Internet banking speeds up the process of communicating between customers and their bank. Virtual banks, credit unions and building societies who offer online banking services allow their customers to make secure financial transactions using their secure websites.
Almost every online banking customer has access to statements over the Internet. At any given moment, customers can sign into their account and see the most recent transactions in their account. There are, however, so many more ways to use Internet banking so you can maximize the features available to you.
1. Electronic bill payment. When it’s time to pay a bill, there’s no reason to write a check. Sign into your Internet banking and pay the bill electronically.
2. Funds transfers between a customer’s own accounts. For example, you can sign in to transfer funds from your checking account to your savings account.
3. Investment purchases and sales are sometimes available through online banking.
4. Complete loan applications and pay your loans for that bank through the Internet.
5. Check online statements to balance your checkbook. You can even look up past statements and see photo images of checks and deposits if there’s a question about a purchase.
6. Perform wire transfers online through your bank.
Another feature available to many Internet banking customers is personal financial management support. This allows you to download your personal financial information from your banking website and enter it automatically into your personal accounting software. If you use accounting software to keep track of your checkbook, this can save you hours of manual input.
Finally, look into account aggregation if you have multiple bank accounts. This features allows customers to monitor all of their bank accounts through one secure website… even if the bank accounts are located in several different banks. Not every bank offers this feature, but some do, which makes it a selling point for business minded customers.