There’s nothing wrong with being old school. If you’ve got a paper and pencil system that makes your personal finances hum like a well-oiled machine, then by all means feel free to stick to it. At the same time, it can’t hurt to try a more advanced system. If you find you aren’t comfortable with electronic banking, you can always go back to the manual method.
If you’ve been resisting switching over to computer banking, here are some possible incentives to at least giving it a shot:
- You are better protected against ID theft since you typically are in touch with account activity more immediately.
- It’s easier to track your balances since you have many different ways to access account information.
- It’s better for the environment because of the lack of paper.
- You are less likely to suffer overdraft or over-limit fees since you can access your account information easily and at any time.
- You won’t ever suffer from insufficient funds or other problems due a mistake in your math or record-keeping.
- Online banking can make expense-tracking and budgeting much easier since you have an automatic record of charges whenever you want it.
- You may be able to set up alerts to let you know when certain triggering events have happened with your accounts.
- Many forms of online banking easily interface with computer programs that can help you get the most out of your money.
- Many financial institutions allow you to deposit checks or perform other tasks online that otherwise would have necessitated an extra trip. This can save you quite a bit of money in gas if you live a good distance from your financial institution.
- Online banking is typically free. This can save you money over paying fees to do paper banking.
- There’s no waiting in long lines.
- Online banking can be done at any time of the day or night.
- Automated online bill-paying features mean never forgetting a bill that’s due. Plus, you don’t have to buy stamps or manage the mess of a bunch of paper bills floating around.
- Transferring money between your accounts literally takes seconds.
- Sending money to others is very simple. Once you set up a connection between your account and that of another person, you can transfer funds with just a few clicks.
- Online banking makes it easy to access your money no matter where you are. If you are traveling, as long as you can find a computer, you can do with your money what you need to.
- Direct deposit of your pay or other checks saves you a lot of time and hassle.
- You no longer have to guess at when your money is available. If you normally find yourself waiting for checks to clear, you can instead set up an alert to tell you when the funds are available. This will save you a great deal of time calling the bank to see if you have access to the money yet.
Online banking is secure and generally extremely easy and cheap to use. At the very least, it’s worth a shot if you haven’t tried it out yet. Financial institutions love the idea of online banking, so give them a call and they will be happy to give you all the help you need.