Have you ever had one of those mornings where you just don't want to get out of bed, but you know that you were too tired to stop at the bank yesterday to move the money for the electric bill into your checking account? Wouldn't it be great if you could simply roll out of bed and do your banking in your bath robe?
Online banking and bill pay makes that dream a reality. No driving. No lines. No shoes? No problem! This article will guide you through the basics of signing-up, maintaining, and ruling your finances-safely-in the digital world.
WHERE DO I BEGIN?
Honestly, the process is usually painless, just make sure you have easy access to your information (like your account number). Here's a break down of the standard process, though it may vary a little from bank to bank.
1) Visit your bank's the website.
*Safety Tip: If you're not sure what the web address for your bank is, you can call your local branch. (Usually the web address will be www.yourbank'sname.com) There can be web pages built to impersonate your bank's website in order to get your personal information. Don't be alarmed, just be aware. Almost all banks have safety measures installed to help you distinguish fakes and keep your information secure. It just never hurts to be cautious.
2) Look for the "online banking" link. There is usually an "enroll" button near it.
3) Click the "Enroll" link and follow the instructions.
*Safety Tip: Don't share your password with anyone. Your bank will never ask you for that information.
If you're feeling nervous about doing it yourself, go in to the local branch of your bank and have an associate set up your online account. Don't be embarrassed. This is a great opportunity to ask questions! It's better to have it done right and be well informed than to cause yourself unnecessary stress.
Once you're signed up, you will be able to (depending on what the bank offers): get information, transfer funds, monitor balances, pay bank credit cards, edit your information, and even pay bills! These features are usually very user friendly. All you have to do is click the appropriate link and follow the instructions.
> Tip: If you get stuck, there is usually an online help guide you can reach by clicking "help". You an also call, or email customer service.
BILL PAY
Most banks offer online bill pay for no extra charge. One fantastic benefit of Bill Pay is having a no-hassle record of all your payments at your fingertips. If you find yourself in a bill dispute, you can easily print a hard copy from your bank's website.
Here is a breakdown of the standard process.
1) Click the "Pay Bills" link.
2) You will be instructed on how to add a "payee". Most of the time there is a selection list. (Usually requires your account number with the payee.)
3) After you have added a payee to your list, you can pay bills any time you want.
> Tip: Keep in mind, it will still take time for the money to clear your account. I usually set mine up at least 4-5 days in advance.
WHAT IF MY BANK DOESN'T OFFER BILL PAY?
1) Go to the website of the company that sent the bill. Check for links to bill pay services they accept.
2) Check out Paypal.com not every company accepts Paypal.
3) Ask a relative or friend (preferably tech savvy) what they use for online bill pay.
Being able to control your finances is always an empowering feeling. Online banking is an extension of that control, with much faster results.