Gone are the days of waiting in bank lines to make a deposit or cash a check. No long lines at the post office to send a last-minute certified payment overnight. Online banking has made it easy to pay a bill on a recurring cycle or set up your employment payments to go directly to your bank account.
The ease of online banking can be accessed in numerous ways. Consumers have the option of banking, opening a prepaid card account that accepts direct deposits, purchasing debit cards at your local retail stores to use as payment on websites or mobile apps that allow consumers to transfer money amongst themselves.
The PSFE stock from Paysafe Limited details a virtual account designed for small businesses, online businesses, and consumers interested in its flexibility to offer all the advantages of a traditional banking experience at the touch of a finger.
At Home Banking Sites
Technology has made at-home banking a luxury. There are many ways to receive the same service as a bank without the inconvenience of standing in line. Although many continue to prefer the benefit of person-to-person service coupled with a brick-and-mortar location, many websites have been created to eliminate that element while providing the same myriad of services. Online banking has eliminated waiting periods in access to funds, transferring funds, checking balances, and scheduling recurring bill payments.
From these consumer needs sprung numerous websites unrelated to local banks that offer an immediate transfer of funds, direct deposit, and online bill payment, ATM access, and mobile deposit and withdrawal. Here are a few popular options:
- PayPal – used by many micro job websites to pay its independent contractors
- Payoneer – offered by gig worker sites as an online location to receive payment
- Netspend – prepaid card through direct deposit to checking and savings account
- Chime – prepaid card through direct deposit to checking and saving account
- Zelle – allows consumers with a different bank account to transfer funds
- Xoom – allows consumers to transfer funds amongst themselves abroad
- Cash App – allows consumers to transfer money in minutes through a mobile app
- Western Union- allows consumers to transfer money in minutes by website
Advantage of Online Monetary Transactions
There are many choices to transfer funds or make payments online. Determining what aspect of online banking is most appealing to you can narrow your list of options. Setting up a scheduled recurring payment or transfer of funds without cost has become a common offer when making monetary transactions online. Very seldom will you see a fee attached unless working on such platforms as Western Union, Zelle, or Xoom. These companies put money in an individual’s hands instantly for an agreeable fee.
Transferring money from such platforms as PayPal into checking accounts can be done instantly for an even smaller fee of 1% per transfer amount. No fee when transferring to a bank account and willing to wait the average 1 to 3 days.
Prepaid accounts are offering monetary payments when you chose their business. Chime has offered its new customers as much as $150 for creating a direct deposit checking account on their site.
Websites unattached to local banks are more likely to offer a mobile app for depositing checks, checking balances, or transferring funds. These are usually prepaid cards attached to a bank offering a routing and account number for your checking and savings account. Consumers should look for interest fees and the cost to swipe their prepaid card when making a choice of which one to use.
Purchasing a Visa, Mastercard, or even an American Express card is another form of transferring money online or directly. Most customers used this method as a gift card. However, it can still be used as a way to transfer funds or making a payment online.
The Future of Banking
While still operating within the structure of a financial instrument, online websites offering banking services are not your local bank. It is not a place to go for personal or business loans. In that respect, traditional banking still remains useful. Traditional banks offer direct deposit, mobile banking, online payment services. However, the ability to instantly pay someone through the transfer of funds is usually not available.
Most banks have a customer service number but, fail to offer person-to-person assistance after specific hours. Banking transformation utilizing the tools most consumers seek will keep banking moving in the right direction. Technology has the upper hand. Still, consumers will always be the driving force.