Banking on the Internet Keeps You Up to Date

Having to call the bank or waiting 30 days for our monthly statements to come in the mail so that we could reconcile our checkbooks are things of the past. In 'the old days,' so to speak, we would sometimes get unpleasant suprises such as bank overdraft notices, sometimes the result of a stolen check.  The overdraft fees would accumulate, making other checks bounce and creating terrible cycle of more and more bouncing checks and fees.  The solution to these troubles is setting up your personal banking internet account.

Since the advent of internet banking, it’s now possible to go online and see exactly what is going on with your account and how much money you have at any given moment.  If you and your spouse share an account and one of you forgets to write a cash withdrawl in the check register, checking your banking internet account will save the day because the withdrawal will show up online.  Internet banking allows you to transfer funds electronically almost instantaneously, saving potential overdraft fees and return check charges. You can pay bills online, transfer payments to credit cards, make online purchases, and complete other financial transactions as well. With today's conveniences, it is hard to imagine going back to the old way of calling the automated system over the telephone and waiting as the recorded voice reads off your cleared checks and deposits!

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Most all banks offer internet access to accounts as a convenience service to their customers, and it is relatively easy to set up your personal banking internet account. You just need to go to your bank’s website and set up a username or ID (usually your account number) and password and you’re on your way.  Sometimes you need to verify in writing your intention to set up an online account with your local bank.

Once you have your account, you can even transfer your banking data to your computer based bookkeeping system such as Quickbooks or Quicken so that you can easily track your income and expenditures throughout the year. This is especially handy at tax time! Internet banking also allows you to apply for various types of loans and have the money placed directly into your account in a relatively short period of time. You can also make investments in certificate of deposit accounts as well as other financial transactions.

Make sure that you are banking with an FDIC insured financial institution to provide you peace of mind that you are doing business with a legitimate bank that can protect your deposits and investments.

You also need to be careful about avoiding phishing scams where you receive an email allegedly from your bank, asking that you confirm certain information by logging at the link provided.  Always access your personal banking internet account from the secure URL that you bank provided.

"Banking on the Internet Keeps You Up to Date" contributed by Geoff Smith