Online Banking | Benefits | How to Start and What to Do
Online banking comes with a lot of benefits one of the benefits of online banking you won’t forget in a hurry is your ability to manage your money online through internet. Just with your computer or mobile phone device, make payments for good and transfer money to your friends and loved ones without visiting the bank branch.
Apart from the above, you can check your balances and move money from one of your accounts to another. You have the ability to do more online than you can do at the branch. In addition, you can use third-party services such as the Bank apps to make your payment faster.
In this post, I‘ll be covering how to start your online banking and the benefits. It’ll also include bill payments and lot more
Benefits of online banking –How to bank online
To start online banking, you’ve to start with the first 2 steps with are:
- Using your existing bank
- Opening a new account
- Using your Existing Bank or Credit Union
If you have an account already with a bank, the step is half done. Every bank or Credit Union offers online banking services. So, all you need to do is to activate and use them. One of the first steps is to sign up with the bank’s app or website. Signing up will help a great deal. However, you can choose online-only banks.
Steps to starting an online banking
Sign on: You’ve to sign on with your existing account for electronic services. It’s just going to the bank’s website and selecting ‘’ online banking’’. Or you click on ‘register’’ and it’ll ask for your username and your password. But if you’re using a mobile device, just download the mobile app and register using your username and Password.
Asking for help: if you’re having issues with the registration, call or visit your bank to access customer care for more information on the online registration process
Opening a new account: If you do not have an account before, consider opening a new account if possible go for an online-only bank. Though it’s better you choose banks that also have their brick and mortar branches.
If you’re considering only online banks, consider using
Capita One 360 for good savings accounts and checking accounts that pays interest
Ally Bank: It also offers savings, money market accounts, Checking interest and other
Things You can do Online| Benefits of Online Banking
As soon as you’ve your online account set up complete, you can use your online account to access a lot of benefits of online banking. Below are the things you can do online:
Checking of your account balances
Bill payment: you’ll enjoy your online account more on bill It’s free, fast stress-free and saves you lots of time when you make your bill payments online. Online bill payments with save you time in writing checks and mailing payments. It’ll save you money on stamps and time as well
- More earnings: it pays the best rates with no fees or minimum account balances. It offers money market accounts and certificates of deposits in case you want to earn more.
- Offers Free Checking: Most online banking services offer free checking with little interest. However, this is not easy to access with the brick and mortar banks. Online banking can pay you cash interest in your checking
- Deposit Checks: You can use a mobile service with a camera to deposit checks into your account. This can take place anytime or a day you want. With this, you don’t have to take a trip to deposit your check or wait for the mail to deliver the check to banks.
- Sending Money: With online banking, sending money to a friend or loved one is very easy. All you need is their account number and before you say jack you wire money to their account irrespective of the bank they are using. You can use other sources like PayPal to achieve this.
- Moving Money: It’ll help you to move funds from one bank to the other banks you have accounts in. That’s transferring funds from one bank to the other. You can do that using your app or website.
- Research Purpose and history: it keeps the history of all your transactions monthly or yearly. From here, you can download our banking statement images of checks that you’ve written. It’ll help you to review your transactions to avoid fraud.
Go Paperless/Cashless: Other benefits of online banking is going paperless. You can make a transfer for the goods you purchased in malls and shops. This will help keep identity thieves in check.
- Borrow Money: you can borrow money online with online account services. Traditional banks can allow you to fill out forms and it’s easier to get approval and it’s even less expensive to borrow.
How you can Stay Safe Online
In as much as there’re lots of benefits of online banking, it makes it easier for thieves to steal money. However, banking online proves safer when you use the right security features. There’s a lot of them to use. In the U.S, it’s advised that you’ve your personal Social Security identity number to reduce fraud.
Moreover, to stay safe and out of fraud, you’re to take control of your transactions and behavior while banking online. Giving out information: Before you give out your personal information, you’ve to think twice. You must know that your bank can’t call you on phone asking for your Social security number or your account number and PIN.
Use of security Software: Ensure that your security software is up to date. Update your spyware, Malware, and antivirus protection on your devices.
Be careful in operating your accounts with a public networks Avoid using free hotspots at cafés and hotels. Save the task when and home on a particular network you trust. Avoid logging your bank accounts on public computers for online transactions.
If you suspect any authorized transfer and activity on your account, quickly notify your bank of the problems for immediate and maximum protection. If this article is helpful, kindly share it with others!