More and more people are taking advantage of all the bells and whistles that come with doing their banking online. Whether they use it for paying bills, staying on top of account activity or integration with accounting software, these features are well worth the time taken to learn how to use them. This article will look into how these banking features can help anyone to better manage their money.
Paying Bills Online
Many banks offer online banking to their customers for free and allow them to pay bills online without any additional cost. Some might charge for the use of this feature however, so checking with them before using this option is important. Anyone that starts using this feature will probably never go back to writing checks again. It’s easy to become addicted to the idea of going online to pay all your bills without having to worry about postage charges.
The ability to schedule payments weeks ahead of time and to configure regular automatic payments can also pay dividends. For example, many people are familiar with the interest savings that come from paying the mortgage bi-weekly instead of monthly but most mortgage companies charge a fee for setting this up. Most banks will allow this type of payment to be configured for free through online banking.
Monitor Account Activity with Online Banking
When two or more individuals spend money from the same account, it is not difficult to accidentally have overdrawn accounts that create bank charges. Checking the account activity online not only allows verification of existing funds but easy monitoring of scheduled bill payments. If the accounts of children with debit cards are setup this way, their shopping habits can be easily checked and their funds replenished without paying fees money transfer fees.
Integrate with Accounting Software
Many find it difficult to create and stick to a budget because they do not know how their money is being spent. Having access to banking information online can help with this as well. Most banks, and credit card companies, allow account data to be easily downloaded into your accounting software. When all spending data is consolidated in this way, the software can analyze spending habits and give a clear and accurate picture of where the money is going.
There are many ways to save money and time by managing banking information online. Some banks offer all the features mentioned here for free while some might charge for them. Talk with a representative at your bank or credit union or check out their web-site carefully before signing up for these services.