A guide to using online banking
27 Apr 2020
These days, everything you used to do at a bank branch can be done more conveniently over the internet. Is it time to discover the benefits of online banking?
Like many of life’s regular activities, the nature of banking has evolved greatly in the age of the internet. Bricks-and-mortar banks still exist, of course, but it’s fair to say the majority of Australians now manage their money “online” using personal electronic devices like a computer, laptop or mobile phone.
Why? Because doing your banking via the internet is incredibly convenient. What you might lose in customer service, you almost certainly get back in time saved and hassle avoided.
Have you considered making the switch? There’s no time like the present. Our guide to using online banking will help get you started…
WHAT IS IT?
Online banking is essentially the same as traditional banking with one obvious exception – every action and transaction is conducted through a financial institution’s website or dedicated mobile banking app instead of in person at the bank branch itself. In other words, you no longer need to wait in line to speak to a teller or fill out those fiddly deposit/withdrawal forms with a pen.
An online banking service allows you to perform virtually all account-related activities quickly over the internet. So, rather than visiting your nearest branch just to check your savings balance, pay off your credit card or transfer money from one account to another, you can instantly access and manage your finances via any internet-connected device.
THE BENEFITS
Online banking sounds like a fine way to simplify an inescapable personal chore, but what can you actually use it for? The answer is plenty!
Online banking platforms/portals typically make it easier to:
Go paperless: Eliminate your reliance on paper forms, letters, statements and transaction books to ensure nothing gets lost.
Manage accounts: Open new accounts and close old accounts without any signatures or sales pitches.
Keep track: Monitor your transactions, view your account history, check your balances and search for specific events in seconds.
Transfer funds: Move money around between your own accounts or send money to individuals and organisations.
Make payments: Schedule one-off and ongoing bill payments so the money leaves your account on a nominated day or at regular intervals.
Get updates: Follow your spending patterns and set budgets based on account summaries, notifications and statements provided automatically.
Pay it off: Easily manage your credit cards and repayments.
Save money: Online banking services tend to come with lower fees and more competitive rates than traditional accounts.
Apply for loans: Apply for various types of loans to initiate mandatory credit checks and get loans approved faster.
Change info: Update your personal information or contact details, e.g. a change of address.
Advise the bank: Let your bank know about your international travel plans, including destinations and dates, to avoid your accounts being blocked overseas.
USING IT NOW
In Australia almost all banks, credit unions and building societies provide an online banking service. While each offers its own unique features and benefits, they all include the banking basics you’re most likely to need.
To keep things simple, you can take advantage of the online service offered by the main financial institution/s where you currently hold your accounts. If you’re an existing Commonwealth Bank customer, for example, it makes sense to do your banking via its NetBank website or CommBank app. In some cases it’s even possible to link bank accounts at different banks.
To bank online, you’ll first need to register and “log in” (using an email address, username or customer reference number, as well as an alphanumeric password for security) to your bank’s website on a computer, or use the bank’s app that you can download for free on your smartphone and access with your PIN (personal identification number).
For those lacking confidence with this type of technology, you may want to engage a friend or family member to help navigate the setup process. Phone operators for your bank are also usually able to talk you through this process.
Once you’re up and running, these new tools are generally quite simple to understand and use. Say goodbye to long queues and unnecessary paperwork, and say hello to easy, efficient money management at your fingertips.
®