Understanding Online Banking Part (3)
Online Account Transfers
With online account transfers, you can use your account program to move money between accounts. You can, for example, move money from a checking account to a money market account. You can sometimes move money from bank accounts to liability accounts (like a credit card account or a loan account) if the accounts are all at the same bank.
As with online bill payment, with online account transfers, you essentially tell the bank’s computer to use the information you’ve recorded about a particular transfer to make the transfer.
Online Bank Statements
A third banking activity that’s part of online banking is the automatic retrieval of an electronic, or online, bank statement. This may be the most useful feature of online banking. By working with online bank statements, you can grab bank statements at any time and as often as you like.
This means, of course, that you can reconcile bank accounts whenever and as often as you like. You can also easily determine when checks or deposits have cleared a bank whenever you want. Typically, online bank statements greatly simplify the work of reconciling an account.
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