Top 5 Reasons Why I Love Online Banking

by Kristina Tahnyak on January 6, 2011 · 9 comments

I couldn’t imagine a world without Online Banking. I wake up every morning and check the previous day’s transactions on both my Debit and Credit cards.   This week I was shocked when I overheard a client speaking with one of my co workers about signing up for Online Banking with our Financial Institution.

The client had to be in her early forties, and I had to do a double take when I overheard her asking my co worker about the benefits of Online Banking. She wanted to know if Online Banking was secure, and how to sign up for Online Banking, hypothetically, if she wanted to.  I tried to linger around their conversation to make sure that I was hearing correctly; because I couldn’t personally imagine a world without Online Banking.

I use Online Banking for everything from my bank account and my credit cards, to my driver’s license renewal and my toll fees when I use a pay for use highway.  I use Online Banking for everything that is available, and it definitely makes my life a lot simpler.

Here are the Top 5 Reasons Why I Love Online Banking:

Online Banking is Very Secure. Contrary to what many people may think about Online Banking, it is actually a very secure way to conduct our personal banking and other personal business.  Most financial institutions have a secure guarantee logo on their website to ensure that our personal information is kept private.  It is not advised to have other sharing websites open, such as Face Book, Twitter, and Music Downloads, etc. open while we are logged into our Online Banking.  It is ok to have any non interactive (static) websites open while we are logged into our Online Banking.

Online Banking is Private. There is more of a security risk that our mail will be lost in transit and fall into the wrong hands, than there is of a security violation via Online Banking.  I prefer to have all of my monthly bills delivered through my Inbox, as opposed to my Mailbox.  Every time that my monthly credit card bill is ready I receive an email notification.  Then, I log into my financial institution or credit card company website securely with my user name and password to view my monthly statements.

Daily Transaction Record Keeping. I like being able to verify all of my transactions on a daily basis.  As soon as instantly and as late as the next business day, we can view all of our up to date transactions.  It is a helpful tool for record keeping purposes as well as fraud prevention.

Daily up to date balances.  As soon as we make a purchase or a deposit our account balance is updated.  This is extremely helpful for our credit cards.  We know instantly when payments are received and when purchases are made.

Hassle free when we move. Our email address doesn’t change when we move.  If all of our bills are delivered to our inbox, we don’t have to call multiple companies and change our mailing address when we move.  Having our bills delivered electronically is definitely hassle free.

Photo by DawgByte77

{ 4 comments… read them below or add one }

1 Migdalia January 6, 2011 at 12:10 pm

I find online banking very practical too, I think if online banking would not exist I would be late in a lot of my bills since I hate make payments in the branches and not all my bills can be attached to my account, in those cases online banking saves me.

2 clouserw January 6, 2011 at 8:31 pm

A logo guaranteeing privacy is pretty much just to make you feel good. In general, logging into your bank’s website is as secure as your environment. Logging in from a coffee shop, or a friends computer, or your computer with outdated software is asking for trouble, and it has nothing to do with the bank and everything to do with the data as it travels from your computer all the way to the website.

If you don’t want to spend forever learning the ins-and-outs just remember to use a decent password, don’t use the same password everywhere, and keep your browser up to date.

Don’t have too much faith in their system, a lot can go wrong between you and them.

3 Miss T @ Prairie EcoThrifter January 7, 2011 at 9:31 am

I love how you can access it anywhere. I also like how I can download my transactions right to my money management software, Quicken.

4 Kristina January 11, 2011 at 1:42 am

I agree with everyone. Online banking is practical and easy to use, although nothing is guaranteed I have never had a problem. I have my debit card frauded more than any security breach on my online banking.

Now there are all kinds of mobile banking apps for blackberry and iphones…which is also very practical.

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