Online banking puts many powerful financial tools right at your fingertips. The best part is that most financial institutions offer online banking apps for free to account holders. One of the biggest benefits of online banking is the ability to access your accounts 24-7, which allows you the freedom to review your account balance, transactions, and more, making account management a breeze. Online banking also provides other great features, like the ability to securely send money to friends or family and set up auto-pay for your monthly expenses, which will help you save time each month and reduce stress. But the benefits don't stop there. If you aren't already taking advantage of your bank's online platforms, here are a few more reasons you should.
How does online banking reduce stress?
Stresses you encounter at home and work can become overwhelming, but online banking helps alleviate your stress in several ways. For one, online banking gives you a very efficient way to manage your finances. Instead of hassling with paper bills and checks, you can simply log into your online banking account. Then use auto pay to pay your bills automatically, instead of doing it again and again each month. That way you can focus your attention on what's really most important to you.
Additionally, online banking can help you keep better track of your spending and develop healthy financial habits. When you use online banking, you are able to see all of your transactions in one place. This makes it easier to spot any irregularities or areas where you might be overspending. Also, online banking is available to you 24-7, making it more convenient for you to get the information you need at the specific time that you need it most.
Finally, online banking can provide some additional peace of mind because of the built-in security features like security alerts. They help prevent someone other than you from accessing your money without your permission. As you compare online banking options, also be sure to find out if the credit union or bank offers the ability to freeze your credit cards in the event they are lost or stolen. This can be a valuable feature, especially if you are worried about identity theft.
Now that you have a clear idea of how the efficiency, availability and security of online banking can reduce your stress, it's time to consider the pros and cons of online banking.
What are the pros and cons of using online banking?
Let's start with the easy part of the question: the cons for online banking. The simple answer is that there are no real cons to enrolling and using online banking. Online banking is essentially a free benefit to being a member of the credit union and designed to make your life easier. With that part out of the way, let's talk about the many pros to using online banking:
Knowledge – by using online banking, you have instant access to the most up-to-date information about your checking, savings, mortgage, credit cards and other accounts.
Utility – the knowledge available means you can track expenses against your budget and make better informed decisions about large purchases that were either unexpected, or that you've been saving for over a long period of time.
Flexibility – online banking services like auto pay are tailored to fit your individual needs, helping to reduce your stress each month by doing things manually. You can just set-it-and-forget-it.
Savings – you save money each month with online banking because there is no need to buy checks or stamps anymore when you use auto pay. Additionally, with direct deposit and mobile deposits, you save time each month because you never have to go by a branch to add money into your accounts.
Reliability – building trust with members starts with respect and consideration. Therefore, your bank or credit union should be investing in the best technologies and infrastructure to help make online banking just as secure as banking at a branch. Reliability goes hand-in-hand with availability, providing the access you need at all times of day, even if it is after the credit union has closed for the day, or even on a holiday.
Service – that same quality service you receive at a local branch is available to you through the online banking local support team. Outstanding customer service doesn’t stop at the front door of a branch, and really should extend through your online banking experience.
There are lots of pros and few cons to online banking. Online banking simultaneously reduces stress and provides valuable benefits to credit union members who sign up and use it. Check out the many features available if you are interested in learning more. You can also call 904.354.8537 to discuss how to get started with one of our team members.