Have you ever found yourself scrambling to get to the bank before it closed for the day? Or have you had to postpone eating lunch just to get to the bank on your lunch break at work? Yeah, it is entirely all too inconvenient. Luckily, online banking is providing all of us busy bees with more freedom to bank on our terms.
A lot of people are making the switch to online banking because conventional banking just doesn’t meet their needs. With online banking, you can log on, make your deposits, transfer funds between accounts, pay bills, or do anything you can do with your brick-and-mortar bank. You just get the versatility of doing it on your own time.
Here are five things you should know about online banking and why you might want to sign up for an account.
It is Timely:
Online banking requires little of your time since you can do it from anywhere, at any time that works for you. Even deposits get processed within about one business day on average.
As recent studies show, about 65.3 percent of American adults use digital banking. This marks a 4 percent increase between 2018 and 2022, with the majority of users being in the millennial bracket. But millennials aren’t the only ones using online banking. Older generations are finding it convenient since it frees up their time, too.
It is Safe:
Online banking has a lot of beefed-up security. You can use the facial recognition function on your smartphone (if the operating system supports it) to make your phone more secure. Just bear in mind that a public WIFI network will not be nearly as secure as a private one, so only log on using a network connection that you trust and have a password set up for.
Most online banking apps and websites have layers of protection, encrypting sensitive data and using features like two-factor authentication.
It is Easy to Use:
Online banking interfaces are set up for customers who aren’t tech-savvy. The layouts are simple, and tabs are usually clearly labeled. Sites and apps will ask you to set up a few features, but most of them only require a few minutes of your time and have simple instructions.
If you do run into any concerns, you can always open a live chat or call the bank to speak to a customer service representative.
It is Convenient:
Of course, online banking just makes life easier. You can access your account while you are on break at work or sitting on the couch watching your favorite Netflix show. You don’t even have to put on pants. Just log in, do your banking business, then log out.
If you end up needing to speak to someone, online banks have customer service available, often with 24/7 live chats and secure phone lines with representatives staffing them. Getting your queries answered is just that convenient.
Fees Tend to be Low and Not Hidden:
When you are trying to manage your finances by yourself, it can be time-consuming and stressful to go through your bank statements looking for any hidden fees. Who wants to deal with fees just for making a simple transaction? Hidden fees are often part of banking, but online banking institutions are doing away with them because it harms their customers.
What’s more, online banks tend to charge lower fees for things like non-network ATM withdrawals. Saving money is a crucial element of banking, so why not go with a bank that charges you the lowest transaction fees possible?
Online banking might be intimidating at first, but it is a safe and convenient way to approach banking. If you have been thinking about making the switch, you have options available to you. You can save yourself a lot of time and stress by going digital.
