Watch Related Videos
comments
Online personal banking has revolutionized the banking industry. By allowing a wide array of service offerings utilizing the power of your computer and the Internet, online banking allows you to manage your private and business funds in the comfort of your own home or anywhere else in the world, 24 hours a day, 7 days a week- providing extreme flexibility in its services.
The following are the top 6 reasons that you should consider online banking:
1. Time Efficiency on Key Banking Services
Online banking allows you to conduct a variety of financial transactions and gives you access to as many services without having to go to a physical bank branch or an ATM. Services may include modifying personal information, opening new accounts, checking account balances, transferring money between your existing accounts, and reordering banking supplies such as checkbooks.
2. Reconciliation & Auditing
Using online banking allows you to pull up transaction histories as far back as one year or more, in some cases. Most online banks allow you to download transaction history in various formats that can be directly imported into most spreadsheet programs and tax and accounting software. This provides the ability to track your budget, reconcile your payments and be prepared for a tax audit when required.
3. Online Bill Payment
Most online banking interfaces offer integrated online bill payment to external parties such as your utility company, telephone company, etc. This allows you to avoid the hassle of addressing checks, buying mailing stamps and physically dropping off payments to mail drop-off locations for bill payment.
4. Check Imaging Archive
A relatively new online banking service is the ability to view scanned versions of checks that the bank has cleared on your behalf. This is helpful when you are unable to remember what a specific check was for, and saves you from the hassle of having to maintain your own records of cleared checks.
5. Online Banking Alerts
Using online banking, you can set up various alerts that can be sent to your email address or to your cell phone to inform you about particular transactions and other important information with regards to your accounts. For example, if your account is dangerously close to overdraft, you can receive an email notification to alert you of the pending overdraft to allow you to rectify the problem, before having to pay the overdraft fees.
6. Online Banking is Secure
Thanks to modern Internet security measures, using online banking services is safer than ever. Utilizing state-of-the-art 128 bit SSL encryption during information transfer means that your personal and financial information is kept protected from hackers and other malicious programs and persons. You are also provided the option of changing your password at any time if you feel that it has been compromised in any way.
Many banks have also started to offer programs that allow you to hold the bank liable for unauthorized removal of funds from your account using the online interface and any other issues, including the theft of your online login and password credentials and their resulting consequences.
6 Reasons Why Online Personal Banking is Right for You
