Armchair Millionaire: The ABC’s of E-Banking

The ABC’s of E-Banking

Online banking can simplify your financial life. Here’s how it works.

by Doug Gerlach

Everyone hates paying bills. Besides being confronted with your own bad spending habits, you also have to put up with the tedium of writing checks, recording them in your check register,

addressing envelopes and stuffing them with bills and checks, licking the envelope flap to seal it (yuck), putting a stamp on the envelope, and finally dropping the whole package in the mailbox. Multiply this process by 10 or 15 times each month and you’ve spent a couple of hours on a time-consuming and inefficient process.

But there’s a better way. You can use the same equipment that you’re using to read this article to streamline your banking and monthly bills, by switching to e-banking.

E-banking, or

online banking, is now offered by hundreds of banks, credit unions, and savings associations across the U.S. Your current bank may offer online access through the Web, or using software that they provide. Either way, you’ll need to complete an enrollment form to sign up for the online service.

Once your online account is established, you’ll be able to check balances in your accounts, transfer funds between accounts, and enter payments to be made from your account (instead of writing paper checks). And

your computer will remember who you write checks to, so the next time you pay a bill to that same company, you’ll just have to enter the amount and point-and-click to confirm it — and the bill will be paid!

Many institutions also offer “electronic bill presentment,” where businesses send their bills to you electronically, instead on paper through the mail, making it even easier to pay your bills. Just point and click to accept the bill and pay it electronically.

According to the Electronic Banking

Association, there are many benefits of online banking:

With the current generation of Web browser technology, security isn’t an issue where e-banking is concerned, either. Internet experts assure us that your financial information is safe as long as you’re doing your banking with a credible institution.

For more information on e-banking, or to find a bank near you that offers online access, contact the

.

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