If you’ve never used online and mobile banking, or haven’t in quite a while, you might think there really isn’t a reason to. Perhaps you are just fine going through the bank drive-through each week. You see no need to complicate things, and you worry about the security of your account information being accessible online. Before completely shutting the door to using online and mobile banking though, take a few minutes to read on.
The benefits of online and mobile banking today go well beyond just viewing your transactions or transferring money from one account to another. Plus, advanced technologies are in place to protect your account information, and the ability to view your account at any time can actually help you detect any fraud. For example, you could see the transactions right away, if someone stole your checks or debit card and began using them on your account.
Here are some of the reasons people say they like using online and mobile banking:
It makes life easier.
Nowadays, you can literally set things up, so you almost never need to go to the bank. Have your paycheck or Social Security check automatically direct deposited to your checking account and use mobile deposit (a feature of mobile banking) to deposit other checks from your smartphone. Once the money is in the bank, there are various ways you can access it via online and mobile banking:
- You can pay bills, anyone from the babysitter to your insurance company, using bill pay within online and mobile banking.
- You can transfer money between accounts
- You can pay for things using your debit card or smartphone’s digital wallet. What is a digital wallet you might ask? It’s an app on your smartphone that lets you securely store payment methods, such as credit cards and debit cards. Present your phone, and authenticate the transaction, to pay at participating stores.
It helps you monitor your accounts.
We’ve already mentioned the benefit of using online and mobile banking to monitor for fraudulent activity, but you can also set up text alerts and debit card controls for additional security. For example, receive a text message when your account balance falls below a certain level, or a payment is higher than a specified amount. Or have the ability to turn your debit card off and on if it is lost or stolen. Also, by logging in and checking transactions daily, you can quickly notice if a transaction looks out-of-place and take immediate steps to correct it if necessary
It improves organization.
Online and mobile banking give you access to numerous tools that can help you track and organize your finances. Here are a few examples:
- Centralize all bill payments within online bill pay (a free feature of online and mobile banking at Old National). You can pay everyone directly from your computer or smartphone, and the payment will be taken from your checking account. Some companies will even let you opt in to receiving electronic bills there, and you can schedule bill payments to be sent automatically.
- Through online banking, you can sign up to receive eStatements, or electronic versions of your statements. Typically, eStatements arrive earlier than paper statements. As your statement archive builds, you will be able to access past statements (at Old National, up to 18 months).
- Use a personal financial management platform within many online and mobile banking products. When logged in, you would be able to see a total picture of your finances, such as accounts at all financial institutions, how you are spending your money (by category), budgets and goals you have set for yourself. Having all of this in one place, and tied directly to your account activity, helps you more effectively manage your money.
Is it secure?
Online and Mobile Banking has now been around for a while and continues to grow in usage. Given the high volume of users and transactions, incidents of unauthorized access are comparatively low. Multiple, layered protections, from secure logins to firewalls, work in combination to protect account information.
It’s important to note too, that account information accessed via online and mobile banking is not stored on your computer or mobile phone. Plus, you can take many security measures yourself, such as choosing a strong password that includes letters, symbols and numbers, and not using the same username and password for other online accounts.Ultimately, you should weigh the advantages and disadvantages of using online and mobile banking for your specific needs. However, as online and mobile services continue to evolve, the benefits just continue to stack up for more and more people.
Services to save time
Access your bank accounts, deposit checks, pay bills and more from home, the office or on the go. An Old National checking account paired with our online and mobile services makes it easy.
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