5 Banking Tasks You Should Be Doing Online
It's time to put away your checkbook and shelve your ledger, as online banking and mobile banking apps have transformed the way people manage their money. From paying bills and transferring funds to monitoring transactions and disputing suspicious charges, handling your finances online isn't just more convenient, it's often faster, safer and more efficient than trudging to your local bank branch.
With enhanced security features, real-time alerts and 24/7 access, digital banking tools give you greater control over your finances while saving time and effort. Whether you're trying to streamline money management, boost savings or avoid unnecessary in-person appointments, certain banking tasks are simply better done online.
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Here are five essential banking moves that make more sense to handle digitally with no commute, no waiting in line and no need to change out of your pajamas.
1. Set Up Automatic Bill Pay
Automatic bill pay can lower your stress and reduce the risk of late fees. It's easier to set up online through your bank's app or website, so you're able to essentially set it and forget it from wherever you are. However, it's also wise to remember to review recurring payments periodically.
2. Create Custom Alerts
Want to keep tabs on your cash without obsessively refreshing your bank app? Try setting up specific alerts to better track your spending and bank activity. You can easily set them up to notify you about low balances, large withdrawals or when your paycheck hits. The convenience makes this online banking hack a pro money move.
3. Transfer Money Between Accounts
Need to shuffle some funds around? Don't waste time standing in line like it's 1999 and embrace the digital age instead. Online transfers can often be completed quickly, easily and can be done 24/7. Plus, you can set them up to be recurring transfers as a way to automate your savings. It's like putting your money management on autopilot.
4. Open New Accounts
Thinking about expanding your financial portfolio like a real financial go-getter? If so, do it online, as many online-only accounts offer competitive rates and lower fees. In fact, online banks in general tend to have better rates, APYs and fees since they don't have to deal with the overhead and costs of a brick-and-mortar bank.
If you are curious to see how banking online can optimize your checking and savings accounts, you can compare options and read all the fine print without having to leave your couch.
5. Dispute Transactions
Spot a charge that's shadier than a palm tree? Worry not, as most banks have an online dispute process that's faster and more efficient than going in person. Better yet, you can upload any supporting documents right then and there, fighting the fraud immediately.
Laura Beck contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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