Three Ways Online Banking Saves You Time and Money

Written by Carly Simon-Gersuk

As part of the boom of digital banking, online banking offers many perks to help you streamline and simplify your cash flow. By granting you access anytime, anywhere to your accounts here are three ways that online banking saves you time and money.

1.Bill Pay

The secure services available through your bank and various service providers allow you to view, schedule and pay your bills right from your computer or phone. It takes a few minutes to set up your online bill payment, but once it is set you can eliminate the need to write checks or distribute cash. Additionally, with online bill pay you have the option of one-time or recurring payments, such as for utilities or loan payments. Usually the setup and bill pay are free of charge, but you should check with your bank to see if they may have any fees.

The ability to pay your bills from anywhere or anytime is a huge timesaver, especially when you have several bills to pay. Why spend time writing multiple checks and finding your way to a mailbox when you can submit payments within seconds? Additionally, by reducing your postage you save money on stamps and can reduce the risk of your check arriving late. There is no longer a need to fear late fees when you can pay instantly. 

2.Pay People

Whether through your bank or various applications, paying people has never been as direct. With apps, such as PayPal and Venmo, using just a person’s phone number or email allows you to send money straight from your bank to others. Some services also let you request money from people who owe you. This time saver also saves you money by eliminating transaction fees that some banks may charge for sending money to another bank. Additionally, you can also pay yourself by transferring money from one of your accounts to another within minutes. 

3.Mobile Deposits

Banks mobile apps make it possible to deposit checks to your account by taking photos of the checks and electronically depositing them. It is as simple as that! This commonly free of charge service saves you time from having to go to the bank to physically deposit the check and it puts the money into your account sooner. The deposited amount is usually available in your account within 24 hours but may take a few days. This convenient and safe feature of online banking reduces the stress of making it to the bank before it closes or losing part of your time during lunch. 

Know that the photos of your checks are not stored on your phone and to keep the paper check until you see the funds in your account. Banks can put holds on the deposit so funds may not be available right away and banks may return the deposit if the check bounces. Check your accounts to ensure the deposits have been approved. 

It is convenient. It is easy. No more lines. No more dealing with post offices and postage. And no more going to the bank to learn the balance of your account. Online banking offers financial security, convenience and peace of mind with unlimited access to your accounts.


Written by Carly Simon-Gersuk