Advantages of Online Banking

by Community Manager on ‎06-22-2015 11:47 AM - last edited on ‎06-30-2015 10:18 AM by Lithium Technologies (729 Views)

Online banking can help you manage your finances. Learn about some of the many benefits.


Online banking is a way of life for most people today. Indeed, more than half of all American adults use computers and/or smartphones to check accounts, make deposits, pay bills and more. Here are some of the advantages of online banking.



Your closest bank branch is as close as your computer or mobile device—and it’s open for business as long as there’s an Internet connection.


Some banks maintain traditional offices while also offering online services. Others don’t have physical locations and do business entirely in “virtual” space. No matter the financial institution, online banking allows you to monitor transactions, check balances, update your records, order new checks, research interest rates and more—all on your own schedule.


Cost Benefits

Because online banks often don’t have the expense of maintaining brick-and-mortar branches, they can offer attractive interest rates on CDs, mortgages and loans, high-yield checking accounts and reduced service fees.


Online banking also can help you avoid small expenses that add up—such as driving to a branch to deposit checks, or to the post office to buy stamps or drop envelopes when you pay bills by mail. (In fact, paying bills online has a major benefit itself: You can control when your payment arrives, thus avoiding late fees caused by mail delays.)



For most people, online banking offers the same experience as a traditional branch. You can still order and write paper checks if you prefer using them. You can obtain cash from ATMs when you need it. And you can make deposits: Within the bank’s smartphone app, simply use your mobile device’s camera to take a photo of the check (with visible account/routing numbers) and the app will send the photo to the bank. Often, that means quick access to funds from personal and government checks.


For times when you might need help, leading online-only banks offer live customer service by telephone or online chat.



Online banks are subject to the same laws and regulations as traditional banks and offer the same federal protections. In addition, advanced technology used on bank websites and mobile apps helps secure your account information, protecting it from hackers.


Most banks now make scanned copies of cleared checks available online, which helps you identify—and avoid—check fraud. Online account access allows you to stay on top of your finances daily. For further protection, many online accounts can send email or text alerts for transactions or low balances.


To find out more, visit AAA’s online banking site.


A version of this story appears in the July/August 2015 issue of AAA Living magazine.


Image credit/source: Harry Campbell/

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