These days, there are many ways to access your checking and savings account information, including online banking.
This account management tool has grown in popularity as more Americans embrace technology and turn to easier ways to address their banking needs. Not only is Internet Banking having more market penetration among consumers, many banks are adding these services to their roster, providing more avenues for you to check your account balance, transfer funds and pay bills.
Here are some of the advantages of banking online:
- No fee: Internet Banking is typically free when you sign up for an account. All you have to do is register for your online checking account.
- Easy access: You're not always near a branch or ATM, which can make it difficult to manage accounts when you need to. With Internet Banking, you can view your finances from any computer, smartphone or tablet with Internet access. This benefit can be particularly helpful if you're traveling to an area where your bank doesn't have a nearby branch or ATM. Additionally, you can manage your accounts at any time, even in the evening when your bank is closed or it is not as safe to visit an ATM.
- Organization and going green: Many banking customers have stacks of bank statements somewhere in their home. With Internet Banking, those statements can be solely available on the Web. This cuts down on the clutter you have and automatically organizes your financial documents. Furthermore, opting for paperless banking can help reduce your carbon footprint, as you help lower the use of fossil fuels and the number of trees cut down to produce paper.
- Automated account management: At times, it can be easy to forget your banking responsibilities. If, for instance, you like to transfer money from your checking to your savings account each month, you may have some months when you don't remember due to the large span between transfers. However, with Internet Banking, you can set up automatic transfers so you can keep up your saving habit without having to think about it. The same is possible for bill pay transactions, such as when you need to make payments for home or auto loans.
- Faster transaction cancellations: If you need to order a stop payment, some banks allow you to do so via their Internet Banking site. Keep in mind, however, that standard fees for this service may still apply.
- Account security: As cybercriminals develop more innovative ways to access personal protected information (PPI), more consumers are concerned about identity fraud. You have the ability to take steps to protect your PPI with online banking. Since paper documents can be stolen from mailboxes,eliminate mailing paper checks to pay bills by using online bill payment and eliminate paper account statements sitting in your mailbox by enrolling in e-Statements. You can monitor account transactions for fraudulent activity by logging into online banking frequently to view your history or monitor account balances by setting up Alerts. Some consumers have been slow to embrace these tools because they believe Internet Banking actually gives thieves greater access to their PPI. Contrary to these concerns, banks put many security measures in place to prevent unauthorized users from logging into your accounts. As long as you remember to log out when you finish banking, avoid phishing scams, and do not give out your password, your information should be secure.
A final note about Internet Banking
Although this tool provides greater access than your branches or ATMs, it may not be in your best interest to go with a bank that operates entirely online. While you might not need to speak with a teller or banker often, sometimes it's more convenient, especially if, for instance, you're applying for home loans.
For more tips and updates on the latest in banking technology, contact Landmark Bank.
Back to Blog