Convenient Banking Options to Save Time & Money
Guide to Choosing the Best Way to Manage Everyday Banking
Nov 3, 2009
The days of having to go into the local branch of a bank to withdraw and deposit cash are long gone. There are now more convenient and faster ways to access money. However, the choice has to be made to suit the lifestyle and with the knowledge of fees and charges, if any.
Ways to Manage Money
The options available are many and varied. Some require a person to be able to use a computer and be comfortable with the internet. The choice depends on the individual circumstances.
Automatic Teller Machines (ATMs)
These provide access to cash 24 hours seven days a week. No more filling in withdrawal slips, standing in a queue and having to take time off work to go into a bank during working hours. As long as one has a card, either a debit card or a credit card, linked to an account an ATM gives instant access to cash. Some ATMs - normally those at the bank premises - even have the facility to deposit cash into an account.
Other functions of an ATM are:
- Check account balances,
- Transfer money between accounts (all accounts have to be linked to the same card),
- Obtaining 'mini' statements of recent transactions.
Of course one has to keep in mind the fees involved. Normally using the ATM of the bank where the account is held is free. Using the ATM of another bank will cost a usage fee.
Electronic Funds Transfer at Point of Sale (EFTPOS)
Paying by a debit or credit card for purchases is now common practice. If using a debit card to pay for the purchases at the checkout, withdrawing additional funds at the same time counts as one transaction. This will help to limit charges at the end of the month if the transaction number is exceeded.
Telephone Banking
Writing a cheque to pay a bill is no longer the norm. It is possible to ring up a number and pay the bills over the phone by using the bank account details or a credit card. In some instances one does not even have to speak to another person, it is totally automated.
Other options available with telephone banking are:
- Obtain current balances of the accounts.
- Check recent transaction history
- Transfer funds and make credit card and loan payments
Telephone banking is usually a 'fee free' option.
Online Banking
With a computer and internet access managing money has never been easier. Consumers can access their accounts 24 hours 7 days a week from anywhere in the world and at a time to suit them. With online banking one can manage the accounts by:
- Accessing a list of the accounts, current balances and available funds;
- See past transactions, in some banks up to 12 months history;
- View and print statements at no charge;
- See the history of previous bills paid online.
- Transfer funds between accounts in the same bank;
- Make transfers to accounts in other banks;
- Transfer money overseas; and
- Pay bills and/or set up periodical payments.
Online banking is usually free of fees and charges. However, there are some transactions such as transferring funds overseas, that may attract a fee. These need to checked out with the relevant bank.
'Face to Face' Banking at a Branch
There are some instances when it would be appropriate to actually talk to a person in a branch to help with banking needs. For instance it may be a good idea to get the help of a bank employee when setting up telephone banking and online banking facilities so that it is all set up correctly and securely.
Using the various options available to manage day-to-day banking needs can save money and time.
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