Ten reasons to love online banking & billing

As people become more comfortable with electronic banking, it is easy to see why they favor the mouse to the pen. In addition to convenience, banking online can help you quickly detect fraudulent activity. Following are ten reasons Anna Kozner, marketing coordinator and online banking fan, loves online banking and billing.

1. No late fees with automatic bill pay.

2. Reduced paper waste from bills, statements, and checks.

3. No need for checks = no reorder fees for extra checks = savings on postage from sending checks.

4. It’s convenient. No need to visit your bank to request services and make updates.

5. No more waiting on the phone to pay a bill or waiting for checks to clear—you can immediately transfer funds online.

6. You can check your account balances 24 hours a day for FREE, so you stay on top of your spending.

7. You can track your expenses with your bank’s online spending tracker.

8. You can manage your money from your phone.

9. It’s organized. You can control all your bills in one place (your computer).

10. It’s all free!

Instead of automatically choosing to work with the bank on the corner, shop around to see which bank is right for you. Each will have their own products and services. For example, to help you better manage your accounts, some banks will even send reminder emails when a payment is due or your balance is low. And while all of Anna's online services are free, you will want to check the terms of your online banking service. For example, some banks charge for online bill pay. Finally, take the time to figure out whether you want a large national bank, a small local bank, or an online bank. Don’t forget, the bank you’re looking for may be a credit union.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

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  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.