When I was first introduced to on-line banking, I was skeptical about how and whether it would work to my benefit. Needless to say that I am now an advocate for on-line banking and consider it one of the best inventions ever devised since the ice cube.
Many traditional banking institutions now offer it as well as some credit unions. Signing up is quite simple and in a matter of days you will have a freedom unlike any you have ever experienced before. You choose your own password and ID which can be changed by you on a monthly schedule or when ever you desire. This ID and password should always be a mix of lower and uppercase letters in addition to a few numbers. It is extremely important, however to make sure that these are written down and placed in a very secure location just incase you forget them. It should also not be something that your children, if you have any, will be able to decipher.
Whether for business or personal the main advantage to on-line banking is it saves your reputation and may prevent over-drafts which can be quite costly. As you enter the pay bill section of on-line banking, you are able to not only type in whom you wish to pay but include an account number directly from invoices and statements received from your creditor but also you are able to create your own account number for those debts that may not already have one. It protects your reputation because after you have filled out the check information and hit the submit button. It automatically deducts that amount from your available funds which means that you can now not over spend.
Another awesome advantage to on-line banking is that you will not ever have to concern yourself with another bounced check. The funds will stay deducted until your check is returned to the bank and clears. If your check remains outstanding longer than usual, you can then put a stop payment on it and reissue it all in one setting. Once you have entered all of your creditor’s information in the on-line banking system it will stay there until you delete it. This allows you to only have to enter this information once and that too is an advantage especially if this is a re-occurring debt. Speaking of a re-occurring debt, this system also allows you to mark it as re-occurring and it will automatically remit that check for that same amount every month like clockwork.
Last, but not least regarding the advantages of on-line banking is they save you money by eliminating the need for envelopes and stamps. It also saves you the headache of hand writing each and every check. Less paperwork, less stress and it all can be done in a matter of minutes instead of hours like it used to. Checking your balances is as just as easy and you will be able to know for sure just how much money is available 24 hours a day, 7 days a week.