A recent survey found that at least two-thirds of American adults primarily use online banking. If you are one of those Americans, then the chances are that you enjoy online banking because of the convenience it offers. Through an online banking portal, you can:
- Pay your bills
- Set up a savings account
- Transfer money between accounts
- See your account statements
Best of all, you can get an overview of your finances without waiting in line at the bank or waiting for statements in the mail. While these are the basic services you expect your bank to offer, technological advances have led to a demand for online banking, making everything more efficient. Here are some additional perks of online banking that you may not know about.
The Benefits of Online Banking
Using an online bank as opposed to a brick and mortar bank leads offers more convenience and less stress. With online banking, you can do just about anything you can do at a traditional bank.
Apply for a Loan Online
When applying for a loan, you would have to go to the bank and wait or stand in line to speak to a loan officer. Sometimes, you even had to set up an appointment. Speaking to a loan officer can still be a good idea because they can give you advice about getting loans approved. However, the truth is that if you know what you’re doing, you can apply for a loan online and don’t have to talk to someone in person.
Sync Your Accounts with Money Applications
You may already have any one of the following applications on your phone:
- An app to help you save money
- An app to help you stick to a budget
- An app to help you keep track of all your payments
- An app to help save for a particular big purchase in the future
There is a money app for almost anything you want to do. One of the tools that many online banks provide you with is the ability to sync your bank account to your money apps automatically. Being able to sync your bank account to these apps makes the process of sticking to your budget and saving goals much easier and more streamlined.
You Can Make Check Deposits from Home
There are a host of online banking tools that you have at your disposal depending on your bank. One of the most convenient tools offers you the ability to deposit checks from the convenience of your home using a computer and a scanner. Here is how it works:
- You scan or take a picture of the checks you want to deposit.
- You load that information onto your computer and send it electronically through your bank’s online banking portal.
After this, the funds are deposited into your account just as they would had you gone to the bank. Not only is this deposit more convenient, it’s also more secure and minimizes the chances of check fraud. Many banking apps are also equipped with the technology needed to easily scan the checks and upload them to your account without the need for any special tools or hardware.
You Can Link Multiple Accounts
Most banks allow you to link accounts together if they’re all with the same bank through their online banking portal. Linking multiple accounts together can help you keep better track of your finances.
With online banking, you can also set up automatic payments for your monthly bills, loans, and credit cards. You can also automate your savings.
We live in an extraordinarily busy world. Online banking can take the stress away from managing your finances.