Few points to make you understand how online bill pay can save you time and money.

  1. Fast, Easy and Safe

To beat procrastination, nothing is more helpful than online banking as this is easier and faster than the traditional method. You can set up your payments schedule, and payment will be made automatically, through the bank. That means no late fees again. If you want, instead of automatic payments you can go online and pay on your own it will still save you time, energy and stamps.

As it is faster than the stamp mail method, you can even pay at the last minute.

If you have a moment of doubt about spyware, viruses and hacking in an online format, it’s okay, but the risk of mail theft also can’t be denied. The less information you let float through stamp mail, the better. As well as in online banking, there are additional safeguards when you use a credit card for bill payments.

2. Pay People

Some banks now allow you to send money to another person directly by using the recipient’s e-mail address or phone number. This service is made available by the bank through a third-party service, for example, pop money.

Most banks charge you for this service, but still, it is cheaper than stamp mail method.

3. Transfer money

Online banking made it easy, sending money from one account to another. Now instead of writing a check, you can send money directly, all you need is account number and IFSC code.

It generally takes a few days, but if you are transferring money to the different account of the same bank, it takes less than 24 hours.

4. Mobile Deposits

Now banks have their banking apps to simplify the process of online banking. You can also deposit your checks to your account by taking a photo or scanning the check front and back.

It may take several days to make the funds available, mostly when depositing personal checks.  During the process, keep the paper check safe as it may require in case of any problem.

5. Saves Green, save money

Online payments of bills not only save your time but your cash and environment too. Paying bill online is can be your part for protecting the environment. Your bank statements, bills, reminder, or statement etc. Send to you by your bank, in reality, is a junk of paper made by cutting trees. Converting your banking online will also convert this junk of paper in E-format. It also saves the fuel being used on printing, processing, mailing and transporting them, which conclude online banking healthy for the environment.

Sending checks by mail is equal to buying stamps which can be saved through online banking. For banks to sending bills and statements is cheaper, which make them willing (sometimes) lower their fees.

6. Easy bill organization and consolidation

We do lots of transaction in a month, and keeping their records in the old fashion way (paper) can be super challenging. And if we talk about organizing them, it is something that can be compared to the real struggle. It takes lots of energy, time and focus. To save it, all online banking plays a significant role.

If you are a newbie of online banking, you may not feel it as your cup of tea. But trust me, nothing can be comfortable than the paying bills online. Sure it will take little time to set up, but once you are done. There will be no worries about the pile of bills on your counter.

Point to remember – Keeping your money safe is a lot important than saving time. If any of these services makes you uncomfortable, don’t use them.