Internet banking and mobile banking are easy, convenient, and accessible ways to manage your accounts, check balances, pay bills, keep track of your expenses, and transfer funds, anytime, anywhere you have mobile or online access. Internet.
While many access their bank accounts in person, at a branch, by phone, or through an automated teller machine (ATM), consumers are increasingly using online banking and mobile banking options to manage their finances from anywhere.
Internet banking and mobile banking allow you to access account information and conduct financial transactions through a financial institution’s website or by using mobile applications (apps).
Internet banking refers to a wide variety of financial transactions that can be carried out over the Internet, usually through a bank’s website using a desktop or laptop computer. Internet banking, also known as online banking or Web banking, gives you access to many traditional services without having to visit a branch.
Couple in front of the computer
Internet banking allows you to manage your money with ease and convenience; however, it may not meet all of your financial needs. For example, you may need in-person help purchasing foreign currency, notarizing a document, or obtaining an official check.
How to start:
As long as you have a computer or a smartphone with Internet access and a bank account or a cooperative account eligible for online banking, getting started is easy.
- Gather your account numbers, they should appear on your printed statement. Your account number will also appear at the bottom of your checks or deposit slips.
- Look for your bank or credit union’s website on one of your paper statements or the back of your debit or credit card, instead of doing a Web search or clicking on links in an email or text message. Make sure the website starts with https (not just http) and displays a small padlock icon in the website’s address bar, so you know it’s secure.
- The first time you visit, you will need to register to access your bank or credit union’s online banking platform; To do so, follow the prompts. You’ll need to answer questions to prove it’s you, choose a username and password, and set preferences and security features.
- Sign in and take the tutorial, if your bank or credit union offers one, to learn how to use the platform.
Internet banking can help you manage your account and:
- Monitor your account activity
- Keep track of where your money goes every month
- View deposits, withdrawals, and payments
- View checks after clearing
- Check your account balance
- Apply for loans or credit cards
- Open new accounts
- Print and review account statements
- Keep an electronic record of your banking documents
Other common Internet banking features can allow you to:
- Transfer funds from one account to another
- Schedule payments and pay your bills securely from your account
- Send and receive money through your online account
- Keep track of your expenses and increase your savings with money management tools
- Set up alerts to notify you of low balances, payment due dates, and when checks post
Mobile banking is a service provided by a bank or other financial institution that allows you to conduct financial transactions remotely using a mobile device such as a smartphone, a tablet or even a high-tech wristwatch.
Mobile banking allows you to do many of the same activities as Internet banking; However, unlike related Internet banking, mobile banking uses software, usually called an app, provided by the financial institution.
You can download the app through the financial institution’s website. While these mobile banking services are generally provided by financial institutions at no additional charge, charges for text messaging and Internet access from your mobile carrier may apply.
Man in front of a computer
Mobile banking offers convenience and security. Using the mobile app can give you quick access to account information and often uses the built-in features of your mobile device to provide a better banking experience.
Mobile banking apps generally allow you to:
- Deposit checks by taking a photo and sending it
- View images of checks and deposits
- Pay bills
- Transfer funds
- Explore detailed account activity
- View balance information
- Use GPS to find ATMs and branches
- Receive expense alerts
- Place controls on your cards to restrict spending
- Tap a button to call a customer service representative
- Make peer-to-peer payments
- Set travel notifications
- Deactivate your debit or credit card if it is lost or stolen
- Get a code to access an ATM if you don’t have the card with you
- Receive alerts for low balances and when your transactions are posted
With text banking, you can request and receive account information quickly via text message. Some financial institutions can send you balance information, recent account activity, credit card expiration dates, and ATM locations, all via text message. Some providers may send you a text message if your balance drops below a certain amount.
Using these tools could help you manage your money and meet your savings goals, no matter where you are.
While Internet banking allows you to meet many of your financial needs with ease and convenience, it may not meet all of your financial needs. For example, you may need to speak with a financial professional to discuss your goals or plans. For these services, it would be advisable to visit or call a branch.
INTERNET BILL PAYMENT SERVICE AND MOBILE BANKING PAYMENTS
Online bill payment service
Online bill pay and mobile banking payments are fast and convenient processes. Online bill pay service allows you to pay your bills online, instead of writing paper checks and mailing them, to pay virtually any company or person within the US: your credit card company, the electric bill, the cable bill, or the dentist. You can even use online bill pay to send money to family and friends.
With online bill payment, you can pay all your bills in one place, without leaving your home. By using online bill pay to keep track of your payment history, you can track how much you paid for each of your bills and when you paid it.
Many financial institutions allow you to schedule recurring or one-time payments from eligible checking accounts, so you have everything under control. You can also set email account reminders and alerts when a payment is due or to confirm that the payment has been sent.
Mobile banking payments
Like online bill pay, mobile banking allows you to complete everyday payment transactions and make payments to family or friends without exchanging cash or a check. By using your financial institution’s mobile app, you can make the payment, in a matter of minutes, using the recipient’s cell phone number or email address.
Depending on the mobile banking payment platform, the person you send money to may have to be enrolled or register for the service.
Mobile banking payments can be useful for paying friends and family, rather than having to find an ATM in your bank’s network that doesn’t charge cash withdrawal fees. Make sure you control all charges when making mobile banking payments.
Establish your beneficiary
To establish a beneficiary, you will need your account to find the company name, payment address, phone number, and your account number. Once you’ve established a beneficiary, you can save the information so you don’t have to enter it again next time.
Schedule your payment
Enter the amount you want to pay and when you want the money withdrawn from your checking account. Depending on your financial institution and the beneficiary, it could take up to five business days for your payment to arrive. Make sure you allow extra time before the due date when you schedule your payment.