Life is stressful enough without having to fret over managing your finances. Luckily, technology has evolved in such a way that it can help alleviate some of those banking headaches once and for all, while keeping your life organized in the meantime. Nowadays, with online banking, you can do almost anything that you would have had to travel to your nearest financial institution to do in the “olden days.”
We all know that you can enroll in online banking from your computer or mobile device, but did you know that you could open entire financial accounts online? From the comfort of your own home, you can fill out the account application form over the Internet, then all you have to do is send out photocopies of the identification forms that the financial institution requests — you can finally utilize that fancy all-in-one printer/scanner/copier sitting in your home office — and your account will be ready in the same amount of time that it would be if you had opened it at the branch.
Furthermore, opening corresponding accounts is even easier since you are already enrolled at the financial institution and it has your necessary information already on file. With multiple linked accounts, moving your own money around is free, quick and easy as pie.
Traditional financial statements and bills not only clog up your physical mailbox, but they also aren’t very environmentally friendly, with the amount of trees cut down for that paper. Though e-bills can still result in digital clutter, emptying your trash online is much easier than doing so in real life.
What’s better than leaving sticky notes all around your home and office, reminding you to pay the utility or credit card bill? Sticky notes that appear on your phone/tablet or in your inbox telling you that it has just been paid. Online notifications and alerts are quite possibly the biggest advantage to online banking. So much hassle can be avoided when you get a simple reminder that a due date is approaching, a notice that you’re nearing your credit limit, an alert that there were sketchy charges on your account and much more.
Automatic bill payments
You may not even need to set an alert to remind you to pay a bill when you use online banking to set up online payments. You can schedule one or all of your accounts to be paid on a certain date just once or for recurring payments. The catch here is that you must be vigilant in checking your balance, (which you can do very handily using online banking) to ensure that you will have enough money in your account at any given time to cover the payments coming out.
Mobile check deposits
With this more recent development, you may not have to visit your financial institution ever again. You simply snap a picture of the front and back of your check and upload them onto your device via your mobile banking application, which you can get from your operating system’s app store.
If you are applying for a large-sum loan, like a mortgage, the lender may ask you for a number of financial documents. You could go to your financial institution and ask for copies, or you could save yourself the trouble and print them off yourself using the on-demand reports and summaries available using online banking. You can always view your transaction history, but some mobile banking features have the option to sort by category, for example, so you can see how much you spend in different areas of life, such as food or entertainment.
The obvious drawback to online banking is the fear of a data or security breach. However, if you use strong passwords and practice good security habits, there should not be much to worry about. Financial institutions, bill-pay websites and apps often utilize two-factor authentication, making it much tougher for hackers to get any of your information. So, if you want to take advantage of these stress-relieving benefits of mobile banking, contact your financial institution today.
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