Banking at Your Fingertips
I remember as a child, my dad would pay me for jobs I did for him on the farm. I think I made 25 cents an hour. It wasn’t much, but it seemed like a lot at the time. I remember taking the cash to the bank and depositing it in my savings account and writing the deposit in my savings register. Does anybody remember the old passbooks?
Wow, have times changed. Gone are the registers. I doubt most people even write their checks and deposits down anymore in their checking account register since they can go online and quickly check to see what checks have cleared the bank. I remember the days when I had to keep up with every check I had written the previous year and then go through each one at year end when it came time to do my tax return. Now, I just pull up the images online and quickly scan for any that have tax significance. And I don’t have to keep up with all those shoe boxes of checks since the bank keeps several years of statement images online for me.
One of the greatest differences now is the ability to move money around on the fly. In past years, I would write a check to myself so I could transfer money to another account. I would carry the check to the bank, fill out a deposit slip for the other account and wait in the drive thru lane to give the transfer deposit to a teller. Now, I just pull out the iPhone, type in the amount I want to transfer and click the transfer button. I can do this from anywhere! What a deal.
Remember the days when you had to watch your checking account all of the time to make sure you didn’t write a hot check? As a banker, that is an absolute “no-no.” Now, I have a line of credit tied to my checking account that advances funds into my account whenever I reach a minimum balance I have pre-selected. Then it maintains that minimum balance until I make my next deposit. When I want to pay off the line of credit, I simply transfer the funds online from my checking account. No more stress over hot checks! I can also transfer funds from my line of credit to my checking account from my iPhone or my computer anytime I know I will be needing money to make a purchase larger than I have available in my account. (I actually did this while I was on a trip out of the country.)
I remember sitting at my desk at home filling out check after check to pay bills. Then I had to stuff the envelopes and lick the nasty things, locate a stamp or multiple stamps for mailing and make a trip to the post office. Now, I just click on the bill pay tab on my online banking website from my computer or iPhone app and type in the amounts I want to pay on each bill. Then, the best part: I click one button and I am done, assuming I don’t need to transfer any funds from my line of credit to cover all of those month-end bills.
What about that car purchase you make every few years? I just don’t have much patience for going to the bank or the car dealership to line up financing. All I have to do is log in and fill out an application. Then I wait for a loan officer to give me a call and let me know when to come in and sign the papers. Only one trip to bank. And if I decide to buy a house I can do the same thing.
Now, what am I going to do with all of this extra time?