Current Services
Signing on with the National is a complicated process. You have to go into a branch to activate your Internet Banking and obtain telephone access. Then you have to call the phone access service to change your PIN, before gaining access. We appreciate the importance of security, but compare it with Citibank where all you need is your card number and ATM PIN.
When on the National's Internet banking homepage, you then have to download a small application (PCs only, because of some Mac compatibility problems in the Java Runtime environment) before you can get started. The download took some three or four minutes at 56k, and only required clicking 'OK' to a few screens along the way. Overall, a straightforward process - so long as you do exactly as the instructions say.
After you enter your user number, a pop-up window displays a keyboard with alphanumeric keys. This is to enter your password. While this provides an additional level of security, it means that visually impaired people can't access the NAB's Internet banking. It's also a hassle.
The NAB seemed the most security conscious of all the banks. The downloaded application means that instead of the standard 128 bit encryption, NAB uses 168 bits. There is also a Digital Certificate that needs to be downloaded to your PC. The digital certificate makes it a cumbersome process to do Internet banking at another PC, effectively ruling out banking at home.
In terms of features, you can check your balances, make transfers to your other linked accounts, as well as any other accounts within the NAB, or at other Australian banks. There is a maximum of AU$5,000 per day allowed for transfers to other bank's accounts.
Regular payments, and future dated payments can be made up to 18 months in advance.
You can check your last 100 days of transactions, and export your transactions, in MS Money, Quicken, and CSV format.
You can open a term deposit, while you can see the current rates, you can't select from the presented list. Further, you don't get access to any special rates, such as for professionals.
While there is a general fees area, there are no details on the precise fees for Internet banking.
You can also give restricted or unrestricted access to others in the company, such as your accountant.
Larger organisations can use National Online Business, and National Online Corporate, both of which contain significantly more features.
