The Convenience of the Switch to Online Banking

As much as we might avoid admitting it, money is an essential part of how societies function. And when it comes down to the personal level of our lives, having a way to safely protect and manage your finances is crucial. For as long as banks have existed, the quick rise in online banking is incomparable and proportionate only to how long we’ve had the convenience of the internet. The widespread popularity of online banking dates back to about the mid-2000’s, but now, there are few banks that don’t offer the online option. The convenience of online banking is inarguable and may be the right switch for you if you have a hectic or on-the-go lifestyle. Making a transaction on a banking app like mifinity can be done in seconds at any time of the day or night, saving you both time and the stress of trying to get to a physical bank during their short opening hours.

Features of Online Banking

There are many enticing features to online banking that could arguably make in-person banking seem obsolete if trends of at-home convenience continue to expand in the future. These features vary among banks, but include:

  • Mobile deposits – you simply upload photos of your signed checks to the bank’s mobile app, verify the monetary value, and wait a couple of days for the deposit to appear in your online account
  • Account(s) balance information, including overdraft policies and withdrawal and transfer rules
  • Transaction histories (works as a kind of virtual checkbook balancing)
  • Online banking via the mobile app
  • Online bill-paying
  • Money sending to people who use different banks via middleman apps like Venmo

Who Can You Use Online Banking With?

Today, most regional and national banks use online banking alike, but some of the other more popular options for online checking accounts come from services that are used solely online. Some of these services offer the added convenience of not charging service fees for out-of-network ATM usage. One thing to keep in mind with these online services, though, is that the interest rates are usually pretty low, and they sometimes require pretty high balances to get decent interest on your assets.

  • Ally Bank
  • Discover Bank Cashback Checking Account (This one is popular for its cash back feature. You get 10 cents cash back on every dollar you spend for up to 100 purchases a month.)
  • Synchrony Bank (This online service is lauded for its saving accounts.)
  • Bank of Internet USA
  • Chime

Switching to online banking, or supplementing in-person banking with online services, is a personal choice, but it comes with many benefits. It may be convenient for those who have busy schedules or don’t live in close proximity to their banks.