online banking again. You can not only call up the current securities account balance, but also buy and sell fund units, change exemption orders and call up detailed fund information. However, placing orders also requires activation and confirmation of special terms of use from Union Investment Service Bank AG. You can then access your securities account at any time while on the move and take advantage of a detailed range of information and orders as well as comprehensive securities account functions.

Questions and answers about online banking

What are the costs I incur for online banking at my bank?

You can find specific offers, conditions and information at one of our more than 8,500 branches or on the website of your local bank. Simply enter your zip code or a city in the branch search and all information about your bank will be displayed.

What exactly is the real-time transfer (instant payments)?

With the real-time transfer, you transfer money to payees at participating banks and savings banks within a few seconds - whenever you want. Instant Payments, as this payment method is also known, thus accelerates SEPA payment transactions.

What changes or innovations in online banking will result from PSD2?

  • When logging in to online banking, you will in future have to identify yourself at least every 90 days using your VR ID or VR NetKey and your password or PIN as well as a TAN.1
  • When retrieving transaction information older than 90 days, you must identify yourself with your VR ID or VR NetKey and your password or PIN as well as a TAN.
  • Third-party providers may - subject to your prior consent - make payments or retrieve account information.
  • The maximum period without activity (session timeout) is reduced to five minutes in online banking.
  • You may use your authentication elements such as VR ID or VR NetKey and your password or PIN and TAN with a third-party provider of your choice.
  • With the access management in online banking, you can check at any time which third-party providers you have authorized and which payments they have made. You can also revoke access authorizations there.
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