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Advantages of Online Banking



Still standing in line or fighting traffic to make a bank deposit? Stop wasting time and money by learning how to harness the advantages of online banking. The following are just a few of the features you can expect when opening an online bank account.

Direct Deposit. Direct deposit is easy to set up especially for regularly scheduled payments such as payroll or Social Security deposits. By enrolling in direct deposit the money is instantly transferred to your account on the typical due date; there is no need for you to drive across town to pick up a check, stand in line at the bank or fight Friday afternoon traffic. Instead, simply log in to your online bank account and verify the funds have arrived - the money is there when you need it.

Electronic Bill Payment. Save money, reduce late payments and keep your credit in top condition all with one easy step! Electronic bill payment services all but eliminate the monthly routine of writing out checks, addressing the envelopes and sending out payments. With online banking you simply set up the account once, indicate the amount to be paid and the date payment is to be sent. You can always change the amount or date if needed plus there is a tracking mechanism that provides additional proof of when the bill was sent.

Alerts. Another advantage of online banking is the ability to set alerts or notifications for transactions on the account including deposits and withdrawals. Alerts can be sent to an email account, cell phone or other preferred service.

Linking Accounts. Wire transfers are expensive but with online banking it is easy to send money across the street or around the world. Establish a special savings account, send money to college kids or simply keep an emergency account while traveling; whatever your need for a second account, it is easy to link an account for quick convenient access to funds.

Integrate with budget software. Updating your budget, doing the taxes and other financial chores becomes quick work with online banking. Export a spreadsheet of deposits, withdrawals and other transactions to integrate into your favorite budget or financial software program.

Save Fees. Credit cards and other loan payments frequently charge fees ranging from $5 to $25 to write a “convenience check” or “check by phone” payment to avoid late charges. Online banking frequently allows many of the same services at a fraction of the cost or even free!

Instant Information. Log in to your account any time of the day or night to get the most recent update, check the status of a payment or download copies of your transactions. No need to wait on the phone or stand in line for a teller during your lunch hour.

The advantages of online banking are clear; find out for yourself how to reduce the time, effort and expense of managing your money by signing up for an online bank account today.

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