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Online banking is a quick, easy and convenient way to manage your everyday finances. You simply log in to check balances, transfer funds and pay bills. The features and benefits you’ll find online depend on the bank or other financial institution you choose to do business with.
Online banking is way for you to manage your finances and transact your business through a bank’s website or mobile app. Like banking within a branch, you sign on to your online account from anywhere with an Internet connection, whether on a computer, tablet or smartphone.
Along with the digital transformation of banking, most banks offer online banking as a free service. You set up a user name and password for your account through the bank’s website to monitor your balances, move money across accounts or set up autopay, among other features.
The Big Four brands its online banking according to platform:
|Financial institution||Online banking||Mobile banking|
|Bank of America||Bank of America Online Banking||Bank of America Mobile Banking|
|Chase||Chase Online Banking||Chase Mobile|
|Citibank||Citi Online Banking||Citi Mobile|
|Wells Fargo||Wells Fargo Online||Wells Fargo Mobile|
Online banking lets you perform all your banking transactions over the internet. Instead of visiting your nearest branch to make a deposit, transfer money, pay off your credit card or check your savings balance, you can access your finances through any internet-enabled device.
This includes desktop computers, laptops, tablets and smartphones. Once you have an account with a bank or credit union, it’s usually free to sign up for an online banking account and often takes less than 10 minutes to apply. After creating a password to ensure secure login to your account, you can begin managing your finances online. Note that your credentials to log into online banking usually won’t be the same as your bank details for security purposes.
To sign up for online banking, you’ll need to visit your bank’s website or a branch with:
After you’ve set up online banking on your desktop, download your bank’s app and follow the directions. If your phone allows it, you might be able to connect your debit or credit card to Apple Pay, Google Pay or other digital wallets.
If you live your life through your smartphone, mobile banking could be the deal breaker between competing bank accounts. Some banks offer more advanced online banking capabilities than others, like mobile check deposits and statements that integrate with your existing accounting software.
Remember to compare fees and features on mobile banking apps. You may find that more expensive bank accounts offer more helpful online banking services.
Online banking can streamline your ability to manage your finances without stepping foot in a bank. Depending on your bank’s online capabilities, you can often:
You may be locked in to a mobile banking account or app if you already bank with a specific financial institution.
If you’re looking to open a new account, weigh factors like:
With the rise of the Internet, banks have kept up with comprehensive security and encryption to protect your personal and financial information. Still, you can take measures to keep your online banking safe from financial predators.
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