Internet Banking: Get out of line and go online.
I’ve been banking with an online institution for the past 7 years. When I hear stories about people standing in line at the bank or see someone writing a check at a grocery store, I shake my head and wonder why it is that more people haven’t simplified their banking solutions. For those of you who haven’t experienced online banking, here are a few reasons to check it out.
1. No fees and better interest rates.
The best reason to bank online is simply money. Here’s the way banks work. They take your money along with everyone else’s and reinvest it. To be clear they make money from your money. Most banks charge you for this privilege. You are paying banks to borrow your money. It doesn’t make any sense. Banks should be paying you to borrow your money. In fact, some do. I’ve banked with three online banks over the past 7 years. I’ve never paid a bank fee. Never. Plus I’ve received 4-6% interest on all of my money.
2. Free bill pay.
Traditional banks offer online bill pay nowadays. But most of them charge for it. All three online banks I’ve worked with have offered bill pay for free. This is by far the most time-saving offering of an online bank. I can setup my rent to be paid on the 27th of every month and never think about it again. In less than five minutes I can pay my utility and credit card bills. And the best part is, I can do it any time of day and i don’t need stamps.
3. Easy deposits.
One of the biggest barriers for people when thinking about an online bank is how to make deposits. In a day and age when most people make deposits through ATMs, what could be more convenient? How about not leaving your house? I mail in deposits in postage paid envelopes sent to me by my bank. Again, I don’t have to rely on bank hours or need to know where my local ATM is. Instead, I just stick the checks in the mail and the bank takes care of the rest.
Online banking is both a time-saver and a money-saver. If you haven’t tried it out, I highly recommend it.
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