Using Online Banking saves time and money!

These days most people take online banking for granted. It is so widely used and available it has become and integral part of our financial lives. However, their are some people, such as my dad, who still are getting used to it. He was skeptical and now he loves it and wonders how he ever did without it!

Ways online banking saves us money:

  • Online Bill Pay: No checks (cost money), stamps (cost money), or late fees (money!) using this system. For those lazy folks it can also be automated.
  • Online Statements: Reduced risk of identity theft via mail and any time access.
  • Online Transfers: We can move money between accounts without checks, stamps, or a trip to the bank or ATM machine. Saves gas too!
  • Real time balances: most banks allow you to see your available balance including uncleared transactions (such as a debit card purchase). This can help you not overdraw your account and rack up fees. Be careful as checks you have written do not reflect until they clear!
  • Higher Interest: The online-only banks historically pay higher interest rates on savings. We lose the paper (and the clutter) and get a higher return. That is a win-win in my book. ING Direct is my favorite so far!
I look back at the time when I did not have online banking and now wonder how I was ever able to keep up with my money! The paper checkbook register worked if you were a good record keeper but even I have to occasional lost debit card receipt or neglect to write down an amount of a check I wrote. Online Banking mixed with Quicken saves me a lot of time and headache in the long run.

If you have not signed up for online banking yet I would strongly recommend it!