As we get closer and closer to a cashless world, eBanking has become a common occurrence. Just ask yourself when was the last time you paid your friend pack with cash or actually wrote out a check? It’s probably been quite some time since we have the internet and mobile devices to handle a majority of our banking needs.
As an additional perk, besides the convenience, eBanking can actually save you money through the following ways.
Find online banks that skip the fees.
Brick-and-mortar banks have been known to have a laundry list of fees. Some fees you’re probably familiar with, such as monthly or annual maintenance fee and a minimum balance. But, there are also annoying fees that you’re not as aware of, such as paper statement and human teller fees.
Fortunately, many online banks skip those fees. But, it’s still your responsibility to double check to be 100% positive. For example, Ally skips the ATM, maintenance, and monthly fees. Simple is another online bank that doesn’t include monthly, minimum balance, or overdraft fees.
Since online banking and eBanking has become big business for traditional and new financial institutions, there are a lot of options out there. I suggest that you search for banks that have no fees and compare them to each other to find the bank that best suits your needs.
If you do a lot of international transactions, you may want to consider cryptocurrencies like bitcoin. These avoid those pricey transaction fees and the funds are available more quickly since you don’t have to go through multiple banks.
Track your spending.
Most banks now offer online banking and mobile apps. That means that you can login into your account whenever you want to make sure that it’s safe and to track your spending. But, eBanking can take that to the next level. For example, whenever you pay your utilities or go grocery shopping each month and use your debit band, your spending habits can be updated. After monitoring your spending for a couple of months you can set a more accurate budget.
I also enjoy the fact that you receive notifications every time a transaction is made through an email or text. This prevents me from overspending and allows me to keep a closer eye on my account. I remember I received an email for a transaction that I didn’t approve. I was quickly able to cancel that card and order a new one before any further damage was done.
Automate your payments.
I love the autopay feature. It saves me time from filling out checks, and cuts out the need for a checkbook and stamps. Most importantly, it prevents me from ever missing a due date. If you’ve ever missed a payment, then you know how expensive those late payment fees are.
Direct deposit your paycheck (and save automatically)
Sometimes you’ll be rewarded for choosing to direct deposit your paycheck. Some banks will waive payment fees or give you a $100 just for setting up your direct deposit. And, you no longer have to spend your time and money physically going to your bank to deposit your check.
As an added bonus, a direct deposit gives you the chance to start saving money automatically. Since it’s not uncommon for your check to be deposited to multiple accounts, you can set-it up so that a percentage of your paycheck will automatically be deposited into a savings account.
Besides putting your savings on autopilot, most eBanks have higher interest rates than traditional banks.
Conquer the ATM
Even though most places accept plastic or digital payments like Apple or Samsung Pay, there are still times when you need cash on hand. Try to find a bank that waives ATM withdrawal fees. If you can’t at least be aware of the ATMS around you that have low-cost withdraw fees.
However, if you’re prepared you may be able to get that cash without having to pay any fees. If you’re at the grocery store and you know that you’ll need some cash, then definitely take advantage of the cash back option since you don’t have to pay any fees.