Having your money in a secure space is a great feeling, offering peace of mind and confidence. For centuries, we have trusted banks to keep our finances safe. Now, many of these institutions have online functionality that has changed the way we interact with them and manage our money. Is online banking a useful (and safe) way to manage your finances?
What is Online Banking?
Online banking is when you manage the money in your bank account using an internet connection and a computer or mobile device. Most banks today have online banking functionality. Forty-two percent of bank transactions now take place through an internet-connected device, whether it is a computer, smartphone or tablet.
As an online banking user, you can pay bills, transfer money from accounts, deposit checks and check your account transactions from the comfort of your home or on the go. This allows you to avoid extra trips to the bank and gives you instant access to your financial information on a secure platform.
What is Online Bill Payment?
Online bill payment is the ability to manually or automatically pay your regular bills through your bank. Online bill payment is an extension of online banking and a convenient quick way to manage your scheduled expenses. These services usually compile all of your bills into one place so you can see how much you are paying each month.
What Are the Pros of Online Banking?
What makes online banking so special? How can banking online help you manage your finances and reduce the stress of managing your money? Here are just a few benefits of banking from your computer or mobile device:
- It’s convenient. Before online banking, you had to go to your bank’s nearest location during their business hours. While it is nice to visit with your local bank staff and receive face-to-face service, your schedule may keep you from being able to make the trip, especially if you need to make regular deposits or maintenance. With mobile and online banking, you don’t have to go in during business hours to withdraw or make deposits.
- It’s straightforward. Unlike other computer applications, online banking is simple and intuitive. Online banking apps layout all of the tasks you want to complete in an easy-to-understand format. You can view accounts, transactions, electronic bank statements and past deposits with the click of a button.
- You can view your past transactions. You no longer have to worry about balancing your checkbook as your online bank account will show your most up-to-date transactions.
How Do I Set Up an Online Bank Account?
While setting up online banking may seem intimidating at first, it is usually quick and fairly effortless. Plus, your bank will typically provide detailed instruction and additional help if you get lost. Processes may differ slightly from bank to bank, but many of the core steps are the same. In general, you can expect to follow these steps:
- Make sure you have the right tools. First, you will need a traditional account with the bank’s in-person location before you have online access. Second, you need secure internet access with a 128-bit data encryption browser, which most current browsers have.
- Fill out any documentation. To access your online banking service, you will need to fill out an application or terms of service document and return it to your bank. The completed form lets the bank know you had an opportunity to view all of the agreements and a full description of the service.
- Use your bank’s security measures to access your account. Most banks will assign you a client ID and personal identification number to access the service.
- Enjoy quick online access to your accounts. After your bank sets up the account, you can use the online banking service easily, knowing your money is safe and secure.
Contact Community Point Bank
Are you looking for a bank with fantastic online features that will give you the service you expect from a local bank? Visit Community Point Bank at one of our three locations or contact us online to get in touch and one of our friendly staff members will help you.