Online banking provides customers with convenience and 24-hour access to their accounts, and benefits customers in another way: savings. According to personal finance blog ChristianPF.com, utilizing online financial services can help Americans avoid costly fees associated with bill pay and money transfers.
Some Americans may, at one point or another, forget to pay a bill. However, using online bill pay automates all payments, saving customers from late payment fees or penalties, the blog reports. As an added bonus, making timely and consistent payments will help build a consumer's credit, allowing them to receive the lowest interest rates on large purchases.
Before online banking, parents and relatives were usually reliant on services such as Western Union to transfer money, usually for a fee. However, most banks allow customers to transfer funds to relatives or friends at little to no cost, reports the blog.
A new report reveals that nearly 80 percent of Americans with computer access now bank online. The report also shows that more Americans over the age of 21 are utilizing online bill pay services.
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