With the new technology age, come a lot of great inventions. This invention is one of my favorites actually, as its one of my favorite things about the internet, as it’s so convenient. Online banking has a ton of different advantages to traditional banking systems, mostly convenience. Here are some of the things that I really like about online banking.
Check Balance Anytime-
Being able to check my account balances at anytime, and to be able to see when deposits have gone through, and checks or debit card swipes have gone through is a huge thing for me, and is the main reason I check my bank account online so often.
Transfer Money Anytime-
Being able to transfer money from various accounts, both from my checking to my savings, and from my account to my mother’s or whoever I may owe money to account is very convenient, and helps me out a lot throughout my day.
Online Bill Pay-
Being able to pay bills online is both convenient and cost saving. Not having to mail out checks, or even purchase checks makes things so much easier, and reduces the amount of waste used for envelopes, paper, etc. everything being done electronic is both great for the environment, and for your wallet! Some companies even offer discount for online bill pays, as it saves them from mailing you bills.
Track Spending in Excel, or Other Website-
Since all of my financial transactions, with the exception of spending of cash(which is now rare) occur or can be tracked using the internet or my computer, I have now been able to set up a finance sheet in excel. This is great for keeping track of expenses, and watching your money grow. You can also use different services, such as Quickbooks, Mint.com, or whatever you prefer.
Mobile Banking-
Being able to check your account balances, and make banking transactions anywhere on the go is the latest technology. Smartphone’s now have internet access, and pretty soon every cell phone will have internet access, as smart phones will be all that exists. Being able to do your banking anywhere can be a huge advantage.
Fraud Monitoring-
Online banking also led to automatically fraud monitoring, but it also allows you to check up on your account as often as you’d like, in order to make sure no unauthorized transactions have taken place.
The only real disadvantage of online banking is that you have to be safe, make sure that your password is tough to figure out, and that you’re logging onto your bank account on a safe computer. I would recommend never opening bank information on a public computer, as you never know who may be watching.