The convenience of online banking and bill pay are numerous:
- 24/7 banking ability
- Access to accounts from anywhere at any time
- Cost and time savings – no more driving to the bank or spending time in line
- Easy and secure transactions
Online banking allows you to view account balances, transfer funds, pay bills, and deposit checks with the touch of a few buttons. Virtual banking and bill pay features are available through mobile applications or bank and credit union websites. All that is needed is an internet connection with either a computer or mobile device.
Virtual branch or online banking saves you time and money as it allows you to:
- Set up recurring payments
- Schedule payments up to one year in advance
- Cancel payments
- Transfer funds between accounts
- Complete wire or ACH transfers
- Send and receive money via email or text with Zelle®
- Deposit checks*
- Track banking activity
- Receive free eStatements
*Mobile deposit limits may apply
Are all these transactions safe to conduct virtually? The answer is yes! Banks and credit unions utilize encryption technologies, two-factor authorization, and other monitoring features to ensure secure online and mobile transactions. As a consumer, you can protect your online information (banking and other transactions) by always using a secure network, having strong, creative passwords, and implementing two-factor authentication.
As previously mentioned, online banking can be completed through a website or Mobile Banking App (Mobile Banking). According to Forbes Advisor, 78% of Americans prefer to bank digitally.1 However, some services are unavailable through online banking; and must be completed at a branch or authorized ATM. Such transactions include:
- Cash deposits or withdrawals
- Issuance of certified or cashier checks or money orders
- Currency exchange
As some banking transactions must be completed in person, it is advantageous to bank with an institution that has both brick-and-mortar locations and offers virtual banking services. The consumer will benefit from the ease of “anytime” banking while also being able to get in-person guidance from a trained staff member. Trust and confidence are some of the main reasons people like to bank in person. Meeting and speaking with a person who can provide explanations and options to a consumer about their money will always be a valuable service offering.
At Welcome Federal Credit Union, you can always meet with a staff member while also taking advantage of our online banking services. We provide you with the stability you seek, the flexibility you need, and the empowerment you deserve regarding your money. You’re always welcome at WFCU!
1https://www.forbes.com/advisor/banking/digital-banking-survey-2022/