Online Banking 101

Why suffer through the long queue at the bank when you can take care of your money transfers and payments from your couch? Online banking is not as unsafe as people think it is. Learn the basics of having your own online account and find out why you should set one up—if you still haven’t.

The biggest selling point of a lot of products and services nowadays would be their inherent mobility. With everyone always on the go, most of us prefer to have the tools that would allow us to conduct whatever business we need to do wherever we may be, at whatever time we may need to.

One service that has gone mobile is banking. It’s hardly impossible now to find a banking institution that does not have an online counterpart. For some people, however, this remains to be an alien concept, especially when there are fears concerning security. As millions of people who do online banking can attest, however, the system works and it works efficiently as it promises to be.

Online banking as per the definition for this article, pertains to the online version of your bank account. It allows you to do transactions you can usually only do in a physical branch. While the foremost benefit is for the client, the banks themselves also do benefit from this setup because it frees up their manpower from dealing with so many transactions.   

Manage your account

Imagine it is already way past banking hours and you need to check your account balance because you have credit card bills coming up. Or you’re out of the country, then you realize, you need to transfer funds between accounts because you just issued a cheque for the next day. Now that you’re online (and presumably with a secure login account), you can enjoy the features of your bank’s online service whenever or wherever you are. You can view your balance and see a detailed history of previous transactions on the fly. This should prove to be very helpful especially for those who need to keep up to date with their budgets.

Transfer or deposit money to other accounts

Online banking gives you the capability to send or transfer money to anyone without going to the bank and lining up. You can do it at home, at the office, while on commute.

Pay your bills

Perhaps one of the biggest come-ons of online banking is that you can set it up to pay your bills. This is actually a very viable alternative to linking your credit card or accounts to an auto-debit system for your merchants.

By enrolling your utilities accounts, for example, to your online bank account, you can better control the payments process and pay when you are ready. This is much better as opposed to having your funds automatically deducted from your credit card, even when  it is already maxed out. Apart from your usual utilities, you can also pay other regular dues like your credit card and insurance plans.