As society continues to advance technologically, the way we do even the most basic things is changing at a frenetic pace. From smart devices that can tell us what the weather is like outside to cars that parallel park themselves, everyday tasks are becoming more and more streamlined. Online banking — specifically online bill pay — is a good example of this shift to technology that makes our lives easier.
There’s a good chance that anyone under the age of 30 has never had to balance a checkbook or pay bills through the mail. This process was a bit time consuming; it would take a week just for the company to receive your payment, let alone cash the check and have the money debited from your account. As a result, people needed to pay extra attention to their checkbooks to ensure they weren’t spending money that had already (technically) been spent.
Banking online offers a quick and easy solution: you can see all of your accounts, their balances, and even specific charges or deposits that have occurred within the last few weeks. And as for being able to pay bills online? Simply contact the institution you owe and set up an auto-pay schedule. Here are some frequently asked online banking questions:
Does it cost anything to pay bills online?
Most financial institutions allow you to pay bills online free of charge, though you’ll want to contact your bank to be sure.
What if the other business doesn’t accept electronic payments?
You have two options through online banking: have the money immediately moved through your account electronically (also known as an electronic funds transfer) or you can have your bank cut and mail a check for you. The latter option is perfect if you need to pay bills to a company that isn’t able to handle electronic funds transfers.
Will my data be protected?
Since you’re using the bank’s services, your transactions and other personal and financial information are heavily encrypted to prevent theft and fraud. Of course, you should avoid risky online behaviors such as opening email attachments from people you don’t know or giving your secure password to someone.
First Bank’s Enhanced Online Bill Pay Technology
First Bank’s Online Banking customers enjoy user-friendly navigation, streamlined workflow, touchscreen technology and ADA-compliant accessibility. Click here for a list of all out Online Banking and Bill Pay features.