The COVID-19 pandemic has caused many changes in terms of the activities we carry out in our daily lives, accessibility to things, internet banking and the things that we consume every day. There have been ups and downs throughout the current pandemic. However, there clearly are advantages of internet banking.
What are the Advantages of Internet banking?
Easier bill payments.
You will be able to carry out payments using your bank’s online banking platform. That means you don’t have to write out checks and go to the post office to buy stamps and mail bills, and then worry whether they will arrive on time to avoid late fees.
Have 24/7 access to your account.
Whether you’re on vacation or it’s the middle of the night, you can manage your banking. That includes holidays when your physical bank is closed. Check your transactions and balances anywhere, at any time.
Simpler fund transfers.
It’s easy to move funds between your accounts, such as from checking to savings, using online banking. You could apply for different attributes to be added to your current bank account or put in an online request to open a fixed deposit on your phone or laptop.
Better access to bank records.
Whether you need banking records for tax purposes or personal records, you can download statements and transaction records to print them at home. You can filter through the months and years in order to check the transactions. It is way simpler to do it using internet banking. If you carry out transactions through internet banking, you could screenshot or download the document or PDFs onto your laptop or phone.
Improved visibility of account balances and transactions.
Knowing your account balances is always a few clicks away. You can also check to make sure a transaction has cleared and keep an eye out for unauthorized transactions so you can dispute them immediately. Most internet banking transactions require TAC codes that will usually be sent through an SMS or email for verification and will get notification of the success of a transaction.
Use of mobile apps.
Many banks allow you to use your mobile devices for online personal banking. While you are out and do not have a computer, using a mobile banking app for a specific bank is easier. For more information, click here.