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5 Ways to Manage Time and Money With Online Banking

Posted by Katie Koke on Apr 6, 2020 11:00:00 AM

As the old adage goes, time is money. As time becomes more and more of a premium in the modern-day and things seem to move more rapidly than ever, you need banking that follows suit. With the advent of more sophisticated and user-friendly online banking tools in recent years many financial institutions have made it a priority to make time/money management more efficient than ever. Equally important to those tools existing is actually knowing about them, and being able to use them to their full capability. A good tool is useless if it isn’t being used! Here are 5 ways you use online banking to better manage your money--and your time. 

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Use Remote Deposit

Remote deposit is a fairly new invention that had a bit of a rocky start. Funds would sometimes take days longer to appear in your account than an in-person deposit would, and it wasn’t unusual for the deposits themselves to have difficulty even going through.

As phone cameras have improved, though, remote deposit has become a lot more reliable, which can be a big time saver. For one, you can deposit checks instantly, without having to drive to your bank; you can do it from basically anywhere. On top of that, you can get checks deposited before your branch closes, which means you can access funds earlier.

Pay Bills Online

Online bill pay is a huge time-saver. Instead of having to open up a paper bill and then either call to pay the bill via card or send in a check, you can easily set up automatic bill pay to occur at the same time each month. Taking the time to set up online bill pay once instead of paying each bill once a month helps with saving time, and limits charges or expenses at unexpected times of the month.

Access Account Balances Instantly

The ability to view your account balance with the click of a mouse or the tap of a thumb has become an essential part to managing money and time. Unsure if you should go grab drinks with coworkers after work? You can quickly check your funds to help you make that decision. Making quick financial decisions is a lot easier when you can actually look at your money and make an assessment.

Bank On the Go

Mobile apps have made online banking even easier and more accessible than ever before. This might be the biggest asset to time management out of all of these services, because you can deposit, pay bills, access your balance, and use all of the other tools offered by online banking right from the palm of your hand - no computer required.

Use Financing Tools

Most online banking now offers tools to help with finance management, budgeting, and goal-setting. At HRCCU, that tool is AllData PFM, which provides things from expense categorization to spending alerts to budget building assistance. These sorts of tools can go a long way in creating better habits, reaching budget benchmarks, takes away a lot of stress, and time that traditionally comes along with them.

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