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Helpful Features of Online Banking

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Make the switch to banking online and take advantage of useful features

As the world of technology continues to advance and people's schedules get busier and busier, having the option to bank online can be convenient, save you money and even help you be more organized with your finances. If you've been resisting banking online, here are some great features that might just change your mind.

According to the professionals from the website BankRate.com, "online banking isn't out to change your money habits. Instead, it uses today's computer technology to give you the option of bypassing the time-consuming, paper-based aspects of traditional banking in order to manage your finances more quickly and efficiently."

Most financial institutions — large and small — today offer some form of online banking that features a variety of tools to help customers stay on top of their finances easily and efficiently. Online banking gives customers a variety of advantages, including:

Convenience — Online banking doesn't have open and closed hours — you can manage your finances 24/7 as long as you have Internet access.

Efficiency — All of your accounts can be managed from one secure site; this includes savings and checking accounts, IRAs, CDs, and even securities.

Faster processing speeds — Online banking normally confirms transactions faster than ATMs do, so if you need to transfer money from one account to another, the transaction is completed almost instantly.

If you have trouble keeping your finances organized and paying your bills on time, you can utilize special tools that will make a world of difference. Some of these include:

Direct deposit — Never wait to cash your paycheck again. By signing up for direct deposit, your paycheck will automatically be deposited into your account by the company sending the money.

Automatic bill pay — Set up as many bills as you want on automatic bill pay and never sit down with a pen and checkbook again. You'll be far less likely to miss a payment and incur late fees or spend money on postage. Of course, it's important to regularly check your automatic payments to make sure they are all correct.

Online statements — Do yourself and the environment a favor by opting for only online statements. You can access your statements any time of day, and you'll reduce the amount of paper in your files.

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