5 Significant Advantages of Online Banking and How to Get Started

Advantages of online banking

About two-thirds of Americans use online banking for most transactions. Are you getting the most out of your banking? With today’s digital world, your account can be just one click away for your personal or business banking.

Learn about all the fantastic options you have with online banking and how to get started utilizing all the advantages of online banking today.

1. Access Anytime

With online banking, you can keep track of your accounts 24/7. No need to run to the bank or ATM to see if a transaction has hit or check your balance. Simply sign in and review your accounts.

You are not tied to the bank’s hours, so you have the flexibility you need. You can also access from anywhere you have an Internet connection.

Depending on your account, you can increase your flexibility by downloading the bank app on your cell phone or tablet. These apps let you view your accounts and also complete some transactions. You can also sign up for notifications of credit card charges, account withdrawals, or account deposits, so you can stay in touch with your account without logging in. 

You can still access cash at ATMs when needed. Most banks have multiple ATM locations close to you that will not charge fees.

2. Account Transfers

If you have more than one account with a bank, you can transfer funds from one account to another without leaving your home or office. If both accounts are with the same bank, the transfer happens instantaneously. This means you can tie your personal and business accounts together if they are with the same bank, which is a big time saver for business owners.

You can complete these transfers anywhere you want and whenever you need to, saving you time. You won’t have to carry money with you when you need to move from one account to another.  

3. Automatic Bill Pay

You can automate paying your monthly bills online. This saves you time and money because you can guarantee these bills are paid online. 

By paying your bills online, you don’t need to worry about wasting paper on statements and mailing a check. You also don’t need to purchase postage, so online bill pay saves you money.

In addition, you won’t have to add extra days to send you payment to account for mail time. You can keep your money in your account longer, which may earn you some interest depending on the account you have.

4. Less Paper

Banks are trying to be as paper-free as possible, so you can get your statements online. This is also an easier way for you to organize all you statements and no need to worry about keeping paper statements and shredding when you are done. 

You have access to all the information you need when you sign into your account online. This also serves as a central filing point for you to help you keep your financial records organized.

5. Securely Communicate with Your Bank

You can communicate directly with your bank anytime. Your messages are encrypted when you contact your bank through their website or app, making these messages much more secure than the average email. You can get most of your questions answered without setting foot inside a bank.

Is Online Banking Safe?

This is a common question among customers because online banking handles all your money. There are several precautions to make sure your online banking transactions are secure and as safe as possible.

Banks use encryption to scramble all the data as it is sent online. You should look for the https:// in front of the address before entering your user name and password. Also, look for the closed lock in front of the web address—this indicates the site is secure.

Banks also offer fraud monitoring to notify you of any suspicious activity in your accounts. You can sign up for email alerts, texts, or phone calls to limit any fraudulent activity.

Ways You Can Keep Your Account Safe

There are also other ways you can make sure your banking information is safe. Make sure you use a secure internet connection and not public WiFi connection. Hackers can access your information if you use a non-secure connection.

You can also sign up for two-step authentication, which requires you to enter a code after entering your user name and password. You are basically giving two different credentials. The code will be sent to you after you do the first step, whether you choose email, text, or a phone call.

When the bank account notices you are signing in from a different location, you can set security questions. Every time a different device is used, this additional verification pops up to ensure it is really you. You can choose the questions and answers to make sure they are unique to you.

When you sign-in online, you can also view the last time someone viewed your account. If you see a time and date that you know you didn’t access your account, contact your bank immediately.

Things to Remember With Online Banking

If you choose a bank that is only online, you will not have access to a face-to-face conversation with a banking professional. Other banks also have brick and mortar locations along with the web features mentioned above.

This gives you the best of both worlds. You can complete most of your banking transactions online, but when you need to talk to a representative, you can visit the branch.

Get the Advantages of Online Banking Today

If you are ready to utilize all the advantages of online banking today, simply visit your bank’s website. You will need your account information and your Social Security number. You will have to come up with a user name and password

If you are looking for a bank that has all the online banking benefits, contact Signature Bank today. You can schedule an appointment, call us, or chat with us online to review your banking needs. You can also apply online for a personal or business account online to save you time.

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