Online Banking 101: No Lobby, No Problem

As the internet and technology is advancing, online banking is becoming more convenient. It allows you to conduct a variety of transactions from anywhere you are. How do you use online banking? Do you use it to its full potential?

We already learned that online banking is built to be a secure place to conduct financial transactions. Online banking allows you to become your own personal banker when you need it. Most people are already using online banking, however do you know all the functions and services that online banking offers? You can manage your finances by doing transfers between accounts, pay loans or other bills, deposit checks, review recent account activity, and track your spending. It can be used as a financial tool to help you stay on budget and safe from fraud. Let’s break down some of the services that you can do from the comfort of your own home.

Transfers between accounts

This simple transaction allows you to move funds from one account to another. You may also set up external accounts as well. The key here is that you must be a signer on all the accounts you intend to move money to. You cannot transfer funds from your account to a friend’s account that you are not a joint signer on. This is for security reasons. You don’t want your money to go into another person’s account. Internal transfers are instant, meaning you can access the funds right away. However, using an external transfer can sometimes take a few business days for you to have access to your funds.

Pay Loans and Bills

Paying loans and bills is now more accessible and safer than snail mail with using online banking. You are not risking the exposure of your checks with your account number on it or have to worry about mail being delayed. You can pay your loans and bills right from the online portal. You can set up reoccurring payments or just one-time payments to help you stay organized.

Mobile Deposit

If you are using your mobile phone for online banking, you have the service of depositing your own checks by taking a picture of it. However, there are limits and regulations that you must follow. Each financial institution may have different regulations, but there is always going to be a limit on the amount of the check for security reasons. Another thing that is important to know is how you endorse the back of the check. Make sure you check with your financial institution before you deposit your checks. Anything that is out of mobile deposit limits or not endorsed correctly can cause delays in the availability of your funds.

Review Account Activity & Track Spending

One of the main purposes of online banking is the ability to review your account history and activities. You want to track your spending and make sure that everything is accurate. If there is any case of fraudulent charges on your account, with using online banking, you can search for the transaction, report it to the financial institution, and shut your card off. You can also have access to your statements in the case you need to check on a transaction that happened a few months ago. Instead of reaching out to the financial institution for a research request, you can look at your own account. It can speed up the process and, in some cases, can save you a research fee.

If you are just wanting to stick to a budget, online banking is great at tracking your spending. With online banking at Alltrust, we can break down your spending habits weekly. This can be helpful if you are trying to stick to a certain budget. You can see where most of your money is going, and you can analyze your spending if needed.

Either you need to review recent account activity or track your spending, online banking can be very useful. You can have access to your account at any time of day, even after banking hours.

Not everything has to be online, and having branches are great for in depth transactions, however online banking is there as a financial tool. It is a state of convenience for people who are not able to make it to a branch during banking hours. Technology has advanced so financial institutions can help you access your accounts from anywhere. If you do have problems accessing your accounts, you can always call the member service number or walk into a branch. Banking Associates are trained to help guide members if they need to for online banking. We want to make sure that banking is simplified for you.

If you have any questions, email and it could be our next blog.