Home Finance Basics of Online Banking

Basics of Online Banking

by pps-DUEditor

Most banks and credit unions, today, offer online banking services for free-of-cost to their customers. Online banking helps you perform banking activities from the comfort of your home, through a PC, smartphone, or tablet, without having to actually visit a bank branch. If you are yet to try online banking, here’s what you need to know.

How to start banking online?

If you already have an account with a bank or credit union, you will likely be able to sign up for online banking through the bank’s official website or app. You can also choose to open an account with an online-only bank. The benefit of online-only banks is that they offer you a higher interest rate on your deposits. However, they don’t have any physical branches that you can walk into. Fortunately, whether you want to open an account at a brick-and-mortar bank or online-only bank, you will likely be able to complete the entire application process online on the bank’s website.

Things that you can do with online banking

Once your account is functional, you’ll be able to perform pretty much all the tasks that you were able to at the bank branch. Here are a few banking activities you can perform online:

  1. Pay your bills: Instead of mailing checks, you can pay your bills online through the bank’s website or app. This service is offered for free by banks and helps you save on postage charges as well.
  2. Deposit checks: With online banking, you don’t have to make a trip to the bank to deposit a check. You can simply take a photo of the check with your mobile device and deposit it to your account.
  3. Transfer money: If you need to move money between your accounts or transfer money to anyone else, you can use online banking services.
  4. View account statements: Rather than waiting for your bank to send you to account statements in the mail, you can check your transaction history and statements at any time by logging into your account online.

Is online banking safe?

Online banking is just as safe or safer than traditional banking. However, make sure to not reveal your account details to anyone and always watch out for scams.

You may also like