Online banking, also referred to as e-banking, is a service offered by many big-name banks today. It provides digital access to accounts, transactions, and other financial activities through computers and mobile apps.
It's a secure, convenient method of managing finances. And, because online banks maintain fewer (or zero) physical branches, they often charge their users less in account fees.
The Basics of Online Banking
Online banking provides 24/7 access to accounts and the ability to handle financial transactions from anywhere. Monitor account balances, transfer funds, pay bills, and even deposit checks remotely.
Advantages
- Manage finances from anywhere
- Get instant suspicious-activity alerts
- Pay less in fees
- Check balances, track expenses, and review transactions 24/7
Key Features
- Personalized financial dashboards
- Move money and send funds online
- Automate recurring payments
- Deposit checks from your phone
- Get transaction and balance alerts
Keeping Online Accounts Secure
Online banking takes security seriously. Here are three added measures you can use to keep your data extra secure:
1. Use Strong Passwords
A combination of letters and capitalization, numbers, special characters, and avoiding easily guessable information is advised.
2. Set Up Multi-Factor Authentication (MFA)
MFA requires you to provide an additional verification method, such as a text message code or fingerprint recognition, for double-layer security.
3. Regularly Monitor Your Account
Keep an eye on transactions and statements to detect any unauthorized or suspicious activity.
Setting Up Your Online Banking Account
Online banks offer customers user-friendly websites and mobile apps for simple account set up in minutes. Follow these steps to get started:
1. Register
Provide information, such as your name, Social Security number, and income. Be sure to only share this sensitive information if you're confident you've selected a reputable financial institution. View verified bank reviews here.
2. Download Software
Consider downloading mobile apps for a more user-friendly experience.
3. Personalize Your Account
Take some time to explore digital features, such as budgeting and savings tools, security alerts, and automatic payment scheduling.
Mobile Banking
Mobile banking apps have become increasingly popular. These apps offer the same features as online banking websites, often in a more user-friendly and easily accessible format.
- On-the-go access
- Enhanced notifications + instant alerts
- Mobile check deposits
- Biometric (face ID or fingerprint) login for added security
Getting Started
Whether you're paying bills, transferring funds, or keeping a close eye on your financial health, online banking simplifies the process and can provide you with the control and flexibility you need.
