Online banking changed the way many people handle their finances. Gone are the days of waiting in line on Fridays to get your paycheck cashed and crossing your fingers that your bank account balances when you get your monthly statement. With online banking and all of its benefits, consumers may now take more control of their finances, all with a few clicks or taps on a screen. Here are some of the many ways that online banking makes consumers' lives easier. The examples given may not be available at all banks or for all bank accounts.
1. Transferring Funds May Take Just a Few Moments
Transferring money from one account to another one used to require a trip to the bank or, at the very least, a phone call. With online banking, you may easily move money from one account to another with a few simple clicks. Funds may be in there immediately or possibly the next business day or two, depending on the bank’s processing time.1
2. Deposits Might Be as Simple as Snapping a Picture
With many mobile online banking apps, you may be able to deposit checks electronically if your bank account has this feature. Using the camera on your smartphone, you take a picture of a check for deposit, which you upload by using the app, and the bank's electronic funds transfer system moves the money from the account on the check to yours.1
3. Tracking and Monitoring Your Account
You no longer have to wait until the end of the month for your bank statement to come and then painstakingly go through each transaction to make sure it balances with your checkbook. All of your transactions and banking information are available online.
No matter what time of the day it is, you may be able to log in and see how much money is in your account. You may also be able to view transactions in real-time and search for previous transactions without having to sort through the paperwork. The ability to track your information may allow you to have a clearer view of your expenses and may also alert you more quickly of fraudulent transactions.2
4. Bill Payments Might Be Easier
With online banking, you may have the ability to pay your bills straight from your account. You won't have to mail a payment early to ensure it is received within the processing period. If you have a problem remembering due dates, automatic payments may be set up from your account as well, helping you to potentially avoid late fees and missed payments.
1 How Digital Banking Can Make Your Life Easier, Resource One Credit Union, https://www.r1cu.org/how-digital-banking-can-make-life-easier/
2 Ways online banking makes your life easier, Citibank Knowledge Center, https://www.online.citibank.co.in/blog/citi-knowledge-center/6-ways-online-banking-makes-your-life-easier.html
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