Advances in Online Banking

Author:     Friday, January 17, 2014 12:00 AM

Online banking is a useful way to keep track of your finances and work out details to pay all of your bills. Although it was originally a simple way to stay updated with the details of your account, it has evolved into a versatile and useful banking tool.

Using Online Banking for Bills

A key feature that online banking provides is the opportunity to pay your bills without wasting time or effort. Depending on the bank, you can set up your account to your electric company, credit cards or any other bills that you may need to pay each month.

When your bills are due, you can simply enter the information about how much you want to pay and the date. Online banking allows you to make the payment without wasting time or sending a check through the mail.

Email Alerts

Some banks may offer email alerts whenever there is suspicious activity on your account, your bank account is at risk of overdraft fees or when other fees may be applied to your account. Depending on the bank, the alerts that may be available can vary. can help you find an appropriate bank if you are concerned about fees and costs associated with email alerts. Each bank has a different method of charging fees and the alerts may or may not have added costs associated with the service.

Online Tracking

Balancing a checkbook can seem complicated, but online tracking services make it easy to keep track of your money and where you are spending. After signing into your account, you can look at your different accounts on a single page.

Looking at your accounts will allow you to determine how much money you have available at any time and it gives you the opportunity to keep track of any bills that are related to the same bank, such as a credit card or a mortgage.

Mobile Applications

Originally, online banking had limitations associated with how you could use the features. Depending on the bank, mobile solutions were limited. As technology improves, banks are offering more mobile solutions so that it is possible to keep track of your bank activity from a smartphone or tablet as well as a personal computer.

Mobile applications may or may not have fees associated with the services. Many banks offer free applications, but may charge for advanced services or might have limitations on how you can use the mobile banking options.

Online banking has advanced dramatically over the years. It is no longer just a method of tracking your spending. It now offers the opportunity to pay your bills, obtain alerts and get your applications for loans and financial options ready to submit. Mobile solutions are also available, which can help reduce complications when you are on the go.

Source: BFI