In today’s era of digital technology, our everyday routines are no longer a chore.
We now have access to online or mobile banking, which gives us more and more options for managing our money. But what are the actual benefits of online banking?
If you’re used to standing in line at the bank to take care of your financials, get used to something better.
eBanking is the innovative new way that banks are connecting with their customers to provide banking solutions that work. No longer will you be forced to wait at the bank wasting your precious time.
In this article, we’re discussing the top seven benefits of eBanking and how it can help you manage your time and money better. Keep reading to learn more.
Check Balances and Review Transactions
With online banking, checking your balances and reviewing recent transaction history is a breeze.
Simply log on to your account and your account balances will appear at the top of your screen in real time. You can then scroll through your account to recent and pending transactions. It’s kind of like viewing your statement as you spend.
Never pay overdraft fees again because you can always view your balance, even on the go with most mobile banking solutions. Check your balance each time you spend to keep a better record of what and where you’re spending. Some banks will also categorize your spending for you.
Online Bill Pay
Instead of writing out checks and putting them in the mail, save yourself some time and pay your bills online.
Most banking institutions will provide an online bill pay feature. This allows you to pay your bills directly from your checking or savings account. Simply follow the procedure for setting up each separate account and your bank will send a check to your debtor.
Save time and money (on stamps and travel) with online bill pay via eBanking and know that your bills are always paid on time. You will get a receipt for each payment to keep your own records.
Transferring funds between accounts couldn’t be easier than with eBanking solutions.
If you keep separate accounts, such as checking and savings, there may be times when you need to transfer funds. Instead of going to the bank or writing yourself a check, just log in to your online banking account and transfer the funds from there.
Most banking institutions make it relatively easy to transfer funds. You can just select a transfer option and then choose which account to transfer from.
Select the account you want to transfer to and submit. It’s as simple as 1-2-3.
Don’t ever worry about how long it will take to transfer funds again. It literally takes a few minutes for transfers to post.
Recurring Bill Payments and Transfers
Once you set up bill payments on your account, you should be prompted with the option to set up recurring bill payments in the future. You can opt out of these features but they’re available to you in case you ever want to use them.
With recurring bill payments via eBanking, all you have to do is enter the information for each payment and select the recurring options.
Once this is done, the bill will be automatically withdrawn from your account each month until you change the preferences.
Transfers work the same way.
You can set up a transfer that pulls from one account to another each month on a selected date. If there is a month when you wish for the transfer not to occur, simply log in to your account and change the settings.
Ordering checks through your banking institution used to take weeks and a lot of time and effort.
Why drive to the bank and wait in line when you can just order your checks online?
Just log into your online checking account where this information is already available to the bank. All you have to do is ensure your data is accurate.
All online banking websites are different depending on the various banks. Check ordering options are usually somewhere in the drop-down menu for additional features.
Did you know that it’s possible to opt for paperless statements within your online banking platform? This way, you won’t have to deal with the hassle each month when they come in the mail.
Most people don’t spend a lot of time reviewing their bank statements each month. With paperless statements, you can simply log in to your account anytime and pull up each statement that you want to see.
The documents are usually saved in PDF format and available to print or download right from your banking website.
Paperless statements also help save the environment by using less paper and causing less waste. Do your part to help the environment and sign up for this feature with your banking institution.
The more advanced features that are available with some banks include the option to deposit checks via smartphones. These apps are used with mobile devices that allow you to take a picture of a check for deposit.
The process is simple. Log in to your account and select the Deposit Checks option wherever it is found on your website.
When prompted, take photos of the front and back of the check to be deposited. Next, enter the amount of the check in the required field.
Once you submit, it generally takes about 24-48 hours for your funds to post, depending on your banking institution.
eBanking Is Convenient
Whether you hate long lines or the hassle of going to the bank just to check your balance, eBanking offers a viable solution.
Check with your banking institution to see what options are available to you in the form of online banking. Most banks offer this service for free with your checking and savings accounts. You can also link your money market accounts and other investments in some cases.
If you’re still unsure if eBanking is for you, contact us. We’re your information source for everything financial!