Final answer:
Online banking provides convenient access to funds via checking and savings accounts, including account balance checks, bill payment, and transaction downloads, and blurs the traditional lines between these account types with its modern features.
Step-by-step explanation:
Online banking offers access to account balances, provides bill payment services, and allows you to download transactions and statements directly to your computer. This service ensures easy access to funds through various means, including writing a check or using a debit card.
Unlike the immediate deduction from a checking account that occurs with a debit card, credit card purchases are billed after the fact. Savings accounts typically accrue interest and may require a trip to the bank or use of an ATM to access funds, though electronic access is also possible. Today, the distinction between checking and savings accounts is less pronounced, as checking accounts may offer interest rates akin to those of savings accounts, provided a minimum balance is maintained. Conversely, some savings accounts allow limited check writing.