People often choose to bank online to gain access to features such as online bill-pay, remote check deposits, easy money transfers and readily available transaction information. Online banking saves time and provides increased convenience.
Convenience is one of the most important advantages of online banking. With an online bank account, consumers don't need to rely on branch opening hours; they can log in at any time to check balances, pay bills, transfer money or send checks. Customers with an Internet connection can open accounts online, apply for loans and move money between accounts.
Online bill-pay is another attractive feature. Customers with online banking accounts can pay all of their bills from a single account, without purchasing envelopes or buying stamps. Most bill-pay systems can transfer money electronically or send checks to arrive on a specific date. For added convenience, users can schedule individual payments or set up auto-pay for recurring bills.
Many banks offer a variety of features in their online portals, each designed to save time. Some apps enable customers to deposit checks by uploading photos, eliminating the need to visit the bank or stand in line. Others feature custom notifications that send out text messages when a check clears, a balance drops below a certain level or a transaction goes through.