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For many women, feeling financially independent means living on their own and supporting themselves. It could also mean paying their bills on time or having a positive seven-figure in their bank account. Empowerment is the ability to help someone or something become stronger and more confident, especially in controlling their lives and claiming their rights. Here’s how online banking can help women journey toward financial independence:
Alerts
Keep your finger on the pulse with up-to-the-minute account alerts delivered via email, text or mobile app. These notifications are a great way to gain early awareness of potential suspicious activity, such as a low balance or unusual account activity, which could be a sign of fraud. For example, an upcoming payment alert can remind you to cancel a recurring bill or subscription you forgot about or may have even stopped using altogether. Or, a login failure alert can notify you when a failed password attempt is made, helping to reduce the risk of fraud.
Whether you need to know when a direct deposit has been received or when a large purchase hits your account, Tri-County Bank and Trust offers an array of easy-to-setup and customizable alerts that help you take control of your finances. Access the alerts setup screen by logging into your mobile app or online banking, then select the alerts you want to receive.
Convenience
You can handle your money without going to a bank branch by using an online banking app on your computer or smartphone. You can deposit checks and transfer funds, view e-statements and payments, control cards and more. You can monitor your spending patterns by automating bill payments or moving money from your checking account to savings. Some banks even offer budget creation and tracking tools in their apps to help consumers save more effectively.
Access to your money anytime anywhere makes making financial decisions on your terms easier. Just avoid online banking on public Wi-Fi, where hackers can record your keystrokes to steal your information. It is called “keylogging.” Instead, use private or trusted networks when possible.
Real-Time Information
Real-time data provides insights and actionable information as it’s gathered rather than being analyzed after the fact. It can benefit many industries, from business operations to customer service. For example, banks use real-time data to spot and prevent fraud like keylogging (when thieves record your keyboard strokes when you log into your account on public Wi-Fi). Netflix uses real-time streaming data to suggest new shows you may enjoy based on your current content.
Government agencies also use real-time data to monitor and allocate resources in times of crisis. It also helps ensure transparency, which fosters trust between citizens and their governments. For instance, the government can share current inflation rates with its constituents via a website. It allows citizens to make informed economic decisions.
Payments
The world of payments is shifting away from jingly pockets and wallets stuffed with creased paper bills and checkbooks. More and more consumers are choosing to make payments electronically—and companies that don’t offer these options are missing out on business. Online banking allows businesses to accept electronic payment methods that move money directly from customers’ bank accounts. It includes account debits, which pull funds from a customer’s bank (like ACH), and credit transfers that link to a customer’s bank accounts and push money to them (like wire transfers). Additionally, many online banks now partner with specialized payment service providers to offer additional features like buy now, pay later solutions.
Access To Accounts Anywhere
Accessing your account information online is a service provided by most banks and credit unions through online banking. You can make most (if not all) of the same transactions in a branch and even deposit checks by photographing them with a mobile phone. You can use your bank’s website to log into online banking or download a mobile app to access it from your smartphone or tablet. A username and password are usually required when registering for online banking. If you manage someone else’s money – either as a formal financial caregiver or on an informal basis – the right online banking services can be essential to your success.
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