Online Banking Shown to Save Users' Money

(MYFOX NATIONAL) - Do you want to save money? Do you also want to be free of ATM machines, bank tellers and your mailed, monthly bank statement? They seem like kind of silly questions, don’t they?

A recent article from CNNMoney.com makes clear the lesson that using the Internet as your most powerful banking tool allows you to save time, have more control over your banking and ultimately save money through decreased mailings. The internet also makes for easier comparison shopping for rates and greater accuracy through better-balanced books.

“You can use the Internet to compare fees, yields and minimum deposit requirements nationwide,” CNNMoney notes. “Sites like Bankrate.com allow you to search and compare the highest yields and the lowest costs on banking, savings, loans and deposit rates nationwide.”

An article from MoneyInstructor.com agrees. “Bills paid via online banking arrive at their destination in as few as two days. You don’t need stamps, envelopes or even a pen. Best of all, online banking compiles and allows you to access your payment history for every vendor on your payee list,” the article reads.

A Dec. 21 article from the Wall Street Journal points out that the paperless banking revolution is also no longer limited to your desktop PC or laptop. With advances in mobile phone network technology, online banking can now also be mobile banking, which adds total, personalized convenience to the savings of going paperless.

“The interest in mobile-payment services extends far beyond banks,” the WSJ article states. “Dozens of startups [are] interested in getting a piece of the action. Meanwhile, the banks are scrambling to get their services up and running.”

The article also notes that in Canada, that country’s “largest telephony providers have banded together to develop a mobile-payment platform. The joint venture, called Enstream, has already launched Zoompass, in which users can hold funds linked to their personal bank accounts to make payments through their cell phones.”