Having the ability to check your bank account whenever it is convenient for you is fantastic if you want to keep control of your budget. It allows you to have instant control of your money and you are able to check your available balance any time of the day or night.
However, it is important that you observe safety rules when you access this information, it can lead to others gaining entry to your account and could lead to transfers and payments that you don’t recognise.
Safeguarding your personal information whilst you are on-line is vital, and this includes being careful when and where you access information on computers other than your own. Installing the recommended software that can protect you from viruses is just one-step you should consider.
Online banking and your budget
If you are looking to take control of your finances and create a budget, which you can stick to, then you are going to benefit from using on-line banking to track the information that you need; this is your current balance and any bills or payments made on the account.
Being in control of your money means you are less likely to have to deal with overdraft charges or bounced cheques because you will know what money you have available. It makes banking so easy; it puts the consumer in control of their money.
Disadvantages of online banking
The disadvantages of the technology and banking is that it is just as quick to transfer money over for different things including treats, for when you are short of cash. It can be too easy to get access to your money and this is just one reason why I choose to have more than one account with different institutions, whilst I know I make transfers between banks, I don’t see the money and this helps to hide it from the potential of being used in less than emergency situations.
I even have one account where I can access it only to the point of checking the balance, any transfers in or out of the account. I need to make a journey into the local branch. This ensures that I allow the money to build each month, but rest assured the interest rate is good, too.
Tracking your money whilst having access to the balance is vital, it allows you to have accurate accounts which you will be able to track to the exact penny.
Whilst this technology is improving, it allows for greater control of your banking than ever before, which is fantastic for those who are able to control their budgets and manage their accounts effectively.
For others it can be an easy way to get access to money that would be better spent paying down debt than funding the latest take out. It allows the transfer of money and can encourage spending more than you can comfortably afford, creating more problems in the long-term.
Therefore, it is important that if you are embracing the technology that banks are offering the best advice is be careful, you need to protect the information that you share as well as the ability at which you are able to access your money.