Internet banking is a great convenience, especially to people who have numerous accounts, many sources of income, or have a lot of transactions. It involves using a safe site through the bank’s web page and keeping your account identification and password to yourself. The set up is very simple and only takes a few minutes.
They will need a few days to confirm the bank account, usually by putting a small amount of money in your account (under a dollar). You will then have to go in person to the bank, prove your identity, find out how much they put in your account, and type the number in online. This is not the same for every bank, but this is the standard practice for many.
It is much easier than using your normal bank. You can follow your transactions as soon as they go through, instead of waiting for your monthly statement. It makes it much easier to stay on top of your finances and keep your check book balanced. It is also more convenient, since you do not have to run back and forth to the bank to see if a check has been cashed.
You have the option to pay bills online, which is also easy. Since it is far more instant, you do not have the awkward period where you wonder if you are going to bounce a check or not. You know at all times exactly how much money is available to you. It can also keep your bill from being late or from getting lost in the mail.
People with many accounts find this is a great relief to see all of them together and transfer money with more ease. You can look back at what has happened in the accounts for the past thirty days. Any longer than that and you will have to go into the bank. Thankfully, since people can check up as often as they like, there is less need for going into the bank to sort out complications.
Since you are capable of viewing your transactions every day, it really increases the chances of fraud reduction. People no longer will forget if they have written a check or not, or find out three weeks later that they have been ripped off. If you see a check of yours was cashed yesterday, you will have a much higher chance of recognizing if it was actually written by you and catching the person who cashed it.
By doing this, it reduces the time in between a check being cashed and a person finding out about it. If you waited until a paper statement was received, the person cashing a fraudulent check would be long gone, especially if they cashed it early in the statement period. By seeing a scan only a day after the check goes through, you have a much better chance of catching said person.
You can set up myriad different preferences and do many things on line that you could do in person. Stop payment options also happen more quickly, so you are able to catch a check before it is cashed. These sites even give tips about how to protect yourself from fraud.