What Banking Services Are Exclusive to Online Banking?

Online banking has become increasingly popular over the last decade, with millions of consumers switching to this convenient and time-saving way of managing their finances. However, many people aren’t aware of how many special services are available only through online banking accounts. Find out what they are below.

Mobile Deposit

Mobile deposit, or remote deposit capture (RDC), allows customers to take a picture of a check with their phone or tablet and submit it to their bank. The check deposits into your account within 24 hours.

Bill Pay

A bill-paying service is pretty much what it sounds like: A way to pay all your bills through one convenient, streamlined system. The best part about these services is that you can set up automatic bill payments, so you never have to worry about missing a due date or payment ever again. You’ll also be able to access up-to-date information and track your spending, making it easier than ever to keep an eye on your money.

24/7 Access

Unlike traditional banks, online-only banks offer access to your funds 24/7, often eliminating inconvenient banking hours. This includes electronic bill pay, which allows you to schedule payments directly from your account.

Email Money Transfers

We’ve touched on how online banking gives you instant access to your money and allows you to make instant money transfers, but what about other services? For example, what if you want to send a gift card to someone who doesn’t have an account with your bank? In that case, you can use their online banking feature that allows you to send email money transfers.

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Personal Finance Management Programs

This is a personal finance management program exclusive to online banking. You can easily track your income and spending habits on your computer or laptop. This means you’ll have a constant update of where you stand with your finances, what’s left in your account at any given time, and much more.

Communication and Security

Communicate with other account holders and bank officials through secure chat, emails, or text. And your identity is always protected, thanks to advanced security features.

Automated Savings

According to experts at SoFi, setting up automatic savings deposits can boost your savings exponentially. For example, your bank can automatically transfer a small amount of money from your checking account to a high-yield savings account each month, which will help you build your emergency fund and create a large sum over time.

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FAQ

Why is online banking considered safer than other forms of banking?

Your information is encrypted using 128-bit SSL encryption to ensure that your online banking data remains secure when you’re making a purchase, transferring money, or logging into your account.

What type of customer support is available?

For your convenience, local and national customer service can answer questions regarding online banking services.

Can you open up a bank account online without an ID?

Yes, you can open up a bank account online without an ID. In some instances (like with many small banks), you will be able to open up an account by submitting paper-only forms via mail or fax. In other cases, you will not need to submit any documentation at all.

While online banking has come a long way in recent years, it’s still a good idea to keep at least one brick-and-mortar bank. That’s because some traditional banks offer exclusive services that online providers don’t offer.

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