Mobile banking has taken our world by storm. Though many are weary of its benefits, online banking provides many advantages that can’t be ignored! It is a safe and convenient way to track, transfer, and deposit money individually with less clutter. When choosing a bank or credit union it is an important asset to keep an eye out for. Here are some of mobile banking’s advantages:
No Additional Fees
Business owners can access online accounts as often as needed without incurring hidden fees. It’s free to sign up for an online banking account, and the privilege will remain active as long as the account holder maintains an account with the bank.
Access From Anywhere
Online banking makes it easy to access your account information at any time and from anywhere, making banking possible while away on business, at odd hours or while out of your bank’s region. All you need to access an online account is Internet access and your username and password.
Organized Downloadable Reports
Most online banking services provide access to downloadable reports that can help you reconcile your financial statements. These reports include your deposits, transfers, ATM withdrawals and any bills you have paid using your online banking account. Online banking can help you keep your business records organized or serve as documentation for your bookkeeper or accountant. Some accounts also feature spend analyzers, so you can graphically see where your business’s money is going.
Schedule Regular Payments
Online banking also offers the freedom to schedule payments ahead of time. Rent, salaries and other fixed payments, in any amount, can be set up through your online banking account. These payments are automatically deducted in the amount you decide on the date of your choice. Set up recurring or one-time payments to be mailed directly to the payee electronically or via postal service by your bank without using paper checks or postage.
Transfer Across Accounts
Managing both home and business accounts leaves many small-business owners struggling. Using online banking, you can instantly move money between accounts when necessary. With the ability to move money between accounts, even while out of town, you can quickly access funds needed to make purchases and payments to keep your business running smoothly.
Save Money
Though it seems minimal, the costs associated with mailing monthly payments to a vendor do add up over time. According to CBS News, the average consumer spends about $6 a month in stamps alone. Business owners can reduce expenses for checks, postage stamps and envelopes by using online banking.
These were just a few of the countless advantages of online banking. It also is extremely environmentally friendly, extremely fast paced, and very organized. Due to these advantages listed above, mobile banking should be an asset that is important to consider when choosing a bank.
Cincinnati Credit Union – Presidents Federal Credit Union (FCU) is federally insured and backed by the full faith and credit of the United States government for all accounts up to $250,000.00. We have over 60 years experience and offer the best values with friendly customer service.
Recent Comments