Many people already know that online banking services can simplify your financial responsibilities. In today’s world almost all transactions, payments, and maintenance activities can be handled online.
1. Just about any financial account that you own can be monitored online. Current balances, payments due, deposits, withdrawals, and scheduled transactions will be displayed on an account summary page. This allows you to monitor your accounts for any changes or transactions that you may have forgotten to record.
2. Online banking accounts usually record images of a customer’s checks. At the click of a button, you can see the front and back of any check that has posted to your account.
3. Funds can be quickly and easily transferred from one account to another – from a checking account to a savings account, for example.
4. Online banking systems often provide a simple way to send funds to someone via wire transfer. Instead of taking cash to a wire transfer office, you can transfer the money electronically. The recipient can then pick it up at the office specified.
5. Most or all of your monthly payments – for credit cards, utilities, subscriptions, etc. – can be made online. Payments will post immediately which greatly reduces the risk of late payment fees.
6. If you prefer not to pay each bill manually, many banks will allow you to set up automatic payments. On the dates you specify, money will be taken automatically from your checking or savings account and paid to utilities and other accounts.
7. National banks sometimes offer the ability to apply for a loan online. A decision can be made almost immediately, and the loan may be deposited directly into the customer’s checking account.
8. Most banking systems support the ability to import account history and transaction records into the account holder’s personal accounting software. Once imported, the records are accessible even when internet access is not available.
9. With some banks, you may be able to request new debit cards or order new checks by clicking just a few buttons.
10. Canceling scheduled transactions is simple with online banking. Customers can request a ‘stop payment’ on outstanding checks or cancel electronic withdrawals easily.
The convenience of online banking accounts has become a necessity for many Internet users. Last year, almost 70 million households with Internet access used online banking services. Paying bills, searching transactions and transferring money at any hour, from any location – online banking accounts have a lot to offer their customers.
You can keep up with transactions, see what’s cleared, pay bills and move money between accounts, all 24 hours a day, seven days a week. Continuous access to your financial information equips you to manage your money as carefully as you need to, and paying bills online gives you control that mailing a check never could. You can specify when a payment will be made, even setting it up in advance to be paid, for example, after a paycheck is deposited. You can also monitor credit card charges, so your monthly bill won’t be an unpleasant surprise.
Online banking is fast. You don’t have to wait to get a bank statement in the mail, and checking your balance is as quick as logging on to your bank’s website. You can not only see what transactions have cleared in real time, you can also pay a bill and have it credited quickly – in some instances, by the next day.
Ease of use
Of course, paying bills online means you no longer have to write checks, buy stamps and get the envelopes in the mail. A few clicks of your mouse takes care of it! If that’s not enough, you can download your data to balance your checkbook. If you use financial management software such as Quicken or Microsoft Money, you can download all your bank transactions and balance your checkbook without having to enter a single receipt.
It gets tricky adding up how much money online banking accounts can save you. There’s the cost of stamps and having checks printed. There’s also the money you save by not having to drive to the bank. The biggest savings, though, can be in fees. Having more control over transactions, and immediate access to your information, can help you avoid overdrafts and late fees.
The list of the benefits from online banking is growing everyday. In fact, most transactions now happen online.