Friday, 20 January 2012

Online Banking

Online Banking is a great change in the banking process. You can pay bills on line. We can take control over transferring money, balancing the accounts, looking for problems, etc. We can have our paychecks deposited directly. There are years where I have not gone to the bank ever.


One reason to avoid online banks is that you may run into bad customer service. With a brick-and-mortar bank you ll likely have some familiarity with the staff. At a small credit union, the staff might know you well.
Why does this matter? It’s easier to get good service if you know the staff and they know you. You can pick and choose who you deal with. However, if your online bank account offers any phone service, you have to take your chances with the  Lottery. You might get somebody helpful and knowledgeable, or you might not.

 

The internet is supposed to make things faster. However, you might have to wait a long time for checks to clear. You certainly can’t ask for a cashier's check if you’re in the middle of a crisis and you need settled money yesterday.
Likewise, deposits to your online bank account can be really slow. If you get a big check and want to start earning interest, you can expect to wait. Now, the higher APY you earn may still make it worth your while, but it’s just no fun to wait.

 

You can’t take it with you when you go, so why not use some of that money? Online bank accounts make it hard to spend your money. You really have to plan on keeping your money in the account.
To manage the problem, use accounts that offer online bill pay or debit cards.

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