Guest Post: Online Banking

by Lisa on July 2nd, 2009

Thanks so much to the wonderful Martha at A Sense of Humor is Essential for agreeing to help me out while I am in Boston by writing this guest post. She has offered to help fill us all in on the ins and outs and pros and cons of online banking.

I am so thrilled to be a guest today at dear Fantab’s site to share an overview of Online Banking and how it can save you money, improve your credit rating, and help reduce fraud for your Fantabulous and Frugal Financial Life. If we don’t take care of our money, we won’t be able to take advantage of all the wonderful sales and goodies brought to us by FF!

I have been using online banking for over 8 years. I love it and am an avid proponent of online banking for these reasons:
Advantages -

Completely Secure. Always verify your banking and purchases to make sure the browser has a https: address.
Prevent and Identify fraud – you can log on anywhere to pay bills, check your accounts, and all your transactions, print statements, modify payments.
Flexible – Access anywhere you have internet connection.
Customize – You can set up automatic payments for both fixed amounts, e.g. auto loan, insurance premium, college fund, or variable bills like electric and water and set the payment within specific guidelines. You can set up individual payees like piano teacher or gardener and an electronic check will be mailed directly to them prior to the due date.
Paperless – receive email reminders and ebills from all major credit cards
Increased control – It helps you track bills including mobile phone, credit cards, car, gas, mortgage/rent payments.
Saves significant time/money – Cuts down on both postage and cost of checks. It will can eliminate late fee payments. Which in turn-
Improves your credit rating!
It is important to be aware of these considerations also.
Disadvantages-
Issues regarding security, change in routine.
Plan for power and internet outages, need some paper back up if your computer or internet goes down and you need to contact a payor.
Additional information can be found at Yahoo Finance and this site-
http://articles.directorym.com/Online_Banking_and_its_Benefits-a961650.html
Thank you so much for providing me the opportunity to share some Fantabulous Financial Frugality!

Photo courtesy of:

http://www.flickr.com/photos/30360780@N02/ / CC BY 2.0

One Response

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