If you're looking for ways to make the most of your checking account, online or mobile banking could be a game-changer. Online and mobile banking has become increasingly popular among credit unions, banks, and other financial institutions.
With the rise of digital banking, more and more people are turning to online banking to manage their finances. From checking your account balance to paying bills and transferring money, online banking offers a range of convenient features that can help you save time and money. This article will explore ways to get the most of our your checking account with online banking.
What are the benefits of online banking?
Online banking offers many benefits, such as convenience, 24/7 access, cost savings, enhanced security, improved record-keeping, and access to additional services. Users can perform transactions, manage finances, and pay bills without leaving their homes or visiting a physical branch. Advanced security measures, encryption, and multi-factor authentication protect personal and financial information. Additionally, detailed transaction records help to track expenses and monitor account activity. Access to additional services, such as new accounts or online loan applications, is also available.
What do you need to open an online bank account?
To open an online account, you will generally need to provide personal information such as your legal name, date of birth, and social security or tax identification number. You will also need to provide your contact information, government-issued ID, and information about the source of funds for the account and set up security questions and passwords. The exact requirements may vary depending on the financial institution and account type, and some may require additional information or documentation, as well as performing credit or background checks. It's important to check with the specific financial institution for their exact requirements and procedures for opening an online account.
What are the risks of online banking?
Online banking offers many benefits, such as convenience, 24/7 access, cost savings, enhanced security, improved record-keeping, and access to additional services. However, there are also several risks associated with online banking, including identity theft, phishing scams, malware and viruses, account takeover, unauthorized transactions, and technical glitches. To reduce these risks, it is important to follow best practices for online banking, such as using strong passwords, avoiding public Wi-Fi networks, keeping software up-to-date, and monitoring account activity regularly.
How do I get more out of my checking account with online banking?
Online banking has become a popular way to manage finances for many people, providing numerous benefits for those looking to get the most out of their checking accounts. Check out the five tips listed below to make the most out of your checking account with online banking.
1. Budgeting Tools
Managing your money has never been more convenient. Mobile banking apps make it simple to review your accounts and balances, make payments, and achieve your financial goals.
Many online banking platforms will offer a money management tool that helps you track and maintain your money. With features such as an automated account total, you never have to worry about your account being off balance. Your total will always be visible and accessible through online electronic banking.
If you like to live spontaneously and tend to look away from your bank account, tools such as Money Management can help you stay on track. With self-made limits within your account, you can categorize and create specific budgets to fit your needs. If you are a natural spender but still want to maintain a healthy budget, you can set up spending alerts that allow you to get notified when you are getting close to overspending in a certain category.
2. Transfer Balance
Online banking allows you to move money without physically touching it. You can send money between accounts and in some instances, between institutions. Everything can be done online with the touch of a button. These electronic transfers allow for flexibility such as scheduling transfers from checking to savings. It is perfect for the person that is always on the go or can’t get to a physical branch location.
3. Bill Pay
Online banking offers the convenience of paying bills electronically without the hassle of writing a physical check. Bill Pay offers a convenient and secure way to pay bills without the need for physical checks or a trip to the post office. It allows you to schedule payments and track the status.
Stamps and mailing checks are a thing of the past. Opt-in for Bill Pay to ensure you take care of your payments all in one location through online banking.
4. Digital Wallet
A digital wallet is an electronic device or an online service that allows you to store and manage your payment information, such as credit cards, debit cards, and bank account details. Once your payment information is stored in your digital wallet, you can use it to make purchases online or in-store. In many cases, you can simply tap your phone or scan a QR code to complete the transaction. Using a digital wallet offers a convenient and secure way to manage your payment information and make purchases. It can also help you stay organized and track your spending, making it a useful tool for managing your finances.
Wherever you want to share money, you can. No limits, no waiting, and no hassle. Using digital wallets eliminated the need to carry cards, cash, and wallets around. If you have your phone, you have your money.
5. Mobile Check Deposit. (AKA Remote Check Deposit)
You get a check in the mail and don’t have time to go by a physical branch, mobile check deposit offers a convenient and secure way to deposit checks without having to visit a bank branch or ATM. With Mobile Check Deposit, you can simply deposit a check into your account using a mobile app and the built-in camera on your mobile device.
Depending on the amount you are trying to deposit, fund availability times may differ, so it is important to review your financial institution’s guidelines for limits and fund availability. The days of visiting the branch on your lunch break, rushing before it closes, and getting stressed, are over.
Online banking is the easiest way to transfer money, make purchases, and keep track of your spending. It provides numerous benefits, including convenience, 24/7 access, cost savings, enhanced security, improved record-keeping, and access to additional services. Additionally, online banking offers innovative and convenient services such as mobile check deposit, budgeting tools and online bill pay. To make the best of your banking relationship, sign up for online banking and utilize the tools that are right for you.
Need help getting started? Leaders Credit Union is a member-owned financial cooperative, that offers a great online and digital experience to meets our members’ needs in a seamless, efficient, and user-friendly way. Online banking works with our checking accounts with no monthly fees or minimum balance requirements we’re here to lead you to financial strength. Explore Leaders checking accounts or download our FREE checking account switch guide.