The first is simply the convenience factor of online banking. Want to know your current account balance and see a list of past transactions? You can. Want to make a transfer between two accounts? You can do that too, and, depending on your financial institution, the transfer may take effect immediately. Applying for loans, answering questions about your accounts, getting rate alerts ¾ all those services are available with any computer or smartphone.
Due to its convenience, online banking is often more efficient than in-person banking. When you can choose between waiting in line to talk to a teller who will direct you to another person in the bank — who may or may not be able to see you right away — before you can inquire about a loan or some other issue that goes beyond checking your balance or depositing a check, or just signing onto a secure site where all of that is available after a few mouse clicks, it’s easy to see which method is more time-effective. Many financial institutions’ websites offer every aspect of banking you could want at a single URL. And there’s never a line.
Especially when you’re starting out on the road to financial security, being able to access all of your banking needs from the location of your choice is a huge plus. Being able to actually change things about your accounts without having to navigate a pool of websites is another plus. If you’re on the fence, be sure to try online banking, as it’s free, usually easy to use, and can help you get on the right track for a better financial future.