Traditionally you have been used to doing your banking by going in to a physical brick and mortar
building and taking care of whatever banking business you had to take care of.
Whether it was opening an account, checking balances, depositing a paycheck, taking money out for
living expenses, applying for a loan, paying a bill, moving money around from account to another or
Of course you had to make a special point of putting it into your schedule and arranging other tasks
around it to accommodate your planned trip to the bank. Well, those days are over.
With the popularity of the internet during the last 5 years banking has never been easier or more
convenient than it is today.
With the internet and online banking you can access your bank 24/7. Or as close to 24/7 as can be since
there is always the time when the bank's website is not accessible due to website maintenance.
And you don't even have to get dressed to do your banking. I find this benefit very useful in the cold
winter months when I can just sit in the warmth of my home and do my banking activities through my
Nowadays, most large national banks, regional banks and even smaller local banks and credit unions
have some form of online banking for both the convenience of their customers and for their
convenience as well.
By allowing you to access their bank and your banking account they don't have to pay for someone to
attend to your needs and they save money. They can pass that savings on to you through higher interest
rates on your money.
In fact there are virtual banks that exist today that do not have a brick and mortar existence and exist
solely online. Because of the great savings that they enjoy with that arrangement they offer some of the
highest banking interest rates I have seen.
Another great benefit of online banking that I have been taking advantage of is online bill paying.
In the old days when I had to pay a bill I took the bill, wrote out a check, put it in the envelope, put a
stamp on the envelope and put it in the mail, hoping that it arrived on time so I wouldn't be assessed a
Now I can just get on the internet and get on the website of the place where I am paying the bill, hit a
few keys on the keyboard of my computer and the bill is paid, saving a stamp and a lot of time and
worry about the reliability of snail mail.
Another great advantage of internet banking is the concept of direct deposit.
Using direct deposit your employer can now take your paycheck and automatically deposit the money in
whatever banking account you designate. That way you don't have to worry about getting the money
into the bank in time to pay your big bill coming up. Now having the money in the bank and the paying
of the bill can be done electronically.
And now dealing with the IRS has been made somewhat easier with the arrival of internet banking.
Now you can file your return and if it turns out you owe Uncle Sam some money you can pay it
electronically by submitting your banking information with your return. If the IRS owes you a refund
they can send it to you using that same banking information. And, it is all done more speedily than it was
in the old days using snail mail. If you are due a refund you will be very happy to get your money sooner.
As you proceed into the 21st century you can take advantage of the progress that the banking industry
has experienced in the last few years. You will find many ways to make what used to be considered a
drudge or a necessary evil into some thing that is more pleasant and less time-consuming to deal with.