Online Banking for Quick Payments, Savings, and Investments

Online banking offers a convenient and quick way to keep track of payments, carry out financial transactions, pay bills, view monthly statements, and more.

Services Offered

Most financial institutions offer online bank accounts that allow customers to perform a variety of financial transactions. They can transfer funds, make deposits and withdrawals, and view their outstanding balances. Payments can be made in foreign and domestic currencies. Some banks also allow international payments, and customers enjoy generous savings. Regular payments can be canceled or amended. There are also options for investment and trading. Customers can open an investment account and make contributions and withdrawals. They can contribute to tax-free savings accounts, mutual funds, and guaranteed investment certificates. There are different options, depending on the bank. Some financial institutions allow customers to trade mutual funds, options, and equities. Others offer the full range of services such as trading, business banking, payments, and transfers. Customers can transfer money to friends, family, retailers, businesses, and other parties. Transfers can be made in Canadian and US dollars.

Online banking is a convenient tool that allows businesses to pay salaries and make other mass payments. Businesses find it beneficial in that they can make budget payment orders, direct debit orders, as well as credit payment orders. They can send forms and declarations to their financial institution as well.

Benefits of Using Online Services

Obviously, the main benefit is that internet banking saves money and time. Customers have access to their account 24/7 and don't need to contact their financial institution for every transaction. Enhanced security is a major benefit for clients. Moreover, they can monitor their money and spending at any time which reduces the risk for fraud. With traditional accounts, customers receive monthly statements each month. Internet banking allows customers to access their statements at any time. In essence, this is a tool for effective money management that saves you money. Most financial institutions also advertise no fees on savings and checking accounts. Customers are not required to keep a minimum balance which is another way to avoid fees. In addition to these benefits, financial establishments also offer incentives for opening an account. Some of them offer money for referrals and new accounts.

Businesses find this service beneficial, especially companies with a large volume of transactions. They can monitor their account balances, including credits and debits posted. Business and individual customers also enjoy the fact that banking is getting mobile. Thus, all they need to make transactions is a mobile account. There are plenty of platforms, which means that customers are protected against malware. Identity confirmation is required to access the account. Customers are protected even if their cell phone is lost or stolen.

Tools Available to Customers

Customers have access to a large selection of tools such as trading platforms, tools for investment analysis, loan calculators, and others. Financial establishments also offer forecasting and budgeting tools that customers find handy. Online tax preparation and tax forms are also offered. Other tools allow customers to schedule recurring and single payments and to set up alerts. This is a convenient feature that keeps users updated on when money arrives or payments are due. Online banking also allows customers to make payments through a text message or an email. This feature allows users to meet household expenses and even send gifts to family and friends.

Downsides of Online Services

While most consumers are satisfied, there are some downsides to consider, the main one being the level of customer service. With traditional institutions, employees know most of their regular clients which makes for more personal interaction and communication. Online banking does not allow for face-to-face discussions, and customers are not familiar with staff. On the other hand, enhanced efficiency and reduced paperwork volume are benefits that customers enjoy. This service is for customers who need to make urgent payments and write many checks on a monthly basis.