8 Benefits Of Online Checking Accounts
If you're looking for a great checking account offer, it's easy to become overwhelmed with all of the options. Since not everyone needs the same thing from their checking account, there's no one-size-fits-all "best" checking account type.
Advantages of Great Checking Account Offers
Whether you plan to maintain a high balance and frequently write checks or you just want a simple checking account in order to receive direct deposits, there are many reasons to opt for a checking account with online features.
With that in mind, here are the top eight online benefits of checking accounts.
1. An online checking account lets you pay bills online...
From utility bills and car payments to credit card bills and mortgage or rent payments, there's a good chance you have a whole slew of bills to pay each month. Keeping on top of all of these bills can be challenging.
There is a solution - Bill Pay*. This is a common feature that online accounts offer.
Online bill pay allows you to create a profile for each bill you need to pay in your online account. After entering and saving simple details such as the account number and payment addresses, you simply go to that profile every month to quickly and easily pay your bills online.
There's no need to write or mail a paper check so you don't have to keep stamps on hand and there’s no worry about your payment getting lost in the mail. With online bill pay, you typically get instant confirmation when your bill payment has gone through, saving you time and stress.
2. ....and you can even set up automatic payments.
If going online each month to initiate a payment for all of your bills still seems like it takes up too much time, you're in luck!
For bills where the amount due doesn’t change from month to month, you can set up automatic payments. No longer will you need to remember when to pay each bill or face significant late fees if you forget. With automatic payments, you can rest assured your bill payments are taken care of, giving you one less thing to worry about.
RRCU also offers an eBill option that will allow the vendor to receive a varied payment amount each month. Vendor must accept eBill payment option for this to be available.
3. Online banking lets you conveniently view all your transactions from anywhere.
One of the biggest ways to maintain good financial health is to closely monitor your checking account to ensure the account is balanced and there are no unauthorized charges.
With traditional paper statements, it can be difficult to stay on top of your checking account's transaction history--making it all too easy to overlook an unexpected charge that has overdrawn your account or miss a fraudulent charge.
Online and mobile banking, on the other hand, enables you to view your account transactions and history from anywhere. You can quickly check to see if a transaction has cleared or confirm the amount of a purchase. Fraudulent transactions can be caught and flagged almost immediately, making resolution quicker and easier.
All in all, having your checking account transaction history at your fingertips makes it easier to keep your finances in order and healthy.
4. Transferring money between accounts is quick and easy...
For many people, maintaining both a checking and savings account is the best way to manage their financial goals. However, there are times you may need to dip into savings for additional funds to cover larger purchases or unexpected bills scheduled to come out of your checking account.
Luckily, if your checking and savings accounts are through the same credit union or bank, transferring money between accounts is fast, in some cases even instant. This gives you the control to transfer funds between accounts at the click of a button.
5. ....and so is transferring money to other people.
Borrowed money from a friend for a concert ticket or a meal? With an online checking account, you don't need to worry about running to an ATM or writing a check. You can simply set up a transfer between your checking account and theirs, quickly paying them back without any hassle.
6. Keeping track of your budget is simple when you sync your online checking account with budgeting apps.
Budgeting apps designed to help you keep track of your spending and financial goals have proliferated in recent years—and in some cases, it's possible to automatically link your online checking account with the budgeting app of your choice. This makes maintaining your budget much simpler, both at home and on the go.
Some financial institutions, including RRCU, offer a budgeting app as a free service with some checking accounts, allowing you to link external accounts in one location.
7. Managing your finances is often easier with an online checking account.
Even if you don't use a budgeting app, staying on top of your finances is effortless with an online checking account.
Having access to eStatements and an online transaction history make it simple to stay abreast of your financial health; online Bill Pay makes it easy to pay your bills on time, every time.
Whatever your financial goals, online checking can help you reach them faster.
8. An online checking account can save you valuable time.
Ultimately, all of these benefits of online checking accounts comes down to one thing: time.
Every feature of online banking is aimed at simplifying your financial life and making it easier to carry out transactions and check your financial health from anywhere, saving you countless hours a month.
Finding The Best Checking Account Offers
At RRCU, all of our checking account options offer free online and mobile banking with all of the benefits that come with an online checking account—in addition to a slew of other features such as free Visa debit cards, the potential to earn dividends, low monthly maintenance fees and even possible cash back rewards**.
*Setup/activation required. **Registration/activation required.
Find out more about checking accounts with these resources: