Online Banking

With busy schedules, climbing gas prices and "to do lists" a mile long, it is nice knowing there is a convenient way to do your banking.  Most banks now offer online banking and it can save you time and money.  Generally, this is a free basic service, but always check with your bank prior to signing up.  Services that you can do online vary from bank to bank but most offer the ability to check your balance, transfer funds between accounts, view specific transactions in detail, place stop payments on checks and electronic items, view copies of your canceled checks and order new checks.  You also have the ability to email your bank directly using a secure connection to ask about specific transactions or service charges you may be questioning.  Some banks even allow you to wire funds electronically to other accounts you may have with different financial institutions. 

In addition to the above, most banks also offer the ability to pay all of your monthly bills online.  This service can save you on stamps, gas and time because you can pay all your bills electronically.  Your payments will also arrive faster than normal mail and you will have an electronic record of each payment.  There are generally two ways that you can initiate electronic bill payments.  The first would be to set up a schedule to have your bank automatically pay each bill on a specific date.  Most banks recommend you allow 5-7 business days for the payment to post; this is to cover any unforeseen issues that could arise.  The second option that some banks offer is to initiate each bill payment yourself.  You log into your online access page and manually request the bank to electronically pay each bill.  This process gives you more control over when the bills are paid and offers some people more reassurance as they are making the payment request themselves rather than allowing a computer to do it automatically.  Banks generally charge a fee for electronic bill payments but depending on your account and daily balance, these fees may be reduced or even waived.  Some banks are even beginning to offer special accounts designed for online access and may offer electronic bill payment free of charge when you open this specific account.  Depending on how many bills you pay a month, even paying a modest fee could still save you in the long run in both dollars and time.  

Another feature that most banks offer is direct deposit.  This is the process of having your paycheck electronically placed into your account every pay period, eliminating the need to wait in line at the bank on payday.  Your bank can provide you with all the information to give to your employer to initiate the process.  Most banks even offer the option to have your paycheck deposited into more than one account.  Example, you choose to have $50.00 of your paycheck deposited into your savings each week and the rest put into your checking account.  

Online banking is the way to go if you want to save both time and money.