Whether you decide to use a mobile app to take care of your finances or stick to in-store banking, there are plenty of reasons why using one or the other should be a priority for you. However, with mobile banking being one of our generation’s most significant technological advancements, it has changed the way we bank forever, and you should definitely make the most out of it.
Online banking is easy to get started, and you don’t need any advanced digital engineering knowledge to use it to your advantage. And since there are many reasons why utilizing an online bank to manage your finances is so popular, you should definitely start using it as soon as possible and significantly improve your banking experience.
This article will explore the most important reasons why you need online banking in your life.
Online Banking Lets You Get Account Access Right Away
You may log in and view your bank account data at any time using online or mobile banking. When you check your accounts, you can view your pending transactions and balance at a glance, allowing you to determine whether you can pay for things without being overdrawn.
You can also analyze your recent transaction history and bank statements in real-time, which is an excellent method to keep track of transactions that have been posted to your account, regardless of where you are. Additionally, account notifications can be set up to warn you of the activity of your account so you can respond swiftly to any questionable activities.
You Can Even Schedule Automatic Payments
Online banking also allows you to schedule payments in advance. For instance, your online banking account can be used to set up salaries, rents, and other fixed payments in any amount. These payments are deducted automatically in the amount you specify on the day you specify, eliminating the need for physical checks or postage.
Transferring Money Between Bank Accounts Becomes Incredibly Fast
You can move money between your multiple accounts using online and mobile banking, which is especially beneficial if you have scheduled automatic payments on some account or if one of your account balances is low and a recent purchase could cause your account to overdraw. With mobile banking, you can quickly transfer funds to the account in question and efficiently manage your finances from the comfort of your home.
In addition, if you want to send money to someone you know and trust, online banks allow you to send and receive money from one bank account to another using only the receiver’s phone number or e-mail address.
Deposits On the Go
Mobile banking apps allow you to deposit checks into your account by photographing them and depositing them electronically. This is a usually free service that deposits the funds into your account faster and saves you time by avoiding depositing the check physically at the bank. The cash put in your account usually is available within 24 hours, but sometimes, it may take a couple of days. This secure and straightforward online banking feature eliminates the stress of wasting time standing in lines at the bank or rushing to get there before it closes.
It Can Help You Lower You Overhead Fees
The most significant advantage of using a mobile-only bank is offering more competitive rates than more traditional banks. Many mobile-only banks offer interest-bearing checking accounts without monthly service fees or minimum balance requirements. They also typically have low overdraft fees and refund ATM fees. In addition, they usually don’t require a monthly maintenance fee or minimum balance so that you won’t pay any unnecessary charges on your balance.
Additionally, some online banks have an online savings account option that has no inactivity fee, so if it’s the only bank account you use, you don’t have to worry about the account being shut down for not having enough activity on it.
You Can Sync Them With Your Budgeting Apps
Many budgeting apps can connect with your online banking data, and as a result, it will be much easier for you to stay within your budget. Moreover, if you share credit card and bank accounts with a spouse or partner, you may want to seek an app that allows you to sync your information with your mobile bank app seamlessly. For that reason, you can opt for using specific budgeting apps for couples or households.
In the end, mobile banking is simply a fast, convenient way to perform routine, day-to-day banking activities. And since 80% of today’s consumers own smartphones, there’s no reason why you shouldn’t take advantage of this technology when it comes time to pay bills or check your accounts.