Online banking is growing quickly. By 2025, almost 217 million people could be using this convenient method of managing their finances. Why is online banking so popular? Because it offers a way to dramatically cut down on the time you spend on your finances, while saving you money as well. Want a closer look? Here are 10 ways that online banking can save you time and money, making it the convenient way to handle your money.
The physical bank may close at 5, and close on holidays, but you can always keep track of your accounts online. Need to check your account balance before splurging on a fancy dinner out? Need to transfer funds between your accounts? Trying to do taxes on the weekend and you need to download and print a form? Online banking makes it simple to complete all of these tasks anywhere you have an Internet connection - Whether the bank is open or not.
No Travel Time
While your bank branch may only be a few minutes away, traveling to and from the location to complete banking tasks can add up quickly. In today's busy age, with work and family and social commitments dominating most people's time, saving the drive to the bank can put more valuable time in your day.
Online banking makes that free time possible. You can log in and manage your finances anywhere, at any time. From your couch, from a different state, or even from a different country, online banking puts financial management at your fingertips.
Convenient Bill Payments
With online banking, you never have to worry about forgetting to pay a bill. Instead, set up automatic payments, or one-time transactions to cover your financial obligations every month. No more check writing. No more mailing payments. And no more spending time worrying about making your payments on time. Plus, you do not have to pay for stamps or envelopes to pay your bills.
Instant Fund Transfers
When you need to transfer money, between accounts or to other people, you often do not have the time to wait for checks to clear or processing to complete. When you use online banking, you can move money where it needs to go instantly. At most, you will need to wait a few hours to transfer money, making it simple to keep your finances working optimally.
Online banking often carries with it lower overhead costs for the bank. As a result, you may find that fees are lower for conducting your business online. For example, you may pay lower, or no, monthly maintenance fees for certain checking or savings accounts, ATM transactions, and more.
Any Time Access to Banking Records
Just like you can access your accounts, move money and pay bills 24/7 with online banking, so can you access your banking records at any time. Need to look at last month's transactions? Search for a particular bill? Download tax documents?
Whether it is first thing in the morning, late at night or over the weekend, your records are available online. Worried about their security? Banking institutions have secure processes to keep your records safe and accessible only to you - So you can bank online with confidence.
Deposit Checks Remotely
When you choose online banking, you also get the opportunity to deposit checks within moments, from home. Remote check deposit allows you to quickly place money into your account without stopping by the physical bank. Usually, this process involves simply signing your check, taking images of it within the app, and submitting it for addition to your preferred accounts.
One concern of many banking customers is the security of their private, personal financial information. However, online banking is characterized by enhanced security measures designed to lock down your sensitive information and provide access to it only to you.
Examples of the security measures often employed in online banking include the following: Encryption, multi-factor authentication, real-time transaction monitoring, and more. With these measures in place, you can conduct your financial business online with little worry about your most personal banking information being compromised.
One integral aspect of online banking is the presence of mobile banking apps. These apps put banking on your mobile device so you can take care of your financial business even while you are away from home or your computer. These apps allow you to do everything from handle transactions to paying bills, depositing checks and keeping an eye on your accounts, no matter where you happen to be.
Finally, online banking saves you the hassle of dealing with paper statements and physical records. Online banking provides you access to paperless statements that put all of the information you need at your digital fingertips. As you can reduce clutter, save trees and cut down on time spent organizing and keeping track of physical statements.
Are you ready to explore the benefits of online baking for yourself? At Bank of South Texas, we offer robust online banking options that make it simple to save time and money while intelligently handling all of your finances. Contact us today to explore more about how we can support your banking experience.