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Internet Banking

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In most households, bill paying day ranges from a major annoyance to a panic session. Even when there is money to pay the bills, spending time sorting, adding, organizing, writing checks, filling envelopes, and sticking stamps on envelopes can be both frustrating and difficult. Paying bills is also time consuming and often a source of discord among family members or housemates.

Stretching Resources

Throughout this process, it is necessary to ensure that there will be enough money available to meet all current obligations and leave something for groceries. Optimists sometimes write down the names of debtors and how much needs to be paid to each one. Then they start writing, calculating what they should pay versus what they can pay and adding and subtracting endless numbers.

In many cases, households are living almost from paycheck to paycheck. This usually means that the option to enroll in timesaving auto-pay programs is not available because balances may be too low to support scheduled withdrawals. At the same time, bill paying options that do not require scheduled withdrawals are very much available.

Online Banking Security

While online banking has been around for several years, many people are reluctant to use the option for fear of allowing other entities access to their accounts. At the same time they do not hesitate to purchase items online.

In fact, online banking programs are more secure, faster to use, and more convenient than any other way to pay bills. Many banks, in fact, offer this option as a free perk to their regular customers. Making bill paying easier creates customer loyalty. Imagine paying up to 20 bills in under two minutes! Talk about convenience!

Consider Online Banking and Bill Paying

Once the process is set up, it is unbelievably simple to view account balances, transfer funds from one account to another, and to pay bills. Even the set-up process is fairly simple, and, if the user pays bills to major corporations, such as cable companies, the bank may already have some of the user's bill addresses on file.

One key factor to consider is whether online banking comes with any charges. Some credit unions, for example, offer free initial online banking privileges but institute a charge of around $5.00 per month within a year. Obviously, it makes sense to avoid any charge if possible, even if it means changing banks.

Again, once the user's account is set up, paying bills is seamless and can take fewer than five minutes. Users save the money they would have spent to purchase checks and stamps. With the strict security banks employ for their customers' and their own protection, online banking is a terrific way to manage banking functions.



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