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How online banking can work for you

13 March 2013 One Comment

538310_65740612Some of the top leaders in the banking industry have confirmed that customers want a banking experience that is both convenient to use and secure in 2013; meanwhile, the American Bankers Association has said that the majority of Americans prefer to bank online rather than travel to visit a neighborhood branch. They know this because the 36% of people who said they preferred online banking in 2010 rose to an amazing 62% by 2012. It is clear that people today want to interact with their bank using a variety of different methods, including using an ATM, visiting their local branch, using mobile devices such as cell phones and tablets, and calling up on the telephone.

How does online banking work?

Online banking means being able to do all of the transactions that normally require a visit to the bank through the internet. The only difference is that information about accounts and transactions is communicated online rather than necessitating a trip to the branch or getting in touch by phone.

Most financial institutions offer online services today that allow customers to perform a variety of operations, including opening a new account, seeing up to date balances, looking at and searching transactions, and transferring money between accounts. In addition, systems have become sophisticated enough to allow customers to download monthly statements, set up electronic bill paying arrangements, apply for a loan, and set up automatic savings plans.

Online banking is a simple way to access and manage a checking or savings account, credit card, mortgage, personal or business loan, or money market account; take advantage of this helpful link to read more about the benefits of online banking.

Ideal for personal and business use

One great benefit of online banking is the ability to access information about a number of accounts at once, allowing the holder of a personal account or a business owner to scan and manage savings, checking, money market and other accounts held at the same bank in each online session. Access to account information around the clock is especially useful for businesses, and particularly for those business owners who travel a lot and like instant access to their account information, including recent and pending transactions and the current balance.

Many banks and other financial institutions offer a variety of financial planning tools to both business and personal account holders, and these can undoubtedly provide added value. Some banks also offer added financial incentives to those using online banking; for example, online-only banks often supply checking accounts that pay interest but do not charge a fee or require the account holder to maintain a minimum balance. Online-only banks may also offer money market accounts and other investment vehicles, such as IRA products and CDs.

Added advantages

People who want to know more about online financial services should be aware that online banking organizations often have very beneficial bonus programs tied to their debit cards, rewarding customers who use cards to make purchases. Other advantages in today’s mobile age, such as the ability to transfer money to someone else using an email address or cell phone number, frequently supplement this. The mobile market for online banking is definitely set to grow in the foreseeable future.

One Comment »

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