In today’s digital world, online banking is the preferred method of storing and dealing with one’s money. Having to visit a cashpoint every time that you want to make a purchase or need to phone your bank to make changes to your account is time-consuming and now unnecessary. Online banking has changed significantly over the years. Now, it is extremely advanced and very efficient.
Despite probably already having used online banking for some time, there are some hacks that you probably didn’t know about. This article will tell you what they are:
1. App Transfers
It’s actually possible to send money directly from applications to online bank accounts. For example, if you hold a Chime account then people will be able to send money directly from Cash App to your bank account. It’s also possible to send money from PayPal, Payoneer, and Western Union to your Chime account. Other online banks allow this, too.
If you do a lot of business online, then it’s definitely worth finding an account that permits app-to-bank transfers. It’s worth mentioning, that not all physical banks allow this. What we mean by physical is banks that have offices and branches in the real world. It’s usually exclusively online banks that allow you to transfer money from an app to your account. Physical banks usually require you to register your bank account to your app account, then withdraw directly that way, rather than transferring. Online banks have made money transfers much more convenient.
2. Live Chat
If you have online banking, then there’s no longer a need for you to phone up your bank and wait around for several hours for somebody to answer. Instead, you can just access the live chat feature. Some applications will let you book a place in the phone queue, and then when their agents are free, they call you directly. Otherwise, you can talk to your bank’s representatives directly through your application. This makes communicating with them much easier. Instead of having to sit around and waste your phone credit, you can get direct answers. Live chat is one of the greatest advantages of holding an online bank account.
3. VPN
You can access your online bank account while using a VPN. Many financial experts recommend this because when you are using a VPN it’s impossible for hackers to monitor your online activity. This allows you to use your bank account confidently, knowing that nobody is monitoring you or stealing your financial information. VPNs can be downloaded on a trial basis or paid for outright. It’s definitely worth downloading a VPN and using it on a trial basis at first, to determine whether or not you find it useful. If you don’t then you can always delete it.
4. Passcodes
When you download your online bank’s application, you will usually be given the opportunity to either create a passcode or log in through your phone’s face ID. It’s definitely a much more secure option to log in using a face ID than it is to use a passcode. The reason for this is that if your phone falls into the wrong hands, an experienced hacker will be able to get into your phone’s stored passwords and access your account using your passcode. Additionally, if anybody looks over your shoulder while you are using your phone and sees you use your passcode, then they will be able to steal your phone and access your online banking portal. There is no way that a hacker can access your app if you use face ID, however.
5. Account Locks
If your online bank has given you a debit card to use, then you can lock that card and cancel it immediately using your application. Locking your card stops anybody from being able to use it if they have come across it. Locking your account is a very effective way of protecting your money and ensuring hackers are stopped in their tracks. The process of locking one’s card is very straightforward. You just need to log into your account and then find your way to the “cards” section, where you will be given the option to block your card. You can either temporarily freeze it while you look for it or cancel it outright.
6. Public Wi-Fi
One final tip is to never use your online bank account when you are using a public Wi-Fi network unless you are using a VPN. Public Wi-Fi networks can be hijacked, then anyone that uses them can have their financial information stolen and used for fraud.
Online banking is the best way of storing, using, and accessing your money. If you are going to use it, then learning the tips and tricks listed here will make navigating your online banking app easier. Additionally, learning the tips outlined here will also make using your account safer.