Must Have Online Banking Features

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Here is a list of things to look for in an online bank. Some things you may know. Others may be new to you if your current bank does not offer them.

  • ATM fees and convenient locations: If you need cash, will the bank pay the ATM fees? Are there only a few free ATMs and, if so, are they near where you normally go? Are there ATMs available throughout the country to use on vacation? What are the international user fees for the ATM and how is the exchange rate handled?
  • Desktop software integration: If you use Microsoft Money, Quicken or similar, you want to make sure your bank supports it. Make sure that when you download transactions, agree to log in and manually download a file; otherwise, your funds’ management software can connect directly and download new transactions. If you use Quicken on a Mac, make sure the bank pays Quicken’s blackmail fees to work with Mac users.
  • Many types of accounts: some banks offer only basic accounts and savings accounts. Ideally, you want a bank that facilitates the opening of money market accounts, IRAs, health accounts, etc. If you need to go to another institution to open a different type of account, it is more difficult to manage, especially if you are travelling. They want to open a CD to get a higher interest rate and open an IRA to reduce their tax bill.
  • Free money transfers: do not forget how easy it is to transfer funds to your account. You must be able to establish links with your accounts of other institutions to move money when necessary. Make sure you know the fees charged for these transfers. Good banks must allow a certain number of transfers per month at no cost.
  • Balancing security with convenience is crucial for many banks. Some banks may automatically log you out while you’re managing your account online, emphasizing security. However, this can be inconvenient for users who prefer continuous access to their banking services. To enhance security without compromising user experience, banks may offer additional features. For instance, some banks provide an RSA keychain that generates a new number every 60 seconds. This number, in addition to your password, is required to access your account. By incorporating such measures, banks aim to provide end-to-end security for users, making it challenging for unauthorized individuals to gain access even if they have your login credentials.
  • Sustainability should be part of the business: It is a must for every business, bank or not, to offer a carbon footprint calculator, which can enable customers to trace the carbon spending as effortlessly as they track financial spending. This tech solution can be availed of from — it usually takes into consideration the user lifestyle data and payment transactions for calculating the output.
  • Easy to use: this is a problem that most banks find. At this time, I have my account in an online bank and my professional accounts in another. I am afraid of using commercial accounts, and I like to use my account. At first, I thought I knew better the bank where my accounts are, but I realised that usability counts. One is fine, and the other is great, but it makes a big difference.