This facility allows customers to pay their utility bills (light, water and telephone), check the balance on their account, get a list of the last five transactions and transfer funds from one account to another at the same bank. All these transactions can be done in the comfort of one's home using only a touch-tone telephone. It takes about two minutes to make a payment.
The Bank links your specific utility bill account to your bank account. Using your telephone you can make payments on your utility bills 24 hours a day. The link between your bank account and the utility bill account is specific, therefore you cannot pay someone else's bill in error.
You are allowed to replay the transaction to ensure that you are paying the right amount before you send through the transaction. You will be given a transaction confirmation number in the event that there is a query.
Advantages of Telephone Banking:
It is convenient because you can pay your bills on time and do not have to go to the utility company during business hours.
It saves time as it eliminates waiting in line at the utility company.
It is safer because you do not have to walk around with cash to pay your utility bills.
It is cheaper since the transaction cost is less than the transportation cost to and from the utility company.
Disadvantages of Telephone Banking:
First-time users may find the system slightly difficult to use.
Instead of a receipt, you will receive a transaction reference number as proof that the payment was made.