You can reduce the amount of paper you use by switching to e-bills. Chances are you will also save money by paying this way too. Utility companies and others often give a discount if you operate your account online. They save postage, paper and staff time by sending out accounts electronically. Some of these savings are passed to their customers. You can feel good about banking online; you are helping to save the planet and saving money at the same time.
You can store data (information) at home on a USB stick or keep it in a virtual environment in the “cloud”. This can be easily accessed should you need to produce records for tax purposes.
Tax authorities require you to keep accounts for at least the last 7 years. Being old school, I feel happier having a paper copy of my records. I am trying to get into the habit of backing up data regularly, so as not to delete it accidently. For the time being I still like the reassurance of printing out bank statements regularly.
☞ In a nutshell, online banking offers similar facilities to traditional banking, sans the time and location.
☞ With online banking, you can transfer money between accounts, pay bills, pay for shopping, and perform myriad other facilities.
☞ You will require an online banking account and account number (similar to your checking account in a regular bank). Along with this, you will have your unique user ID and online password. This provides you an entry into your account.
☞ Assume that you have to conduct a simple transaction, say a cash transfer.
☞ To do so, first, login to your account. Here is where you can view a record of all your previous transactions, your account balance, new features, etc.
☞ You will find an option to transfer cash. You will be asked for a choice of transfer, i.e, if you want to transfer money to another American account of your own, or some other person's American account, or to a business account, or an account outside the country, etc.
☞ When you choose your option and enter the amount and other details, your account balance is checked, and if there is a shortage of cash, you are promptly notified.
☞ If not, your request is processed by the server through an SSL connection, and the database of the banking system is updated accordingly.
☞ The transaction is done immediately, and you receive the notification immediately.
☞ After transfer, you can check the other account for verification and then log out.