If you are not taking advantage of online and mobile banking, you might be wasting time and money.
Simply put,online and mobile banking are the most convenient ways to monitor your accounts, transfer money from one account to another, pay your bills and more. If you have your paycheck automatically deposited to your checking account, you'll reduce the need for visits to a banking center.
The rise of online banking
If you are not participating in at least some form of online banking, you are in the minority. According to a March 2015 Federal Reserve report, 74 percent of survey respondents accessed their banking services via online banking platforms in 2014. That's an increase from 65% in 2011.
The benefits of online and mobile banking
Money management becomes easier when you can access your accounts from anyplace that you have an Internet connection. See your account balance, history of transactions, eStatements or electronic version of your statements and more. One big benefit of online banking is the ability to pay bills online. Paying bills the old-fashioned way can be a hassle, by the time you write a check, fill in your checkbook's ledger, address an envelope, find a stamp and then take your payment to a mailbox or post office. With online banking, if you want to pay a bill, you just securely log in and authorize that a payment be sent electronically.
Mobile banking offers the additional convenience of downloading an app to your smart phone or tablet and then accessing your accounts on the go.
While online and mobile banking are secure, it is always smart to follow basic security measures. Choose strong passwords, including letters, symbols and numbers. Be sure not to use easy-to-guess passwords such as the street on which you live or your birth date. Don't use the same username and password for other online accounts and never share your log in information with anyone.