The digital age has made it easier than ever before to manage your money. You can now do anything from checking your balances to making payments without having to drive to the bank or visit a branch directly.
Online banking has been around for a long time, but it wasn’t widespread until the late 90s. Top executives like Kevin Cohee helped popularize internet banks and the systems they use. However, some people are still reluctant when it comes to going digital. Here are some reasons why you should consider switching your banking account over to an online service.
Access
If you like to have instant access to your money, switching to online banking could be a great decision for you. You won’t have to worry about visiting the bank and waiting in long lines to get access to your funds. You can log in from anywhere, at any time, and get access to the money you need. This can be a lifesaver if you unexpectedly need funds quickly. If you’re in a situation where you might need to make an urgent withdrawal, you won’t want to worry about waiting for funds to be transferred to you.
Tracking
Online banking platforms will provide you with a breakdown of your finances, helping you track your spending, reconcile your accounts, and be more aware of your finances in general. This can be very useful if you want to get a better handle on your spending. Logging into your account will provide you with information both on your checking and savings accounts. You can use this system to track where your money goes each month and make changes if necessary.
Social Initiatives
Online banks often have more ties to social initiatives than traditional banks. Leaders like Kevin Cohee have been advocating for financial literacy in underprivileged communities, and many banks enable their clients to get involved in philanthropy. For example, your bank might let you make donations to charities directly from your account. You may even be able to set up automatic monthly donations so that it’s easier to stay on top of your finances.
Ultimately, there are lots of reasons why you should consider switching to online banking. The only real downside is that online banking tends to be less personal. You don’t get the same face-to-face interaction as you would at a physical branch. However, the advantages of online banking far outweigh the disadvantages, and it’s definitely worth the switch if you haven’t already.
