Online Banking: What You Need To Know

Taking the leap from visiting your branch or using telephone banking can be a big decision to make. We offer you all the important details that you need to know to help you make an informed choice between physical and online banking.

1. Constant Access To Your Bank

We’ve all had those moments when we have suddenly realized that we were supposed to deposit a check or we wanted to move money from one account to another, but the branch would be closed. The panic that can come with not being able to do what you need to with your money can be overwhelming.

With online and mobile banking, you can do pretty much everything you need to at the touch of a button 24 hours a day, 7 days a week. It’s especially great for shift workers who are rarely around when the banks are open. What’s more, it doesn’t matter whether you’re lying in bed or you are visiting relatives in a different country, as long as you can access the Internet, you can access your bank too. Read a monzo review about their online banking services and see if they can provide you with what you need from a digital bank.

2. Range of Features

As with going into your bank’s local branch and being able to access a large range of services, online and mobile banking offers many options too. Not all banks offer the exact same things, but in general, you can expect to be able to check your balance easily and move money from one account to another. Many apps offer you to the opportunity to deposit a check; a photo of the front and one of the back are usually required.

The app will be able to verify if the name on the check matches the name on the account. If you are considering a loan, you can apply for one there and then. Some banks will even transfer the money to you on the same day. Paying a credit card bill or transferring money to family and friends couldn’t be easier either. Before signing up for online banking, check what your bank offers and ensure you can do everything you need.

3. Security

As with everything you do online, there are risks associated with it. However, banks generally have very tight procedures to prevent cyber thefts and it’s often at least a two-step verification process to sign into your online banking and banking apps.

Would-be thieves will attempt to get your details by sending emails, which usually look very similar to ones your actual bank would send, hoping that you will click the link and give them sensitive details allowing them access to your accounts. It is worth noting that your bank would never ask you to divulge personal information. Always go directly to your online banking or through your banking app rather than clicking a link.

If you still have concerns, it may be worth using a virtual private network (VPN) to further increase your online security. Carry out your research on VPNs thoroughly to ensure you opt for the one which best suits your requirements. Always log out of your online banking once you have finished and do make sure to keep your anti-virus software up to date. 

Change can be daunting, but the world is evolving. Joining the world of online or mobile banking will certainly make life easier.

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