I’m not going to say that on-line banking is the best thing since sliced bread … but it’s pretty close. As long as you’re careful with your account safety, an on-line banking account can both save you money and make you money.
First, make sure your password is a “strong” one. (If you don’t know how, see my post “Passwords – Make Them Strong!” at http://www.davidrier.com/?m=201003). That’s the first and most important thing you can do to protect your account.
Depending on what your bank offers and charges, here are a couple of the ways that you can save some money through on-line banking:
1. Pay your bills electronically. You will save postage costs.
2. Automate your bill paying. This will keep bills from “slipping through the cracks” and you can make sure they are paid on time. That will save you money in late fees and interest.
The best way to make money through on-line banking is to transfer your money from low- or no-interest accounts (like checking accounts) to something like a money market account. While your money is in the money market account, it will be earning (more) money for you. When you need more money in your checking account, just transfer funds from the money market account back to the checking account. As long as the accounts are both within your bank, transfers are instantaneous.
