Five Advantages of Online Banking

The main advantages of online banking include 24/7 account access, easy money transfers, credit score monitoring, electronic bill pay, and mobile check deposit. Today, many financial institutions offer online banking platforms alongside their branches, giving you the flexibility to manage your money when and where it works best for you. Whether you're checking your balance between errands, paying a bill from home, or depositing a check from your phone, online banking can make everyday money management feel a little simpler.

In-person banking is still helpful when you need personal guidance or have questions, but you don’t always need to make a trip to a branch for routine tasks. With these online banking features at your fingertips, you can take care of many everyday financial needs on your own schedule while staying connected to your accounts.

Advantage 1: Access Your Account at Any Time

The most obvious advantage of online banking is that you don’t need to visit the branch of a bank or credit union to access your account. Just log into the online banking platform (or use the mobile app if they have one), and you’ll be able to access all the accounts you have with your financial institution.

It’s hard to overstate how useful this is. Having your most current account information in front of you can be a huge help when creating and reviewing your budget, but it’s also useful when you want to set a financial goal, like making a major purchase or going on a long vacation. You can also make sure a bill has been paid or just make sure you have enough money in your account to go have lunch with your friends.

Advantage 2: Easily Transfer Money Between Accounts

Most online banking platforms let you transfer money between your accounts. This is a lot more convenient than visiting a financial institution’s branch, and it also gives you more control over your money. You can transfer money from your checking account to your savings, and if you have a credit card or loan with your bank or credit union, you can also make a payment using their online banking platform.

Advantage 3: Check Your Financial Health

A number of online banking platforms, including First Alliance Credit Union’s, will also let you check your credit score in addition to monitoring your accounts. This can be very helpful, especially if you’re trying to raise your credit score before you apply for a loan or a mortgage.

Advantage 4: Easily Pay Bills

Most financial institutions’ online banking platforms offer an electronic bill pay service. This service is not only convenient and efficient, it’s also an easy way to track which bills you have to pay and reduces the chances you’ll miss a payment. If you want to eliminate missed payments completely, you can also set up automatic bill payments

Advantage 5: Deposit Checks

If your financial institution has a mobile app, you may be able to use it to deposit checks. This is much more convenient than driving to the nearest branch of your financial institution, especially if someone gives you a check when you’re out of town.

Is Online Banking Safe?

Online banking is generally safe when you use good security habits and take steps to protect your account information. Financial institutions use security measures to help protect your personal and financial information, but your own habits also play an important role. Simple steps like using a strong password, recognizing suspicious messages, and keeping an eye on your account activity can help reduce the risk of unauthorized access.

Here are a few ways to make your online banking experience safer:

• Use a strong, unique password. Create a password that is difficult to guess and avoid using the same password for your banking account and other websites. If you believe your password may have been exposed, change it as soon as possible.
• Avoid public Wi-Fi for banking. Public networks at coffee shops, airports, and other shared spaces may not be secure. When possible, use a trusted home network or your mobile data when accessing your financial accounts.
• Watch for phishing attempts. Be cautious with unexpected emails, texts, or phone calls asking for your password, account number, or other sensitive information. Avoid clicking unfamiliar links, and verify that a message is really from your financial institution before taking action.
• Review your transactions regularly. Checking your account activity can help you notice unfamiliar charges or withdrawals sooner. If something doesn't look right, contact your financial institution promptly.
• Log out when you're finished. Always sign out of online banking when using a shared or public computer. On your personal devices, make sure your device is protected with a password, PIN, fingerprint, or other security feature.
• Keep your devices and apps updated. Install operating system, browser, and banking app updates when they become available. Updates often include important security improvements that help protect your device.
• Turn on available security alerts. Account and transaction alerts can help you stay informed about activity on your account and make it easier to spot something you don't recognize.

Take Your Finances to the Next Level With First Alliance Credit Union Online Banking

Online banking is an incredibly useful tool. It gives you essential money management tools at your disposal any time you need them, and it can help you be more organized with your finances.

If you’re a First Alliance Credit Union member, enroll in our online banking and download our mobile app. Our platform contains a robust set of banking tools, including our My Money tool, which will help you track the activity in all of your accounts even if they are from another different financial institution, and Zelle, which lets you send money to people you know and trust.