Online banking has made banking convenient for users. You can check your account balances, transfer funds and pay bills – all from your phone or other smart device. You can manage your finances wherever you are, whether at home, on the go or abroad.
Let’s look at 4 major benefits of online banking.
Convenient and accessible
Mobile banking has made banking more accessible without having to visit a physical bank. You can access your account details even outside of your financial institution’s hours of operation.
Using mobile banking, you can usually check your account balances at any time you need, send money to friends and loved ones and keep tabs on your spending. Because you can usually check your balance any time you like, you might not even need to balance a checkbook anymore. You can deposit a check with just your phone, with no trips to the bank or handwritten deposit slips necessary.
Easy payments
Mobile banking also offers users the benefit of easy payments. Features like Zelle® typically allow users to send and receive money quickly without having to use cash or a check. Via mobile banking, users can also set up automatic bill payments for recurring expenses, like credit card bills, utilities or rent payments. This can mean not having to worry about whether you've made payments on time.
Automate savings
Many mobile banking apps include automatic savings features that let users automatically transfer money into a linked savings account. You may be able to set the amount of money and frequency with which you’d like to save – for example, weekly, bi-weekly or monthly – and the mobile banking app will do the rest. Automatic savings features are flexible and customizable, and users can modify or cancel these payments at any time.
Expense tracking
Mobile banking can make budgeting and expense tracking easier by allowing users to see their expenses in real-time. Many mobile banking apps categorize expenses like food, entertainment, transportation and utilities, allowing users to quickly see where they’re spending, how much, and how often. Some mobile banking apps also offer budgeting features, which can help users create their own budgets, track their spending, save towards a goal, get a better handle on their money and build better money habits.
Mobile banking apps can also make it easy to stay on top of your spending with customizable alerts and notifications. You may be able to set up notifications to tell you when payment is due, if your balance is low or if you exceed a set spending limit, which can help you stay on budget.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
To send or receive money with Zelle® both parties must have an eligible checking or savings account. Transactions between enrolled users typically occur in minutes. Terms, conditions, and restrictions apply. For the protection of your account, Zelle® should only be used to send money to those you know and trust. Neither Citibank nor Zelle® offers purchase protection for payments made with Zelle® - for example, if you do not receive the item you paid for or the item is not as described or as you expected.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
