The days of having to go into your banking center to accomplish basic tasks are over. Online banking has made many standard bank processes convenient and surprisingly easy. To get the most from your checking account when online banking, check out the tips below.
1. Pay bills online
Bill pay comes standard with the majority of checking accounts now, and is one of the most convenient (and widely used) features. This tool does exactly what it says - gives you a central place to pay all of your bills at once. Paying your bills online ensures that your payments will reach their destinations in a timely manner. It also makes record keeping easier, since you'll be able to see exactly when the payment was sent from your bank and received by the payee.
2. Link accounts
If you have a line of credit, credit card, savings account or even investments at the same institution, save time by linking them to your checking account. By having the accounts linked, you can view balances all at once and minimize the hassle of multiple logins. Linking bank accounts also often allows internal transfers, making moving money between accounts quick and easy. For example, linking your checking account to a car loan at your local credit union can help you monitor both payments and current balances.
3. Use the free tools
In addition to offering an electronic view of transactions, most bank accounts now have sorting mechanisms which allow you to view expenses in groups. As transactions show up, they are grouped into categories such as groceries, mortgage, credit card payments, etc. Using a sorter helps break down monthly costs in a budget friendly way that's also easy to reconcile. Some banks even offer tools that create graphs and spreadsheets based on monthly spending.
4. Download your statements
Electronic statements eliminate the hassle of keeping paper records, but make sure you're still saving statements electronically. While many people use online banking to monitor transactions, far fewer remember to archive a copy of their monthly statement on a home computer. Having a local copy makes referencing a statement easier if you can't get online, and provides you with backup in case there are any future discrepancies with the bank's transactions.