Could You Streamline Your Finances with Online Banking?

by Miranda Marquit · 0 comments

One of the ways that I manage my money more effectively is to use online banking to help keep on top of my bills, as well as to ensure that I get all the information I need from my financial institutions. According to the 13th Annual Fiserv Consumer Trends Survey, I’m far from the only person to use online banking. About 80 percent of households with Internet access use online banking.

How Online Banking Helps Your Finances

Online banking is great for your finances because it helps streamline the process, and can even help you avoid problems that can come with hard copies in the mail. Here are some of the ways that online banking helps me better manage my money:

  • Automatic bill pay: Automation is one of my favorite aspects of online banking. I don’t have to worry about remembering to pay my bill because it is done automatically. This is especially helpful when I travel. I don’t have to worry about missing payments when I’m out of town because it’s taken care of.
  • Online access from anywhere: I also like the ability to check my accounts no matter where I am. It’s possible for me to check my balances, monitor my accounts for fraudulent charges and make needed transfers when I use online banking. While you do need to be careful about using public Wi-Fi and other networks when you are away from home, you can usually find someplace secure to check you accounts and engage in banking.
  • Electronic statements: I like receiving electronic statements for my bank accounts because it makes it easier to ensure that I receive the information. There is a lot that can go wrong with a hard copy statement delivered to your mailbox. This is especially true when you move. After moving across the country twice in less than a year, it’s nice to know that all of my information comes right to my email inbox, rather than experiencing worries about forwarding and theft. This is also helpful when it comes to bill pay, since I don’t have to worry about missing things when I move.

Keeping everything straight is one of the best features of online banking. It allows me to quickly see where I stand, and make efforts to keep up to date with my bills and other obligations. With online banking, you can also stay on top of payments so that you don’t end up missing payments and seeing your credit score negatively impacted.

Pitfalls to Avoid with Online Banking

The biggest pitfall to avoid comes with automation. What happens when you automate your finances, but your cash flow doesn’t match? Make sure that the money will be in your account when the bills are due. Automating doesn’t mean you ignore your finances.

Another concern is what happens if you switch banks. You will need an accurate list of all the accounts you have so that you can change the payment information. You can run into trouble if you miss a transaction that tries to withdraw from an account you have closed.

Online banking can be a great way to manage your money and stay on top of your finances. As long as you properly plan, it shouldn’t be a problem.

Bonus Tip:

You can seriously cut your Internet and TV costs. Find a Verizon FiOS promotion code here and you might be able to spend less every month.

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