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A Guide to Online Banking
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[QUOTE="dmitrinekol, post: 62515, member: 18676"] Still setting foot inside an actual bank? Why not take advantage of online banking? Online banking doesn’t have to be intimidating — after all, millions of people deposit money and pay bills from a smartphone or computer. If you haven’t quite taken the leap, we’ve put together a short guide to help you learn how to get started. [HEADING=1]Main Takeaways: Your Guide to Online Banking[/HEADING] [LIST] [*][B]Online banking allows you to conduct your financial services fully online.[/B] Some banks have no storefronts and others offer extensive online services while still having physical locations. [*][B]Benefits to online banking include[/B] convenience, speed, high interest rates, and more. This is all possible without having to spend funds maintaining a physical property. [*][B]Drawbacks include[/B] safety, no face-to-face interaction, and more. This is caused by an inability to go into a store and speak with an employee. [*][B]Setting up your online banking account is easy.[/B] What you are responsible for is making sure that an online bank, and the services they provide, fit your style of handling financials. [*][HEADING=1]What is Online Banking?[/HEADING] Online banking is like traditional banking except all transactions are conducted through a financial institution’s [B]website or [URL='https://www.benzinga.com/money/mobile-banking/']mobile banking[/URL] app.[/B] You can do almost everything online that you could do standing in line at the bank. You can open checking and [URL='https://www.benzinga.com/banking/best-savings-accounts/']savings accounts[/URL], make deposits, withdraw money and pay bills online. You’ll need a computer, smartphone or tablet if you’d like to bank online. Every time you log in, you’ll have to provide a [B]username and password[/B], and in some cases, you’ll have to answer a few security questions. All of your banking information is accessible only by you and your bank. [HEADING=1]Benefits of Online Banking[/HEADING] Online banking has a few perks. Before you jump into online banking, consider the pros and cons first. [B]Convenience. [/B]Banking from your phone or laptop is a [B]huge time-saver[/B]. You can pay bills, check your balance and transfer money between checking and savings accounts with just a few clicks. One of the savings accounts we highly recommend is from [URL='https://www.benzinga.com/go/credit-karma/']Credit Karma[/URL]. They currently offer one of the highest APYs on the market. [B]Higher interest rates. [/B]Online banks can pay up to 5 times more in interest than traditional banks, according to a study by DepositAccounts. [B]Instant notifications. [/B]You can opt-in for text message and email notifications, which will be sent to you based on your preferences. For example, if your balance is negative or a large purchase is made, you’ll receive a text or email so you can monitor your account around the clock. [B]Always accessible[/B]. If you only use brick-and-mortar bank branches, you’re tied to their business hours, usually 9 a.m. to 5 p.m., and only a few hours on Saturday (most are closed on Sunday). Online banking is available 24/7. [B]No paperwork. [/B]Online banking doesn’t require you to fill out any paperwork, such as an application form, withdrawal slip or paper check. Most offer the ability to deposit checks by taking a picture from your phone. [HEADING=1]Drawbacks of Online Banking[/HEADING] Since online banking depends on the reliability and speed of the internet, there are some drawbacks you may face related to that fact and a few others. Here are some other disadvantages you can consider. [B]Impersonal. [/B]You won’t get a warm, fuzzy personal experience when you bank online. You can still chat with customer service reps using the bank’s online [B]chat or by calling[/B], but you won’t be able to walk into a bank and see real people. [B]Some tech-savviness required.[/B] There might be an online banking learning curve. For example, you’ll need to know how to navigate online services, how to set up direct deposit online and how to download a mobile app. Fortunately, a lot of banks provide tutorials so you know how to use online banking. [B]Data breaches are possible. [/B]Any bank (online or traditional) that conducts business online is vulnerable to cyber hackers. According to a study featured in ABA Banking Journal, nearly ¾ of Americans were more concerned about data privacy in 2018 than they were in 2017. [B]You can’t do everything online[/B]. There are times when personally visiting your bank makes sense, such as when you need to buy rolls of quarters, need a money order or certified check to pay for a large purchase or need to deposit cash. In these instances, you’ll have to physically go to a bank branch or find the nearest ATM. [/LIST] [/QUOTE]
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A Guide to Online Banking
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