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Nov 15, 2019

Importance of Online Banking

Banking/Personal Finance, Digital Banking, General Information

man taking a picture of a checkImagine driving home from a long trip. You pull over to a gas station only to find your credit card denied. An email alert pops up on your phone telling you your account is low on funds. Using your mobile banking app, you transfer funds between personal accounts, wait a few moments, and voilà, your card magically works again.

This is the importance of online banking.

However, you don’t need to be in a dire financial situation to understand the importance of online banking. In an age of expediency, where every minute counts, online banking comes in as a commodity that, once had, you never want to go without again. It’s safe, it’s reliable, and most importantly, it fits into your life how and when you need it.

Types of Online Banking

Online banking is the umbrella term that encompasses all of banking on the internet. Essentially online banking branches into two different directions:

  • Online Banking via Desktop Browser – With your desktop or laptop computer, you can set up and access your account online. This will detail all the information you’d normally have to drive to the bank to get. Think:
    • Checking and savings account numbers
    • Current balance
    • Credit card information
    • Bills and monthly fees
    • More
  • Mobile Banking via Mobile App – With the rise of smartphones, banks and credit unions were privy to the convenience that comes with the computer in people’s pockets. As such, mobile apps were created to offer the same services as the desktop browser — accessible anywhere on your phone.

Two different styles, one purpose: Convenience.

Basic Online Banking Services

The easiest way to understand the importance of internet banking is to glance over the financial services offered online:

  • Online bill pay – One of the most utilized financial services of online banking, online bill pay allows you to pay off credit card monthlies, utilities, rent, etc., all online. Just log in, transfer money between personal accounts, and your bills are paid.
  • Understand your spending habits – Because all the data on your spending habits are found in one centralized location, it’s easy to understand and track your spending. Some banks and credit unions also offer spending reports, where the money you spent is detailed out into categories for you.
  • Easy money transfer – Whether you need to transfer money to your aunt or uncle, or you just need to transfer money from your checking to your savings account, online banking makes this as easy as a click of the button.
  • Simple check deposits – Many mobile banking platforms will allow users to take a picture of checks for deposit. This is an incredibly simple way to deal with dated modes of payment.

With online banking, you can confidently live cashless in your city, knowing that — should any complications arise with your account — you can quickly go online and fix any issues with your account. It’s also highly recommended to take the proper security measures when opening an online checking account or conducting online transactions. Upping your security will help prevent any online identity theft or theft of personal information.

Does that type of convenience speak to you?

Should You Set Up Online Banking?

As the saying goes: Time is money. But online banking is more than an aphorism, it’s one small area of your life that can be streamlined across all your devices. Even if you still enjoy a quick stop at the bank to pull out cash “the old fashioned way,” you can enjoy the perks of online banking when you need it.

  • For the time when you need to cash a check, but you have so many other things on your chore list for the day — mobile check deposit can help.
  • When your card gets denied, and you need to understand what’s going on — online account management will get you back on track.
  • If you’re traveling and there are no branches local to you — financial online banking makes it feel like there is one right in your palm.

And if the proposed importance of online banking services doesn’t seem to apply to your life, think of the alternative. As the other aphorism goes: It’s better to have it and not need it, than to need it and not have it.

How to Set Up Online Banking

The set-up process is simple, especially with Mission Fed. If you already have an account with us, you can set up your online account in-person or (you guessed it) online. If you want some help getting started, feel free to visit us at any of our locations. There, an expert representative will be able to answer any and all of your internet banking questions.

If you want to set up your account online, just go to our website and hit enroll now.

Visiting Your Local Credit Union

Your local Mission Fed Credit Union is ready to help you with whatever you need. Whether that’s setting up an online account today or helping you with a mortgage tomorrow, our members are always our first priority.

That’s the credit union promise. Here, you’re not a customer, you’re a member.

The content provided consists of opinions and ideas and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article does not constitute endorsement, control or warranty by Mission Federal Credit Union.

 

Sources:

Nerdwallet. 5 Steps for Tracking Your Monthly Expenses. https://www.nerdwallet.com/blog/finance/tracking-your-monthly-expenses/

Mission Fed. Online Banking. https://www.missionfed.com/online-banking

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