Five Time-Saving Features of Online Banks

Online banks are structured in such a way that their customers can expect ease of use for each and every transaction. The ability to fulfill every banking need from the comfort of home is certainly one of the main reasons customers choose to move accounts online. Let's take a bit closer look at a few of the time-saving features online banks have to offer.

Intuitive Interface

Searching a bank's website can be a very frustrating process. The information you need is frequently hidden in a dropdown menu or behind a series of links that require advanced navigational skill. Websites that are not intuitive are acceptable for many traditional brick and mortar banks because most of their business still happens within the local branches. As long as their customers can find contact information and a map to the closest branch, all is well.

Online banks, however, are fully dependent upon logical, rational, user-friendly interfaces to serve as the bedrock for each and every transaction. Without them, online banks have no way of accommodating their customers. Therefore, consumers can and should expect easy, sensible navigation, simple menus, well-organized tools, and helpful search functions on their websites in place of lengthy searches in order to find a particular product or tool.

Remote Check Deposit

"How do you deposit money into an online bank?" one might ask when exploring the possibility of opening an account. Good question. Online banks have made it incredibly easy to deposit checks through the use of their mobile apps. Simply sign into the app on your mobile device, take a picture of the front and back of the check, and press the button to submit. Voila! Now there's money in the bank, and you deposited it without stepping foot inside your local bank branch.

The consumer who chooses to open online accounts is most likely going to have some level of computer savvy, simply because the entire experience is online. For those who are a bit more technically averse, however, checks can also be dropped in the mail and whisked away by the USPS to be deposited in your account. Either way, you're still avoiding the visit to the branch because your part of the process can be completed wherever you are.

Easy Account Signup

A third time and energy-saving feature of online banks is easy account signup. Signup time depends on the bank, but many have the process down to ten minutes or less. Fill out the online application, transfer the opening deposit, submit the application, and you're done. You will still have a short waiting period until the account is active, particularly if it is your first account. Subsequent accounts will be even easier, though, since the bank will already have all of your information.

Easy Money Transfer

Transferring money between your accounts can be quite a hassle, requiring you to visit a branch to withdraw money from one account in your bank and deposit it into another of your own accounts. With online banks, the transfer process has been simplified. To move money between your accounts within your bank, simply log in to the website or mobile app, choose the account from which you'd like the money to come, specify the destination account, and press the transfer button. It's that easy, and the transfers are immediate, because all that is required is an adjustment in the account balances.

Accounting Software Integration

Do you use desktop accounting software to help manage your accounts? Online banks frequently support accounting tools through direct integration. Keep that in mind when searching for the right bank, and check to see if your preferred software is supported. If not, you usually still have the option of downloading account history in an appropriate file format for uploading into the accounting software.

The above summary is only a cursory look at some of the time and energy-saving features online banks offer. Online banks are built for convenience, which demands less of the consumer and leaves more time for everything else.

1 Beef up your savings with higher cd, checking, and savings account rates.
2 Simplify your banking experience with industry-leading tools & features.
3 Reduce or eliminate those pesky account fees that sap your savings.
4 Enjoy the convenience of 24/7 availability and top-notch customer service.