CAHOOT BANKING ON THE INTERNET

2007-03-08 10:33:40

( Financial )



Cahoot is an internet banking that offers a wide variety of savings and loan products a traditional bank offers. Current accounts, savings accounts, loans, trading of shares, mortgages and credit cards are the key products of cahoots banking. Cahoot banking clients usually are within the average age bracket of 35 years old mostly employed individuals who have no time to go out and personally transact with banks.

Cahoot is an internet bank specifically located in England and is one of the pioneering internet banking institutions. Currently it has thousands of clients mostly young and middle adults.

Lower Overhead Costs

Cahoot banking can offer good rates to its clients given the lower overhead costs it will incur for not having to operate branches and will only focus on internet hosting cost and the traditional processors for its various products. Interest on deposits will be higher and interest on loans will be lower than traditional banking rates. Thus, in the long run internet banking like cahoots will be more cost efficient for both the lender and the clients.

Security of Internet Banking

Security of internet banking has been put in question in the last years. Security errors have already occurred in some internet banking facilities where details on information of clients have been revealed which put clients account at risk.

Internet banking sector such as cahoots banking has resolved such threat to security risk and ensure clients of confidentiality of account information and security of access. Also, there are laws that protect data of customers who are transacting online for their banking needs.

Customers should also be vigilant about occurrence of scams targeting to access their accounts. They are specifically warned to be wary of fraudulent electronic mails requiring them to update their accounts. Culprits trying to access accounts of customers and making them believe that their messages are legitimate are using this strategy. Thus, customers are advised to inquire first from their internet banking network over the legitimacy of such messages before providing any information.


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