Internet banking has more to offer than just convenience. Banking on-line has several distinct advantages over traditional banking that makes it a more attractive option. If you’re the type of person who wants to have complete control over your finances, or you want to get the most out of your bank, or you want to be socially responsible; then internet banking is the right fit for you.
Why Internet Banking Is Better
It’s better for the environment. When you bank online, you’re going paperless. Instead of getting your credit card bills and accounts statements in the mail, you get it through email or you view your records through a secure server. Fewer trees are being cut down and there’s less waste that goes into the landfill.
They give more perks and fewer fees. When banks go paperless, it saves them a lot of money. That’s because they no longer have to buy paper, ink, and postage. They don’t have to pay couriers to deliver the letters to all their clients every time there’s a new bill or there’s a request for statements or they have announcements for their clients. It’s faster, easier, and cheaper to just send their clients an email. Electronic banking saves a lot of money and they can pass on these savings to you. They do this by giving you higher interest rate for your savings account, reduce or eliminate certain fees, or give you perks like movie tickets or gift certificates for your transactions.
It saves space. Storing all your paper bank statements consumes a lot of space. Especially if you’re the type of person who likes to keep several years worth of statements. You can easily store electronic copies of your banking statements in your hard drive. And for additional security, you could back-up those statements every year and keep the copies in a safe.
It’s more secure than a traditional bank. Most identity thieves get their information from the mail you receive. Most credit card bills and accounts statements contain enough information for hackers for them to get into your personal accounts and steal your money. Internet banking is more secure because it’s paperless and online banks usually install strict security measures to keep criminals from getting into the system.
It makes saving easier. It’s easier to save when it’s automatically taken from your salary and you don’t have to think about it. You just set you internet banking facility to transfer a certain amount of money just one time, and you’ll continue saving for as long as you have those settings. It’s much easier than going through the trouble of running to the bank every payday.
It helps you manage your money better and keep track of your spending. Internet banking usually has money management tools that allow you to set up multiple accounts. You can budget your money by allocating what you have to different accounts. You can set up a different account for your retirement, a different account for vacation savings, an account for your child’s allowance, so on a so forth. Plus, you’ll be able to keep track of your spending because internet banking regularly updates your transaction history and you can view it or ask for regular email updates.