How to Get the Most Out of Online Banking?

How to Get the Most Out of Online Banking?

Online banking platforms offer users so many convenient features that can make managing finances easy. Take a look at some of the features you should be using in your online banking.

Automating Your Savings

With online banking, you can automate your contributions to your savings accounts. Schedule direct transfers between your checking account and your savings account. Do this to build up your retirement funds, college savings funds, vacation funds, emergency funds and more. 

Automating Your Payments

You can do more than automate your savings contributions. You can also automate your payments for various recurring bills. 

Say that you didn’t contribute enough to your emergency fund, and now you need an alternative way to cover the expense. You could use your credit card, a personal line of credit or even a direct deposit loan. Find out more information about what are direct deposit loans and how they can be useful for certain circumstances. You just might need one. 

All of these alternative options require that you borrow funds to cover an emergency expense. So, after you handle your emergency, you’ll have to focus on repaying what you borrowed. The easiest way to manage these repayments is to automate them through your online banking. The bill payments will go through automatically by the due date. You’ll never have to worry about missing a payment or collecting a late fee. 

Sending Travel Notifications

Are you planning a vacation abroad this year? Then, you should take advantage of the online banking feature for travel notifications. With this feature, you can inform your bank about the dates of your trip, the country you’re visiting and the bank cards that you intend to bring with you. This will stop them from flagging any transactions in a new space as suspicious and freezing your account at a terrible time.

Finding the Right ATMs

Are you tired of collecting out-of-network fees whenever you use an ATM? Then, you should check your online banking app for an “ATM locator.” This feature will help you find the exact locations of in-network ATMs so that you can avoid frustrating fees when you need to withdraw cash.

Depositing Your Checks

You need to deposit a check, but you don’t want to trek to your bank to do that. If your online banking app offers “mobile check deposit,” you don’t have to step out your front door. You can take a photo of your check and deposit it in your account through your banking app. 

Checking Up on Your Account

You can set up alerts through your online banking app. These alerts will let you know that you should direct your attention to your account as soon as possible. You can set up alerts when your checking account balance is too low, when your savings account balance is too low, when your credit card balance is too high or when you’ve made a very large withdrawal. 

You also have the option to set up alerts regarding suspicious account activity, like when your password is changed, when your profile is edited or when you get locked out of the log-in page. These alerts could let you know that someone is attempting to hack into your account and commit identity theft. 

Are you not signed up for online banking? Then, you need to change that. 

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