Nobody looks forward to a long line at the local bank—whether to pay bills, sign up for a new credit card, or access a record of your transactions. Many financial institutions offer online banking options to allow clients to perform banking tasks within the comforts of their humble abode. Day or night, the ease of online banking takes a weight off your shoulders. Here are its best advantages.
Benefit 1 – Online Bill Payment
A trip to the bank or post office can take a lot out of your day—especially if you’re in a rush. Rather than worrying about losing your check in the mail, you can pay your Internet and utility bills online and in real-time. Just fill in your information once and set your account for recurring automatic transactions for fees that don’t change from month to month.
If your bills include an insurance provider or mortgage lender, you can authorize select payees and set up an automatic debit. Provide the checking account number you’ll be debited from and include your bank’s routing number.
Benefit 2 – Viewing Transaction History
Online banking is the quickest method of zeroing in on potential disputes if you’re waiting on a payment to clear or want to double-check a discrepancy. Can’t remember when you made a specific purchase? Check your transaction history.
You can also keep an eye on pending transactions, which will reflect accurately once the bank authorizes the total payment.
Benefit 3 – Money Transfers
Online money transfers eliminate the need to consult automated phone services, which can be tedious if you don’t have your information on-hand. When transferring funds to a different account under the same bank, charges go through within the same day. On the other hand, inter-banking can take up to three—still significantly quicker than the process of lining up at your local branch.
If you’re looking to take advantage of your bank’s best savings account rates, you can open up several, funneling in cash as necessary. Because savings accounts don’t adhere to the same rigorous requirements as checking accounts demand, they’re far easier to maintain.
Benefit 4 – Mobile Friendliness
As smartphone usage hits an all-time high, online banking entities that don’t offer mobile-friendly options are already falling behind. With mobile apps, you can quickly access accounts on-the-go. Especially when traveling, you can ensure that new merchants aren’t over-charging you and that you have a sufficient amount of funds in your account to withdraw.
If you need to deposit a check, some mobile banking apps allow you to scan them with your camera. Ensure you’ve endorsed the back of your check and are surfing on a secure network to avoid data breaches.
Benefit 5 – Automatic Syncing
If you’re working on a budget, most apps will sync up with your online banking accounts. You can keep an accurate record of your in-and-out, keeping an eye on aspects of your finance that you need to work on.
If you share a bank account with your partner, you can invite them to collaborate on your household budget within the same app.
Online banking eliminates the begrudging commute you take to settle a bill or review a suspicious transaction. With regular access to your records, you can stay on top of your monthly budget and not have to deal with penalties on late payments. With Good Neighbors Credit Union, you can keep a close eye on your savings account interest rate and consider other bank products that suit your lifestyle. By signing up, you can start investing immediately and watch your savings scale up at lightning speed.