Take Control of Your Finances with Online Banking
In this day and age, online banking is an absolute must. It is becoming increasingly difficult to avoid banking online, which means that you will eventually have to get used to doing some of your financial work online. Many concerns about security and identity theft have been addressed, which is great, but there are still so many options for banking outside your bank that it can be difficult to decide what method of banking is right for you and your family. This quick guide is designed to help you decipher between the options that are out there, and start taking virtual control over your financial future.
Security
Many concerns about online banking stem from security issues with banking from a device. While it is true that people can hack into computer systems and steal information, the same thing is true for filing paperwork. If someone stole the paperwork that was filed at your bank, they would have access to all kinds of information. Realistically, online banking is no less secure than working with a banker, and it is much more convenient. In fact, most online transactions are encrypted so your information does not get stolen. This is much safer than having paper copies of financial reports in a filing cabinet. If you are still unsure about whether or not online banking is safe, you should definitely talk to a professional at your bank who can explain the process to you and ease your fears. Its a scary thought that, if someone wants our information, they can get it, but whether you bank online or with a banker, your information is out there somewhere. It is best to take proper measures to ensure you are safe, like not storing your passwords on your computer or online.
Internet Banking
Internet banking refers to using the website of your bank to process information. This can mean you use this site to manage loans, digital checks, savings and checking accounts, as well as pay bills and transfer funds. Most banking websites also allow you to download statements in PDF format that you can keep for your records if you want to. However, if you are interested in going green and saving the world from the printing of unnecessary paper, you can just view those statements and then delete them from your computer. With online banking, it is also possible for you to go completely paperless, which is extremely helpful for the environment.
SMS Banking
SMS banking is similar to online banking in that you can do some things without going to the bank. However, it is different in that you are using primarily text messages to perform certain actions. Therefore, the actions you can perform are sometimes limited. Depending on your bank, you may be able to use text messages, or SMS messages, to receive an account balance at a set time and get alerts when your account dips below a certain balance or when a large sum of money is withdrawn from your account. Some banks also allow you to transfer funds between linked accounts, stop payment on a check, and pay some bills through SMS.
Mobile Banking
Mobile banking is very similar to Internet banking, except you are using a smart phone to bank rather than the computer. Many smart phones have apps that connect you directly to your bank, and give you information about your accounts, allow you to pay bills or transfer money, and some banks even allow you to make deposits by taking a picture of the check.
