When it comes to banking in the 21st century, there are certainly some adjustments that need to be made. For Generation Y kids, it’s maybe a bit easier to adjust to the new world of online banking, online bill pay, online brokerage, online everything! For those who hail from previous generations, the adjustment may take some time. However, it’s definitely worth it to get familiar with the idea of handling the majority of your banking online.
Online Banking Is Simply So Much More Convenient
To begin with, let us assure you: Online banking is simply so much more convenient than the old way of doing things. If you’re a Gen Y or beyond, you probably already know this. Tell your parents! Seriously, they can sit in traffic for an hour (an inadvisable situation at the best of times, much less in a snow storm or 100 car pile up), or they can do all their banking from the comfort and convenience of their favorite chair.
If you’re dealing with aging parents, particularly those who cannot leave the house by themselves, online banking is an excellent way to ease their day to day life. Even if your parents are doing just fine, online banking is such a boon to mankind that it’s in all of your best interests to spread the news. When combined with such excellent features as online bill pay, banking via your laptop or PC simply becomes the most convenient and painless way of handling your household finances.
Online Bill Pay Lets You Coordinate All Your Payments
One of the best and most convenient features of online banking is the option for online bill payment that most such programs will offer. Online bill pay is an excellent feature to adopt because it allows you to coordinate and keep track of all of your outgoing payments. At the same time that you enable the autopay feature, you also gain a prompt and reliable record of each time such a payment is made.
This instantaneous alert allows you to keep tabs on exactly how much money is going out, as well as exactly when and to whom the payment is made. If there are any discrepancies as to the time, amount, or recipient, they can be instantly addressed and corrected. The automatic bill payment option allows you to keep abreast of any such mishaps that may occur. You’ll have to admit that such an arrangement is a definite improvement over the old way of doing things, which tended to ensure that such errors might not be discovered for several days or weeks. Instant knowledge means instant correction, and this means saving money.
Availability And Accountability
Another major advantage of online banking is the accountability and availability that it brings to the table. Your online balance can be checked at any time, day or night, from any laptop, tablet, smartphone, or PC. If any authorized transaction is made, you’ll know about it immediately. And you’ll never be misled by any expenditures that take hours or days to show up in your ledger, because all transactions are recorded in a fraction of a second and posted almost immediately afterward. Whatever shape your current finances may be in, you can rest assured that your online banking account will give you the best and most reliable picture of them.
Online Brokerage Is Easier To Engage In
If you’re engaged in investing online, especially in brokerage, then banking is an activity you should certainly coordinate with this activity. The quick coordination and accuracy of online banking, combined with your online trading account, can enable to make trades and sales with pinpoint precision when time is of the essence. While in the old days, such timely trades depended largely on the timing of the information received, as well as the communication of this information to you via telephone, online trading is now conducted at the speed of light. Consequently, you’ll need an online banking account as a source of funds that can be transferred quickly wherever they need to be.
Your Online Banking Account Can Serve As A Safety Valve
If you do engage in activities such as online brokerage, you’ll be well advised to have an online banking account in addition to the funds you have in reserve at your trading firm. For example, if you suddenly suffer an unforeseen loss in one area, but feel confident enough to remain in the game, or move into another area altogether, you can quickly transfer funds from your bank to your firm. There’s nothing like the security that this gives to a trader who is, after all, engaging in one of the world’s least stable and predictable activities.
Of course, your online banking account can act in the capacity of a safety valve in situations far removed from the high pressure world of brokerage. If you use your credit card online during the Christmas season on shopping sites, you may well have found yourself at a deficit from time to time. If such an “oops” moment occurs, it’s an excellent precaution to have your credit card linked to your online banking account so that funds can be drawn from your bank to cover your credit deficit.
Online Banking Makes Working From Home Easier
If you are a person who works from home, such as a stay at home Mom who works online to supplement her income, online banking is a definite God send. If you have small children who can’t be left alone while you run to the bank for every transaction, online banking makes things much easier. While you might appreciate the respite that being away from the kids affords to a put upon parent, chances are you can do without the hassle and expense involved in contacting a babysitter or day care center.
No matter who you may be, from a freelance writer to an architect, if you work primarily from home, online banking is the best way to monitor your finances from your favorite comfy chair. It’s a positive change that comes highly recommended.