Traditional banking can be extremely inconvenient. Most bank branches are open during standard work hours from Monday to Friday. They have limited weekend hours, giving most people very little time to reach the branch before it closes. And if you manage to find the time to reach the bank while its doors are still open, you will have to wait in line behind everyone else trying to do the same thing.
Online banking is a lot more convenient. It requires no stressful commute, no restrictive schedule and no long lines. You can manage your money whenever you want and get it done quickly. It’s no wonder so many people are switching to online banking as their main banking method.
Online bank accounts offer features that can make managing your money even more convenient. Find out exactly what those features are.
One convenient feature you can access through online banking is direct deposits. With direct deposits, funds will be transferred through an ACH network and into your checking account. You won’t have to take cash or checks and deposit them with the help of a bank teller or ATM.
You can arrange to have direct deposits through payroll to get access to your paycheck immediately on payday. You can set up direct deposits for tax refunds, child support and government benefits. You can even arrange for direct deposits with loans. One of the advantages of direct deposit loans is that you can access borrowed funds in a short amount of time. If you’ve applied for an emergency loan to handle an urgent expense, then you’ll appreciate having this quick availability. You don’t have to wait long to deal with the issue.
Mobile Check Deposits:
If you do get a check, you still don’t have to go to an ATM or bank branch to deposit it. Many online banking apps offer a “mobile check deposit” feature, where you can take a picture of your check, upload it and deposit it into your account.
You don’t have to worry about upcoming bills when you automate your recurring bill payments. You can do this with everything from your mortgage payments to your phone bills. Arrange with your providers to automate those payments.
Automate payments to yourself. Schedule automatic payments between your checking account and savings account so that you never forget to make contributions to your savings for a house, a car, a summer vacation or an emergency fund. This feature will help you reach your ultimate savings goals faster.
You can set up online banking alerts to get immediate updates about your account. Certain alerts can help you manage your money, like alerts for low account balances or high withdrawals. This will help you avoid mistakes like putting your checking account into overdraft.
Certain alerts can update you about suspicious account activity, like when your password changes or your profile is edited. This can help you react to potential cases of hacking, identity theft and financial fraud the moment that they happen.
You don’t have to stand in a long line at a bank branch to ask a teller a simple question. You can get your questions answered through your online bank’s chatbot feature.
Managing your money doesn’t have to be hard. Use these features to make it easier!