Advantages of Online Banking

Believe it or not, there are still a good many people who haven’t taken availed themselves of online banking. A decade ago this would have made sense, but with today’s technological advances, it is completely baffling as to why more people aren’t aware of the advantages of online banking. Whether banking at a local branch of a brick and mortar bank or doing business with a virtual bank that has no physical location, there are several advantages to online banking that appeal to growing numbers of consumers.

Anywhere – Anytime
One of the biggest advantages of online banking is the fact that you can literally access your account from anywhere you are at any time of the day or night. As long as you have a computer with internet access you can log in to manage your account. In fact, many online banks now offer online banking via smart phones which means that your account is even more easily accessed than ever before.

Online Bill Pay
Online bill pay has the ability to save time, money and resources since you can simply pay a majority of your bills online direct from your checking or savings account. While there are still a few businesses that don’t offer this option, more and more businesses allow for automatic debit to make it even easier to pay your bills on time which translates to no more late fees. In fact, some of your bills might even be discounted by setting up automatic debits. Many of the leading insurance companies will provide a discounted price when setting up paying premiums in this way.

Another one of the most favored advantages of online banking is the fact that you can access all of your accounts from the very same page. If you have a checking and savings account, for example, with the same online bank it is easy to transfer money back and forth between accounts if necessary while verifying available funds and balancing your checkbook. As a matter of fact, many people don’t even use checks any longer since online banks offer debit cards with a MasterCard or Visa logo on them!

Wide Range of Financial Tools
Perhaps one of the least known advantages of online banking is the fact that most banks now offer a whole host of financial tools that are brought to your desktop in real time. Some of these financial tools include stock quotes in real time, portfolio management software, interest rates (investment and credit) as well as providing compatibility with Quicken and Microsoft Money to download data for your records. Some online banks even provide real time currency rates from around the world for those who dabble in the Forex exchange.

Online Loan Applications
Whether you are looking for a mortgage, a personal line of credit, a home equity loan or a new car loan, most online banks now offer the ability to complete the application process online. Talk about convenience! In the past consumers needed to take time off a busy work schedule to go in person to the loan officer at a brick and mortar bank in order to complete the necessary documents while perhaps making several other trips back and forth to provide any further information the bank required. With the advent of online banking all these details can be completed from the comfort of home where everything you need is right there handy in your filing cabinet, or stored already as a doc file on your hard drive.

With all these advantages of online banking it is a wonder that people still stand in line for a half hour or more at their local branches. Most employers offer direct deposit for payroll which means that it isn’t even necessary to go in to cash a payroll check! All it takes is a quick internet search to find a bank that has the services you require and you may never need to take time out of your busy day to enter a physical location again.

Comments are closed.