Internet Banking Tips

Online banking

The task of comparing bank fees shouldn’t be as hard as the Banks and financial institutions make it. But one thing is certain; Internet banking is on the rise, with many businesses charging fees unless you pay a bill online, and the banking institutions waving fees if we do.

There is definitely a convenience factor with banking on the internet; paying bills, transferring money from account to account, and with the number of options available including setting up periodic payments, there is little excuse to be late on paying your credit card statement as it falls due, with the option to pay the full amount, or the minimum amount due.
As the new generation becomes more computer and internet savvy, and with access to higher speed connections becoming increasingly cheaper, the days of going into a bank to deposit money, pay a bill, or transfer money are gone.
Security concerns have been addressed, so all that remains is to make sure there is sufficient funds in a savings or credit account when you go shopping, and if you need cash, there are 24 hour ATM’s to withdraw from.

Along with the convenience, time seems to be the driving motivation to use internet banking services. Who has the time these days to drive to a Bank, stand in line, get served and drive home? Internet Banking transactions can be completed in minutes, and the longest part is logging in with usernames and passwords.

  • When was the last time you went into a Bank?
  • Could that reason have been handled with an internet banking solution?
  • Will you use the internet the next time, instead of going into a Bank?

Fee Rebates – how they work

Bank fees are a fact of life these days but taking a little time to understand how they are applied can help customers compare different accounts and keep fees to a minimum. Unfortunately, the task has become a little a harder recently with a number of institutions implementing fee rebate schemes which have changed the way they charge fees on transaction accounts. Take time to read the literature that is sent out to you, often with statements and read the fees section. They may only appear small per transaction, but they do add up over a month and a year.


Use Online Savings accounts

Consider options such as online savings accounts. These offer consumers cheaper banking alternatives and better returns than traditional branch based accounts as they are less costly to maintain online with no branch access.


Online transactions are cheaper

Pay bills, check balances and transfer money between accounts using online banking. These transactions are significantly cheaper over the internet than over the counter – and far more convenient.


Online transactions are convenient

Online banking allows you to do your banking whenever you want, not when the bank wants to open for business. Internet banking web sites offer 24-hour, 7 days a week access to pay bills, check balances and transfer money between accounts, even apply for loans. Best of all there are no queues.