To quote the Duchess of Windsor, No one can ever be “too rich or too thin.” I still hope of some day approaching one of those goals. Sure, I know that you’ve got to make the money fist, but once you have some, a good bank can help you keep some of it.
Online Banking Beginnings
Home computers are perfect for keeping records and accurately maintaining household budget accounts. Quicken or Microsoft Money can be found readily. These two software classics have evolved from simple check registers and savings passbooks into online applications that seamlessly merge with our banks, brokers, mortgagers and insurers. Intuits effort on bringing banks into the online world has changed the way we manage our money.
The versions of Quicken have continually increased the online features to balance checkbook painlessly, shop for loans among competing lenders, manage our portfolio with hourly market updates and post our credit card transactions with barely a mouse click. The list of banks that support Quicken updates has increased from a handful, to an extensive roster that allows virtually anyone in the country to access a regional online bank. When the end of the month rolls around, it takes but a few seconds to download and reconcile your account info. Your checkbook is balanced and your credit card receipts are logged and categorized, ready for tax time, when you’ll probably even file your 1040 online. You don’t need to use Quicken; however, to take advantage of online banking.
Your Bank-Online
It’s easy to find your bank’s Web site. Usually you’ll find the URL on your statement. You can probably conduct business directly with your current bank simply by visiting its Web page. Businesses and government agencies have for years been stressing the advantages of direct deposit. I’ve been using Union Banks online services since 1998. So all this has been around for a good 10yrs now.
Rather than getting your check in the mail, direct deposit allows electronic transfer of checks to your account. You may receive a confirmation receipt, but many companies eliminate that step. So, how can you be sure the money is in your account? Go online with your bank and check for yourself.
Bank pages are easy to navigate, usually offering two levels of access; One for general information on services offered, and a second, secure level for information about your accounts. Watch for the secure access symbol in the status bar of your browser to verify. If you hold an account with the bank, you’ll be asked to complete a brief registration form prior to being granted access.
Stay as far away from computers as you possibly can. - Jeff Knooren
My bank uses standard USER/PASS combination that I specify. Once verified, I can view the status of my accounts, checking to see if deposits have been posted or if my balance agrees with that of the bank. I can transfer funds between accounts quickly and with out leaving home. A particularly reassuring feature of the site is a clear statement that the bank is 100- percent liable for losses caused by unauthorized persons accessing my account.
Shopping for Bank Services
Shopping for bank services is easy online. Rather than chum through the Yellow Pages, simply surf the banks to find the latest rates. Many banks offer an interactive application form that will quickly tell you if you are approved for a loan in a few minutes. Still others offer handy calculators that let you determine things like how much of a home loan you can qualify for or comparative rates for lease versus purchase of a new automobile. You’ll save your self a lot of effort by knowing those numbers before you go shopping.
More Than the Basics
Expect to find more than the basics online. Many banks offer much more than simply account info and loan applications. To check out how your bank compares with other brokerages as well as to find the latest news on rates, returns and investment choices, visit www.bankrate.com. These services are pretty slick. Even though they’re at least 10yrs old now, they’re constantly improving. One thing I noticed with my bank, is if you check off the "No statements by mail" option, you still get a statement by mail. A nice feature would be to remove the account numbers from statements if you do get them by mail. Ah, dare to dream I guess. With all the fancy security measures they promote on TV, they’re easily defeated if your mail gets lost and someone gets your account number.
Merchant Account
Few people carry cash these days and many of us pay all of our bills with plastic. A business that can’t accept credit cards will lose market share to one that can. Your PC can provide the same functions for your small business as the magnetic swipe readers at the big stores. Paypal and Google Checkout give you the customer the option of paying with a credit card now. Setting it up, is a pretty straightforward process. You fill out a form, pay a small fee, and they simply activate it.
I recommend tracking time spent NOT billable to clients. Reading emails, training… I’m tracking the time it takes to write, format, and publish this article. - Jeff Knooren
Now you can create your own store, and sell consulting services as items in your store. A big plus is that the transaction is credited to your business account almost immediately. Is there a downside to online banking? It would be difficult to find one. Certainly some bank Web pages are easier to navigate than others, but that’s like saying one bank’s office is more convenient than another’s.
If you aren’t already using online banking, it’s almost a requirement you do so, if you’re business is on the web. Paypal, Google Checkout, even accessing your current bank account online is the preferred method of doing business on the internet. Take full advantage of convenient ways to do business. Maybe you can approach being too rich in the near future. For now, I’ve got to go to work on getting thin.