The Benefits of Electronic Banking

Answer 1

Electronic banking has revolutionized bank account management and provides many features that are valuable to those with access to the services. These services are often offered as part of the banking package offered to customers. These electronic banking services are offered through the bank's website and allow customers to manage their accounts, pay bills online and perform other transactions from a web browser.

One of the most used features of electronic banking is online bank statements. Many banks offer online statements, which allow customers to view their monthly statements in detail. These statements display transactions, credits, deposits and debits made to the account. In many cases, the bank may offer access to up several years worth of bank statements and allow customers to print them, which can help reduce the amount of paperwork the customer must maintain. Some banks may allow for online statements to be exported to a money management program. This can be beneficial for customers who prefer to manage their balances through another program to see transactions.

Online bill pay is another benefit that customers are able to use through electronic banking. Online bill pay allows customers to pay bills online, eliminating the need to write checks or mail payments. While not all bills may be paid online, many companies such as cellular service, utility and credit cards allow payments to be made online. In some cases it may be possible to set up automatic bill pay, which will automatically debit the amount that is owed for the bill from the bank account. This can simplify the bill paying process for many customers and help them to avoid missed payments.

Electronic banking also includes the use of an ATM to make direct deposits and withdraw cash from the bank. This form of banking allows customers to access their funds when the bank is closed. This type of banking can be beneficial for those who may not be able to visit the bank during bank hours, or prefer a faster type of transaction. Many banks offer debit or check cards for customers to allow them to use the ATM services.