by Kathy Stemke

Created on: July 23, 2008   Last Updated: May 13, 2012

Do you want to cut down on stress, save time and save money? Most of us would say, yes. Yet only 23 percent of American adults are willing to change their traditional methods of banking and bill paying to do just that. Today, most banks, even small ones, offer some form of online banking. With just a little effort, you can use today's technology to bypass the expensive, time-consuming, paper based aspects of traditional banking in order to safely manage your finances more quickly, conveniently, efficiently, and economically.

Transaction speed

Online bank sites execute and confirm transactions much quicker than any other traditional methods. To pay 12 bills the traditional way by writing checks, placing them in the envelopes with return addresses and stamps, and bringing them to the mailbox, takes approximately 26 minutes. To pay the same 12 bills, individually, online with a confirmation printout, takes only 3 minutes. Using pre-scheduled, reoccurring payment features online could actually cut that time in half. You can preset your bills to go out automatically the same time each month. If your creditor is set up to accept electronic payments, your payment is instantly, electronically deposited into their account. If not, your bank writes a check and sends it out. It may take 2-3 days for your creditor to receive the payment.

Convenience

If you're tired of waiting on lines at the bank, remember that your online bank is open for business 24/7 from anywhere in the world. If you can't sleep at night, you can pay your bills in your pajamas. If you're out of state or even out of the country when a money problem arises, you can log on instantly and take care of your business.

Efficiency

With a click of your mouse you can access any of your accounts from one secure place including: checking, savings, loans, credit cards, IRAs, CDs, and even your stock portfolio. Many banks allow you to set up e-mail alerts so you can be notified when checks clear or when your balance slips below a certain level. Unlike your checkbook register, which lists your transactions in chronological order, your online checking features allow you to view just your deposits, checks, electronic payments or debits separately. This feature makes it much easier to find errors and balance your account.

Savings

With today's slipping economy and high gas prices every penny counts. Using the same 12-bill example as before, in one year you would save $60 in stamps alone. You could save up to $50 on checks

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