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Electronic Banking Saves Time, and Provides an Easy Way to Track Your Money!

Posted in Main Blog
August 28, 2014 by BCCU Share on: Share on Facebook Share on Twitter

For years, I balanced my checkbook every month! Saturday mornings I'd pay bills, and each month, when my statement came in the mail, I'd sit down, and go through the register, ticking off checks, making a note of anything that hadn’t yet been cashed, and congratulating myself when those columns added up and everything balanced. I remember spending two hours once trying to track down an 18 cent error. What a waste of a Saturday.

Enter the World of Electronic BankingWoman with laptop

About 12 years ago, I was having lunch with a friend. She stopped eating mid bite,

“Ooh, give me a sec, I forgot to make my car payment.” She walked over to her computer and after a couple clicks of the keyboard, she returned to the table.

“What was that?” I asked.

“I just paid my car payment. I use that online banking thing and I love it! I don’t even balance my checkbook anymore! I keep track of everything online.”

I had visions of myself surrounded by checks and bills on a sunny Saturday. No more! The moment I got home I went online and signed up for online billpay. Back then they charged a fee for it, probably $4 or $5 a month, but considering the stamps, time and checks I’d be saving, that seemed a reasonable fee.

Flash forward a decade or more and it seems everyone uses online banking and bill pay, and it's FREE! Plus they offer eStatements and eBills which cuts back on mail. I usually set up bill payments a month or more in advance, use the recurring payment option for things like my mortgage, and I know that my payment will get where it needs to go, when it needs to be there! No more lost checks in the mail! No more sunny Saturdays trying to find eighteen cents!

Even With Electronic Banking, It's Best to Monitor Your Accounts

If you go with electronic banking, you still need to keep an eye on your account. I set up an automatic weekly reminder. This came in handy recently, when I noticed that an eBill had come in for the second month in a row showing that I was behind on a payment. I know I’d made it on time. After some research, I discovered that when I received a new credit card recently, I’d typed in the wrong number to my Bill Pay account. The payments had gone into a black hole at the credit card company and eventually got refunded… not credited to my account! I provided the credit card company with copies of eStatements, and explained the error I’d made with the account number. They happily refunded me the late fees! I'm not sure how long it would have taken me to discover the error if I'd been balancing checks the old fashioned way.

Lessons Learned:

  • Electronic Banking is a time saver!
  • eStatements provide easy, paperless access to all your records and payments.
  • You need to check your account information periodically.

hand holding mobile phoneBellwether offers Online Banking, Free Bill Pay, eStatements, External Transfers, Pay Your Loan (so you can make payments on your Bellwether loans with funds from other financial institutions) and mobile banking so you can manage your accounts, transfer funds, and even make payments all from your mobile device.

There are lots of options to make your banking easier. Why not give it a try?

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