Internet Banking 101

Internet banking may not change the way we spend money but it will provide us with convenience that we need and desire. No more will you have to stand on line to talk to a teller or hold on line to speak with a teller. Trying to keep track of all the debit card transactions “did I use my debit card for gas once or twice last week”? Well with a few clicks of your mouse you will have the answer in seconds. It allows you to do banking 24 hours a day so you can monitor your account on your time.

Originally internet banking was only available if you did your banking at a mega bank. Now your local bank and credit union have some form of internet banking available. And because of competition for your business many banks offer internet banking for free. Security is really not an issue some banks are harder to hack into then Fort Knox.

There are also internet only banks available. These traditionally have cheaper fees since they have a central location. Many of us still want the feeling of a bricks and mortar building if we have problems we have a place to go. Internet only banks do offer great customer service but this is traditionally by telephone only. So if you can forgo the traditional bricks and mortar you can save some money on banking fees and they normally pay more interest on CD’s and savings accounts.

Internet banking allows you to see if your paycheck has been deposited. No more calling the bank to see if a check has cleared or a deposit has been credited. Most banks will allow you to set up e-mail alerts if your balance drops below a certain balance. Automatic reminders can be sent when items need to be paid.

Internet banking is a great benefit to many of us no more rushing around trying to get to the post office to mail a bill. Normally you can avoid late fees by paying online but do be aware that there are still companies that want an internet transaction 3 days before hand and they will charge you a late fee if it is not paid on time.

So many of us are environmentally aware and banking online helps, we can view current and past bank statements online this cuts down on paper. This also cuts down on the banks expense. Internet banking has been a really good choice for me. The only way that you know if it works for you is for you to try it for yourself it is not a big commitment.