Online banking is a system that allows customers of a financial institution to conduct transactions and access information via the institution’s website. Customers can typically login using a username and password to access their account information, make transfers or payments, and view electronic statements. Online banking is also sometimes referred to as “internet banking” or “web banking.” What is MC in banking terms? MC is the abbreviation for MasterCard, a leading global payments and technology company. MasterCard operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. What are the banking terms? Banking terms can be divided into two categories: general banking terms and deposit-specific terms. General banking terms include common phrases used in the banking industry, such as "account holder," "ATM," and "CD." Deposit-specific terms refer to the types of accounts and products offered by banks, such as "checking account" and "money market account." What is an online only bank called? An online only bank is called a virtual bank, an Internet bank, or a direct bank. These terms are used interchangeably to describe banks that have no physical branch locations and can therefore only be accessed online. Direct banks are able to offer lower fees and higher interest rates because they have lower overhead costs. What are the basic banking operations? The basic banking operations include deposit taking, lending, and the issuance of debit and credit cards. In addition, banks may also provide other services such as foreign exchange, money transfers, and safe deposit box services.