3 Reasons To Take Your Online Banking Relationship To The Next Level

by ManishaThakor

Are you banking online?  A recent survey says 80 percent of U.S. online households are. However, if you’re limiting your online account management to checking your balance or reviewing past transactions you are missing out on the biggest benefits of the service. Many people don't realize that online banking services at most banks and credit unions enable you receive and pay your bills from one simple dashboard. That's the gift that keeps on giving. Here are my top three reasons why you should take your online banking relationship to the next level by consolidating all your bill paying through your bank or credit union:

1.    It makes your financial life easier: When you use your primary financial institution as command central for your bills, you only have to remember one password and log on one time. You can see exactly how much money you have in your account as you pay each bill from that one control panel. When you utilize online banking, you can pay ALL of your household bills online - not just to large companies, but to small firms, and even individual people. (Seriously. Thanks to a new offering called ZashPay that many financial institutions offer, you can literally send person-to-person payments online using only the recipients’ email address or phone number.)

2.    It gives you control. According to a recent survey from financial technology provider Fiserv (a company I'm doing some very interesting work with), a whopping 64% of consumers have lost a paper bill in their home and another 57% have experienced a paper bill being lost in the mail. If you utilize online bill pay through your bank or credit union, you can eliminate this concern by having bills sent electronically right to your online banking account. Hundreds of national billers offer these paperless bills, known as e-bills. They contain the exact same information as paper bills, but are delivered directly to your online bank account. On top of this, when you utilize online banking through your financial institution you determine exactly when each bill will get paid - which is not the case, for instance, when you have bills auto-debited.

3.    It gives you safety. Last but not least, whenever I talk about online anything - one of the first concerns that rightfully pops up is... safety. This may be the best part of all when it comes to online banking. When you use online banking it's like banking with Kevlar on. You are reaping the benefits of all the money those financial institutions have spent on encryption and fraud detection tools. Also, you don't have to share your bank account number the way you might have to do if you pay a bill at a company's website. Additionally most financial institutions have robust alert options that will notify you via text or email of activity in your account so you can keep a close eye on your hard earned dollars.

To learn more about receiving and paying bills online, visit www.ebillplace.com.


[Want more financial love? You can follow Women's Financial Literacy Initiative founder, Manisha Thakor, on Twitter at @ManishaThakor, sign up to get her email updates delivered right to your inbox here.]

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Manisha Thakor

From Manisha's linkedin profile page:

Manisha Thakor is the Director of Wealth Strategies for Women at Buckingham Strategic Wealth and The BAM Alliance. 

Manisha and her colleagues provide both evidence-based wealth advisory services for high-net-worth households and core asset management solutions for women and families nationwide with $80,000 or more in investible assets. 

An ardent financial literacy advocate for women, Manisha is the co-author of two critically acclaimed personal finance books: ON MY OWN TWO FEET: a modern girl’s guide to personal finance and GET FINANCIALLY NAKED: how to talk money with your honey. She is on Faculty at The Omega Institute and serves as a Financial Fellow at Wellesley College. Manisha is also a member of The Wall Street Journal’s Wealth Experts Panel, a member of the 2015 CNBC Financial Advisor’s Council, and wearing her financial educator’s hat serves as a part of TIAA-CREF’s Women’s Initiative. 

Manisha's financial advice has been featured in a wide range of national media outlets including CNN, PBS, NPR, The Today Show, Rachel Ray, The New York Times, The Boston Globe, The LA Times, Real Simple, Women’s Day, Glamour, Essence, and MORE magazine.

Prior to joining the Buckingham team, Manisha spent over twenty years working in financial services. On the institutional side she worked as an analyst, portfolio manager and client relations executive at SG Warburg, Atalanta/Sosnoff Capital, Fayez Sarofim & Co., and Sands Capital Management. After this she moved to the retail side and ran her own independent registered investment advisory firm, MoneyZen Wealth Management. 

Manisha earned her MBA from Harvard Business School in 1997, her BA from Wellesley College in 1992 and is a CFA charterholder. She lives in Portland, OR where she delights in the amazing Third Wave coffee scene and stunning natural beauty of the Pacific NorthWest. Manisha’s website is MoneyZen.com.