The Basics Of Online Banking

    Published: 06-16-2009
    Views: 14,345
    Wells Fargo financial expert Barbara Shaw provides an overview of online banking.

    Barbara Shaw: Hi! I am Barbara with Wells Fargo and Company. Today we are discussing how online banking works and of the some of the ways it can benefit you. When it comes to managing your money, online banking is an easy, secure and convenient option for many people. It takes just a few seconds to accomplish everyday banking tasks. You can check balances; verify transactions, view loan details and much more.

    Using online banking, you have the freedom to monitor your account activity from anywhere you have internet access. It saves time and can help you be more effective managing your money. One feature that can really help you keep on top of your cash flow is account alerts, sent to you via email or text. Set up specific alerts to let you know when a balance reaches a set low balance threshold, when a purchase has been made, and exceeds a certain amount or when a deposit has posted.

    With online bill pay you can set up automatic payments to make sure your bills are paid in a timely manner, as scheduled therefore avoiding late fees.

    Many online banking features allow you to quickly take care of tasks that might have otherwise required a trip to the bank. Transfer funds from one account to another, view images of posted checks or deposits. And even reorder checks.

    Plus, with the advent of mobile banking and smart phones and other mobile devices, banking has become even more convenient. Another important advantage of online banking is being able to access your account statements at any time. In fact, some banks will store your account statements for up to seven years. Online statements are valid for record keeping and tax purposes.

    In many cases you are required to keep tax records for up to seven years. So this is an ideal way to store your statements. Online banking keeps your financial documents safe, organized and available when you need them. It is also an effective way to closely track spending, savings and income.

    You can directly download your bank information into popular financial software packages, such as Quicken or QuickBooks. As you can see online banking can be very valuable tool to help you better manage your money and achieve the financial goals that you set for yourself.