10 Ways Online Banking Saves You Time and Money

Many people have not yet ventured onto their bank’s website. They prefer to make the trip to the bank in person or make a phone call to conduct their banking business. Their reasons for doing so may vary, however, in some cases it may be that they just aren’t aware of the ways that online banking can save you both time and money.

  1. Preventing overdrafts. Overdraft fees can add up quite quickly and be a very expensive oversight. By accessing your bank account online on a regular basis, a person can often catch a potential problem before it happens. At the very least, you could see the overdraft the day it happens, instead of finding out about it a few days later when you receive the notice in the mail.
  2. Less mistakes. A person who checks their bank balance online is less likely to overlook mistakes in their checkbook. A significant difference between your online balance and your current checkbook balance will usually be noticed. You will also be able to see debits to your account from your debit card that you may have forgotten to record
  3. Online bank statements. There is no need to wait to receive your bank statement in the mail. You can log on to your bank account and see, or print, your bank statement the first day that it becomes available
  4. Online account transfers. Transferring funds between your bank accounts can be done quickly, and at your convenience, when you do it yourself online. No need to wait on the phone or stand in line at the bank.
  5. Less postage. With your bank’s online bill pay feature, you will save money on postage. You also can schedule the payments go out in plenty of time so that you don’t ever have to worry about being late on a payment.
  6. Fewer checks. Using the bank’s online bill pay feature will also mean that you use fewer checks and spend less time writing out checks. It’s a great way to save both time and money.
  7. Stop payments. This is another service that you can take care of through online banking. Requesting a stop payment on a check you have issued can be done very quickly through your bank’s website. It also doesn’t need to be done during banking hours.
  8. Visual/printed copies of checks. Many banking sites have a viewing feature which will allow you to pull up an image of your checks. This way, you can view both the front and back of a check to verify who the check was made out to and who endorsed the back of the check. If you need to send a copy to someone else for verification, then you simply print what you were viewing on the screen.
  9. Open new accounts. With online banking, a new bank account can be opened right from your home computer. It eliminates the need to take time during banking hours to go in and personally set up the account.
  10. Integration with banking software. Online banking also allows you to integrate your bank account with your banking software, such as Money or Quicken. This can save you a lot of time when it comes time to reconciling your checkbook.

The easy access provided through online banking has provided a great convenience to the account holder and generally allows for a much more accurate accounting of their funds.

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