With the continuous improvement of online security, it has never been safer and easier to manage your money online. An online bank is all about control and convenience – the perfect choice for anyone who wants to access their finances and use other bank-related services anytime and anywhere.
With online banking, you can get away from dealing with incorrect handwritten ledgers and physically balancing your checkbook. Managing your finances online has become so easy that even the most hardcore hard paper bankers have embraced digital banking platforms when it comes to money management. If you’re still skeptical about using an online bank to manage your finances, below we are going to discuss several reasons why you should consider using a digital banking platform.
1. Easy to Monitor
Errors are made by even the largest and most well-known banks, and these errors don’t always work in your favor. Every now and then, a payment can fall through the cracks, or an amount can be recorded incorrectly. With online banking, you will be able to monitor your pending transactions and account balance in real-time, which will decrease the chances of any mishaps happening.
For instance, if the check you deposited isn’t added to your account balance after a reasonable period of time, or your employer forgot to pay up, you can use online banking to see what is happening and why there’s a holdup.
A study has concluded that as a result of the expansion of the internet and technology, patience is becoming an exceptionally rare quality in modern society. Moreover, no one wants to wait in line just to check the balance of their account. With online banking, you can have access to your funds no matter what time of the day it is, as well as access to any other bank-related services.
You will be able to do your banking business wherever you want, with portable computers, tablets, and mobile phones with internet access that are nowadays at our disposal. There is a record of every transaction, so you can go back months or even years to make sure that everything is as it should be.
3. Lower Fees
Plenty of brick-and-mortar banks charge fees on their accounts, and waiving them is sometimes difficult. However, this problem can be easily eliminated with the help of online banks.
Online banks tend to have low or no fees because they don’t have to spend money on branch maintenance. Many online banks don’t charge overdraft fees and monthly service fees. Additionally, you don’t need to deposit a large amount of money to open an account, since most online banks don’t have a minimum balance or deposit requirement at all.
4. Easy Account Opening
Opening an account at an online bank will just take a couple of minutes from your time. You can complete all of the steps online or with a short phone call. It definitely helps that you won’t have to deal with all of the paperwork physical banks require, or wait in line to reach a bank official to fix whatever issue you may have. Further, you can connect this bank account of yours to any business accounting software and pay taxes digitally within a few minutes or even seconds, that’s how easy and fast online banking is.
5. Free Savings and Budgeting Features
When it comes to banking features, online banks tend to be very forward-thinking. Many online banks have incorporated all kinds of useful budgeting apps and savings features that will help you manage your money better. These apps provide a more robust banking experience and can come in handy when keeping track of your finances.
6. Safe to Use
There is a misconception that online banks are somehow less secure and safe than regular banks; however, this not true. Most online banks have FDIC Insured Accounts, which means that the Federal Deposit Insurance Corporation protects your funds, usually up to $250,000.
Additionally, there are standard fraud protection and security features in place, such as account monitoring, data encryption, and multi-factor authentication that any good online bank uses.
However, when it comes to online banking safety, you should do your part. Make sure that you read reviews when you’re choosing an online bank, and that you carefully look through the features of each account. By doing this, you can be sure that they have top-notch security, good rates, and are a truly fee-free bank.
7. Competitive Rates
Since online banks aren’t running a network of branches, they don’t have additional expenses associated with brick-and-mortar structures across several locations, and they can offer competitive interest rates.
As you can see, online banks offer convenience in a variety of ways and an easy way to manage your finances. Even though paying bills will be something none of us look forward to, online banking will surely make managing your money a more pleasant experience.