” Banking online”
Extremely wealthy people have money managers who keep a close eye on their wealth and make sure it doesn’t go away. These money managers keep all the accounts in balance, constantly look for the best financing deals, make sure the bills are paid on time, and move money around so as to collect the highest interest rates and avoid unnecessary bank fees. ( Read: Banking online)
You have to be that money manager for yourself. Instead of letting money events happen to you, you need to strive for a well – managed cash flow system. ( Read: Banking online)
Banking online
Following are some reasons why online banking is so cool and not your enemy:
✓Banking when you want it. In the good old days, people used the phrase ” banker’s” ” hours” to describe the allegedly short workdays that went along with banking. Traditionally, banks opened around 9 and closed around 4 pm. Get real! We live in a 24/7 world and want to bank from our PDA at 3 in the morning. ✓No more standing in line. Another fun thing about dealing with real banks is the velvet rope that herds bank customers into snaky lines. The lines are longest at lunchtime when you’re trying to get back to work before your break ends. Forget lines. Bank from the coffee shop on your laptop.
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✓ You can see it all. After you make it through the line at the bank and get the attention of the teller, you can ask specific questions about your account, such as did a particular check clear, did a paycheck gets deposited yet, or did I get hit with finance charge this month? But each answer has to be looked up by the teller, who is getting more irritated with you for holding up the line. Instead, pull up your bank account online and see all your transactions at once
✓Choose your bank. You are no longer limited to banking at the neighbourhood bank. You can choose from banks all over the country that may give you what you want in terms of interest, parks, and fees.
✓ Stay on top of your bank balance. Between your bank’s web site you have no excuse for not knowing exactly how much money you have in your bank account. No more scratching out errors in your check register or trying to calculate the balance in your head. Now you can see your balance and be completely up to date. Online banking has opened up great opportunities for accuracy and timeliness, but there are imperfections too. We think it’s important to have a relationship with a banker, a real person whom you can call when you have questions or when something turns up on your bank statement that you don’t understand. And there is no substitute for having a banker in your court when you’re trying to get the best deal on a loan for instance. Our recommendations are to get the best of both worlds: Find a local bank where you can meet the people who work there. But make sure the bank has online services too. ✓ Paying bills online. The internet has made bill paying a new experience. Iconic phrases like ” The check’s in the mail” have little meaning when you’re transferring money electronically ( although many banks still issue checks when you initiate an electronic payment). Here are some of many reasons why you might want to pay your bills online:
✓ Speed: The online payment process is almost faster than a speeding bullet. Click the payee, enter an amount, click send, and you’re finished. ✓Accuracy: Assuming that you don’t mistype the numbers yourself, there’s no room for misinterpretation of the amount you’re sending with your online payment. Handwritten checks rely on, well handwriting, and we all know that doctors and others have serious problems with legibility. Numbers typed on keyboards are easy to read.
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✓Timing: Suppose you’re getting ready to go on vacation and your mortgage will be due while you’re away, go online, schedule the payment to be made while you’re floating on a raft and stop worrying. ✓ Scheduling: Say your car payment is due on 5th of the month, every month, set up an automatic payment to occur on the fifth of every month until the loan is paid off. You never have to worry about missing your payment.
✓ 24/7 Availability: If you like to pay your bills on midnight or 4 in the morning, no one will stop you. The online banking bank never closes. ✓ Bad weather: If you’re snowed in, rained in, fogged in, or just plain don’t feel like going out to the post office or even the mailbox, you can still pay your bills when you use online bill payment. ( Read: Banking online)
✓ Travelling: Your bank knows no boundaries. If you’re on business in London or hiking in Peru, you can still get yourself online and pay those bills.
✓ Savings: No more stamps, envelopes, checks. All this stuff adds up. Let the post office raise the letter rate to 50 cents. You don’t care because you’re paying your bills electronically.
Source: mint.com for dummies Aaron Patzer CEO mint.com for dummies. @2011
( Read: Banking online)
