Not Fond of Online Bank Transactions? Here’s What You Should Do | Fusion - WeRIndia

The bank can offer you a lot of things. It’s a stash where people entrust their money. But the bank is not just a place where you can put your money in. You can also lend money from the bank in times of emergencies.

This is very helpful if you’re out of cash and need something to pay for. The good thing about bank transactions nowadays is doing it online. Let’s find out what you should do in making an online bank transaction.

Opening an account

The first thing you need to do when making a bank transaction is open an account. Without an account, you can’t avail yourself of the bank’s benefits. You cannot make a deposit, withdrawal, or loan.

Opening a bank account has three types:

Checking

Checking is a type of bank account where you deposit money and use it using your check. In making payments, all you need to do is fill out a check as long as you still have a deposit. This is helpful when making a day-to-day transaction.

Savings

If you plan on keeping your money for a long time, opening a savings account is good. For example, you can save your money if you plan on buying a house or a car. The good thing about a savings account is its interest. This means that a percentage of your overall deposit will be added to your savings account.

Investment

If you’re the type who’s willing to take a risk, you can open an account for investment. This means your money will be used in the stock market. But, be careful. You can either learn or lose all your money depending upon how it’s handled.

Once you’re done opening an account, a monthly list of your bank transactions will be sent through an email.

Deposit

A bank deposit means putting your money in the bank. Depending on the type of account you want to use, it will be sent into that account. You can also make a deposit for somebody else’s account. Just get their bank account number then make a deposit.

The conventional way of making a deposit is by personally bringing your money to the bank. However, if you choose to make an online money transfer, you can easily do it using your bank’s online app. This saves you time and effort in making a deposit.

However, if you want to make a deposit inside the bank, it’s better to use tamper-proof bank deposit bags. This way, you can make sure that your money is safe. If there’s any sign of a breach, it will trigger a signal that somebody attempted to tamper your bags. This makes it easier to find who’s the culprit.

Withdrawal 

Withdrawal means taking your money out from the bank. You can make withdrawals with different denominations. Before, every withdrawal was done solely inside the bank. But with technological advancement, you can now withdraw your money anywhere using the ATM.

An ATM works like an online bank. You can withdraw cash from your savings account wherever you are. In some instances, you can also deposit money using a machine. But, whether you’re depositing or withdrawing your cash, it’s processed by an online server.

The server will automatically account for what’s left in your savings account. This is one of the advantages of new technological advancements. It saves you the hassle of going to the bank just to make a withdrawal.

Make a loan

Let’s say that you want to make a simple house renovation after learning DIY tutorials. However, you’re out of budget and you want to make it an urgent improvement. Don’t worry, the bank is there to help you.

Depending on the amount that you wish to borrow, the bank can offer you a loan. Just fill out the necessary requirements and use the money you lend. Don’t worry about paying for your debt. Banks are regulated to control their interest rates.

You’ll only pay for a slightly increased amount from the principal denomination that you borrowed. Just make sure to pay it on time to avoid an increased interest rate.

Pay bills online

Sometimes, it’s tiresome to go out just to pay your bills. It’s an advantage if you live just right on the next block where you need to pay. But for some, they need to travel for hours to reach their destination only to pay for their bills.

This is true. But only before when online payment is available. Today, you can pay your bills online. All you have to do is download your bank app. Simply make an online payment by entering the designated account number to where you’re going to pay.

Credit card

A credit card is a very convenient tool in making online monetary transactions. It allows you to use it as long as you don’t hit its limit and expiration date. Applying for a credit card is the first step in availing of its services.

Just go to your bank and ask for an application for a credit card. Submit the requirements and enjoy its services. The credit card acts like an online bank that allows you to pay for every purchase without using actual cash. The amount you spent will be summed up and paid depending on its terms and conditions.

Conclusion

Sometimes, people tend to be afraid of making an online bank transaction. They fear a system hack and might end up losing their money. But, with the advanced security features nowadays, your money is safe to be transferred online.

There are a lot of advantages to making an online bank transaction. It saves you time and effort. You don’t have to wear that face mask and use a hand sanitizer every time you go out to make a bank transaction. Everything is just a click away from your device.

Feature Image Reference:- Photo by Alexander Mils from Pexels

Image Reference: https://www.pexels.com/photo/woman-holding-fan-of-dollar-bills-4968650/