Manage Your Money: 4 Benefits of Online Banking

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Did you know that 61% of internet users and 35% of mobile phone users enjoy the benefits of online banking and mobile account management? Overseeing your money online is easy, convenient, and means you do not need to step inside a bank again. If you want to have more control over your finances, keep reading to learn about banking online. 

1. Access to Mobile and Online Banking

When you use online banking, you get access to your accounts at any time of the day or night via your computer and your phone. You can avoid the line and simply open an app any time you need to check your balance, transfer money, send funds, or review your budget. The option of making mobile check deposits with programs like paymints.io is enough to convert some online for good. 

Some banks are even entirely online, and while many do not visit brick-and-mortar branches anymore with mobile options available, some still enjoy the client-banker relationship. However, getting specific questions about your account or getting help might be a little more difficult without a person to talk with. Additionally, you will lose access to some amenities like notary public services and a safety deposit box with a completely virtual bank. 

2. It Makes Budgeting Easier 

If you have sat down with a paper and pencil and tried to write up a budget, you know how hard it is to correctly capture how much you make versus how much you spend. So instead of stockpiling receipts from every transaction you make, you can view monthly, 90-day, or year-to-date, or custom summaries of your spending. 

It also demystifies and solves some of the confusion everyone has when the number in your bank account is lower than you expected.  You will be able to see exactly where your money goes and what categories of spending you could cut back on. 

3. Low to No Fees

The fees associated with maintaining a bank account online typically do not cost you as much in fees or monthly charges. As there is less overhead, mobile customers get the benefit of low or no prices or do need you to maintain a balance. You can also move money between accounts without incurring charges. 

Similarly, the savings passed on from the virtual bank may include better interest rates on saving and investment accounts.

4. Instant Action 

When using mobile checking or transferring between accounts, you will get the benefit of immediate transfers. For example, rather than waiting for two business days or longer for a check to clear, you could send or receive cash in seconds. 

Four of the Best Benefits of Online Banking

If you are tech-savvy and do everything from your phone, the benefits offered to you by online banking will improve your financial health. All the time you save by avoiding lines and waiting for checks to clear will save you money as well. 

If you want to read more articles like this, check out the rest of our blog for the best money management tips.

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