Top Five Online Banking Features You’re Not Using

Using your online banking feature, either by logging into your account on a computer or through a banking application, can provide you with the convenient ability to check your account balance frequently.

While this is the primary way online banking features are used by most individuals, you can access several additional features once you have signed into your bank account electronically. From transferring money to depositing your check each week, these electronic features can provide you with an easier way of conducting your banking business. Many customers often find it difficult to visit a bank in-person during the work week. By learning how to use your online banking feature more efficiently, you can conduct several forms of business from the comfort of your own home or office. This article provides you with information relating to the top five online banking features you may not be aware of.

Send Money More Efficiently

Most major banks allow customers to send and receive money through automatic transfers conducted with the online banking feature. For example, members of First Atlantic are granted the opportunity to use the Popmoney service once they have logged into their online banking account. With Popmoney, you can send money with a few clicks of your mouse to anyone you know. You do not need to have access to the other person’s bank account to utilize this feature with Popmoney. All you need to do is enter in the person’s name and telephone number to commence the transfer with this information.

You can choose to substitute an email address for a phone number as well. Once your information is correct, all you need to do is specific the exact amount you want to send. It typically only takes a few minutes for all electronic money transfers to complete using the Popmoney app.

Utilizing this app is beneficial for parents who want to help a child who is away at college. It is also a great resource if you commonly forget to make payments, such as owing a coworker money for lunch. You do not need to provide any personal information about the person you are sending money to, which makes the transaction secure for everyone involved.

24-Hour Access to Electronic Funds

Standard banking hours are often at odds with traditional business hours. Many workers have a difficult time getting to the bank on time since the banks are opening and closing at the same time they are expected to show up for work. When you are running late, or if you tend to work busy projects where you have little time for a break, you may find it difficult to visit your bank during these hours. With your online banking feature, you have 24-hour access to your account, meaning you can take care of things at the most convenient time for you. If you have plans to go out on Friday night and you want to see if your direct deposit cleared in your account, all you need to do is sign in and see what your balance is to determine if you can go ahead with your plans.

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Gaining 24-hour access to your banking account additionally allows you to see if there are any unauthorized transactions taking place. If you were to wait to check your balance when you visit your bank in-person, you may catch a fraudulent charge days after it happens, which makes it much harder to cancel. When you make it a habit to check your balance electronically, you can see if there are any outstanding charges you did not make to your account and contact your bank accordingly.

Deposit Checks Electronically

Some employers choose not to offer direct deposit, which can be frustrating for employees who cannot make it to the bank every payday before closing. To avoid this hassle, you can utilize the online deposit feature for your bank account. You must download the mobile phone app corresponding to your bank to exercise this service. Once you have downloaded the app and signed into your account, you may go through the step-by-step process of depositing your check electronically.

The process is simple to follow even if you have not tried this feature before. You are required to sign the check as you would when you were depositing it in person, then you must take a clear picture of the front of the check and the back of the check. Once you have taken these photos, you can specify the amount the check is for and press the deposit button. Your check is typically deposited into your account within 24 hours, and the bank alerts you if there are any issues during the processing period.

Create a Budget Based on Your Spending

Oftentimes, online banking provides a budgeting feature which you can use to specify according to your personal spending habits. These money management features provide you with a breakdown of your spending based on categories, such as shopping and bills, to help you determine where you are spending money most frivolously. You may be spending up to $25 per week for coffee, which can eat into your overall budget and savings without you realizing this is taking place.

With the electronic budget feature, you can determine where you are spending your money the most then create a weekly or monthly budget for yourself based upon this information. By doing so, you can ensure you are setting aside money each month for your rent, utilities and food shopping before you spend this required money on less important services or products.

Set Up Automatic Bill Payments

If you often forget to pay your bills on time each month, you can solve this issue by using the automatic bill payment feature offered through your online bank account. To use this feature, you must provide your account information and specify the amount you are required to pay each month. For example, you may use the automatic bill pay feature for:

  • Mobile telephone bills.
  • Rent payments if you are permitted to submit your rent electronically.
  • Electric bill.
  • Gas bill.
  • Cable/telephone bill.
  • Internet service.

You can choose to use the automatic bill pay as a one-time service or you can opt into a recurring charge where your bills are automatically withdrawn from your account each month for a specified amount.

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