How to Make the Most of Online Banking

Reviewed: February 22, 2014
By FinanceWeb

You already know that online banking gives you access to financial details any time anywhere, but are you using some of the best features? These tips will help you make the most of your online banking experience.

Go paperless.

Most banks let you choose whether you want to receive your statements via postal mail, email or both. If you elect to view your statements online, you cut down on the amount of paper you will need to shred later.

Establish automatic bill payments.

Virtually everyone from the electric company to your grandmother Ruth can be paid through Internet banking. You simply save the payee’s information, enter the amount of the payment and decide how often the transaction should occur. Electronic transfers from one major bank to another can take as little as one business day. You bank may even mail paper checks for you if the recipient does not bank online.

Set up alerts.

You can have your bank email or text you when your balance is low, when a deposit comes in or when a payment goes out. These alerts can help you avoid late fees, NSF fees and overdrafts.

Keep up with your transactions.

The e-banking system connects you to the bank’s database, so you can view what is happening with your accounts in real time or with only a short delay. Even if you never put a single entry in your check register, you can still see how much cash is left in your account. These benefits come with both your checking and savings accounts. You can view your balance, see if recent transactions have posted, review what bills will be due next, view images of paid checks, download statements and even export data to financial management apps.

Download mobile apps.

Android and iOS applications put the power of online banking into the portability of a smartphone. If you can connect to the Internet through Wifi or a cellular signal, you can transfer money, make payments, view deposits and monitor your accounts.

Online banking provides a secure, effective and convenient way to keep your finances in order. By taking advantage of all the features your bank offers, you can simplify this part of your life.