Online banking is a game-changer, and most millennials embraced it with open arms. Despite this, many baby boomers and generation X still have their doubts about it. The complete reliance on technology and the internet for banking poses many questions.
However, the vast advantages of online banking make it easier to understand why. Not only is it more convenient, but it also gives us a sense of privacy. Our accounts are at our fingertips.
It also limits the need for a third party to access our finances while assuring us safety. In some cases, this interaction is something that the older generations relish. Although as times change, we also need to revolutionize our banking.
This is something we’re all too familiar with as the world almost came to a complete standstill in 2020. Still unconvinced? Read on to discover five advantages of online banking you didn’t know about.
1. Easy and Automatic Bill Payments
Bill payment has always been an errand that no one looks forward to. You’ll need to allocate time from your time off to do them. Sometimes you even need to go to an office in person to pay or queue at the bank.
You can avoid all these hassles with online banking. Most online banking bank apps are partners with major utility providers. That means you can pay your bills through the bank app itself.
You can also opt to have your accounts auto-charged for certain bills. You can do this for your electric and gas, hydro, or even credit card bills. This is convenient for bills with a fixed amount like insurance, car payments, and mortgages.
If you’re the type to forget dates or are too busy to slot in a time to drop by the bank, then this option is perfect for you. The convenience alone is worth it. You’re able to spend more time with your loved ones, friends, or hobbies.
You’re also less likely to get penalized or incur interest fees. Gone are the days of forgetting and missing payment due dates.
2. Manage Your Investments
There are many reasons and ways to invest, and one of the safest and easiest is to do this is through your bank. Falling for various investment scams isn’t uncommon these days. This is why it’s better to go with someone you trust, and who better to trust than your bank.
There are more direct forms of investments like Individual Retirement Accounts (IRAs). Another way is through managing and investing in your business better. Managing investments through a banking app is one of the best online banking features available.
Discuss these and the benefits of online banking with a financial advisor from your bank. Banks, like FarmersBank net, even offer free relevant online banking educational courses. Soon enough, you’ll be handling your finances and investments like a pro.
Check on your pension, savings, bonds, and other secure investments with ease. There’s no need for constant trips to the bank or appointment setting. You can do this in the comfort of your home with your PC or mobile.
3. Secure and Quick Phone Access
One of the biggest reasons for concern for many people is the security and safety of online banking. If you’re still unconvinced, here are some safety features you might not know about. A standard and key feature mobile banking apps have is fingerprint scanning.
This gives you the utmost protection against potential cybercriminals. You no longer need to remember a PIN code or worry if your phone gets stolen. No one can access the app but yourself.
Through fingerprint scanning, you can also make purchases that are secure and protected. Handle almost everything that a bank teller or employee does through your phone. All you need to do is to verify with your thumbprint.
Make sure to have these options set up on your phone, and you’re good to go. Remember always to use a secure and private connection. Your device and accounts may not always be safe with public WiFi.
Once you’re more comfortable with using your mobile, you can even expand your options. Try connecting your banking app to other protected and certified financial apps. With all these options, you’ll be asking yourself why you haven’t done this sooner.
4. Check Your History and Dispute Charges
Another way to guarantee online banking security is through tracking your banking transactions. Through online banking, you’ll know with certainty when a transaction clears. It also enables you to check unauthorized charges right away.
If you have pending transactions, you can choose to cancel or dispute them through online banking. One of the major advantages of online banking is catching and blocking fraudsters with a touch of a button. Most banking apps give you the option to lock or freeze your accounts.
It doesn’t matter if you’ve misplaced or lost your wallet, or worst, had it stolen. You won’t have to call the bank to report in a panic or wait for confirmation. It takes away the stress and anxiety of the wait.
5. Switch and E-Transfer Between Accounts With Ease
If there’s one thing you won’t miss with online banking is the amount of paperwork. It gets rid of the need to keep a bunch of printouts and papers on hand. Nowadays, mail theft is widespread and is one of the go-to methods for identity fraud.
Reducing personal paperwork, especially from the bank, reduces this risk. Contrary to popular belief, online banking has layers upon layers of security measures. This assures your online banking protection.
With these protective measures, switching between accounts becomes easier. The same goes for doing multiple transactions, such as e-transfers between accounts. If you’re managing a business, certain e-transactions and direct deposits are also beneficial.
Not only do they cut your costs, but it’s also safer compared to handling huge amounts of cash.
Enjoy the Advantages of Online Banking
Above, you read about some of the advantages of online banking, but there’s more! You’ll want to open your own account to experience them all in 2021.
Find out more on how to incorporate banking online into your everyday life here on our website. Check out our blog today for more tips and information.
