What is Online Banking?

JP Morgan Chase Online Banking

In an age where I can purchase my clothes and food online, talk with my friends online, and even meet a spouse online—doesn’t it make sense that I can manage the funds in my standard bank accounts online?

It absolutely does.  Fortunately, the banks have heard our cry.

Online banking allows you to do everything that you used to do with your teller physically at the bank virtually over the internet. It is very easy to set up (different depending on which bank you bank with, simply ask your teller or search “[Bank Name] Online Banking”.

Why do I have several balances?

You may notice that your accounts each have two balances available.

1. Available Balance
   The available balance is the actual amount you have available to spend. This includes any “holds” or un-posted expenses on your account.
2. Posted/Present Balance
   The Posted/Present Balance is the amount that has already cleared your account.

What can I do with Online Banking?

Well, Like I said: Almost anything you can do in a brick and mortar bank.

1. Recent Activity
   This will outline all of the activity on your account for you for months, if not years, prior.
2. Transfer Funds
   This will allow you to transfer funds between your personal accounts, even accounts held at other banks.
3. Pay Bills
   By setting up online bill pay, you can have your bills automatically withdrawn from your account so you never pay another late fee again.
4. View Paper Statements
   This allows you to see all of your past paper account statements online in PDF form.
5. Order Checks
   This will allow you to order checks online.
6. View Rewards
   Many accounts allow for a rewards system when you use your debit card.  You’ll earn points for each dollar spent, etc.
7. Go to Customer Service