Online banking makes sending a child away to college much easier. From making sure that your student can easily get a flat tire repaired to paying for dorm fines and parking tickets, online banking makes many of tasks more manageable, even from a distance. The fact of the matter is that mobile banking services allow parents to help their college students succeed. Choosing a bank that has no transaction fees for ATM withdrawals across the country allows parents to provide weekly or monthly deposits for their children who are learning to mange and budget their money. With a set amount of money given each designated period, it is possible that mobile internet banking can help parents monitor how and when their college students are spending their funds while also teaching these students how to budget their money.
We live in a society that uses cash less and less. And while there are still some times when cash is the most effective, there are an increasing number of times when a card swipe is often the best decision. Being able to track account balances is just one of the ways that mobile internet banking helps today’s consumers make more efficient and accurate use of their funds.
Although there are still many people today who remember a time when cash was still king, the fact of the matter is that most experts believe the first true debit card hit the market in 1966. Although some of these reports vary, in most cases the Bank of Delaware is credited with starting a payment trend that is now used worldwide by people of all ages and incomes.
Interestingly enough, in a time when consumers are able to complete transactions across the world with a single card, community banks are still vitally important. These institutions, in fact, hold more than $4.9 trillion in assets and $3.3 trillion in loans to consumers and small business owners, as well as the agricultural industry, according to Independent Community Bankers of America data.
Although credit cards are still misused by some consumers who find themselves in a constant state of high interest payments and mounting debt, the cashless platform allows parents to closely monitor the money that their college age students spend. By making sure that these students swipe a card for the things that they buy, some parents use digital data as a way to teach strong financial decisions. Tying monthly deposits to conditions like making sure that students use their cards for payments, parents can decide to cut off their college student’s funds if they are constantly making poor purchase decisions.
Online banking is a technology that a growing number of Americans take for granted, but it continues to be a way that many families more accurately track the money that they spend and look for ways that they can limit unnecessary expenses.