Balance your statement

Balance your statement
Online banking lets you manage your finances when you want to

Stopping into his local bank branch next to the corner store, a young, newly hired accountant chats with his teller about the big jump his savings will see with his new position. Signing his deposit slip, he hands it to the teller and receives a receipt. He says goodbye and trudges through the thick, freshly fallen snow toward his car. As he prepares to leave, he glances at his receipt and notices his balance seems off. He removes his hat and gloves as he re-enters the building, hoping the disparity can be settled before the bank closes for the evening.

Across town, another young professional checks her savings account balance at her apartment. Sitting in her pajama pants, she sips tea and gently scrolls down her statement on her laptop. She smiles when she sees her first paycheck has already been direct-deposited into her account and although her auto-pay bills were already deducted, she still has spending cash. Closing her computer, she nestles into her warm sofa and turns on the television.

Online resources make managing finances quick and easy. This self-service is a necessity for busy young professionals who make up a large portion of online bankers.

Eric Bangerter, director of Internet services for UW Credit Union, says convenience is a major factor leading customers to this e-finance revolution. Their online members enjoy having direct control over their finances and the credit union ensures this control by investing in the convenience of the site.

Bangerter sees a growing number of people who seek and research financial plans themselves before committing to one. It’s now possible to research various types of banking accounts and to find competitive loan rates—all this information is at customers’ fingertips via the Internet. Customers can sign up for an account directly through the Internet after finding the plan that fits their needs.

Michelle Reed, a 22-year-old talent agent assistant, uses her online banking service because she can see accounts, make payments online and even apply for loans or credit cards through the Internet. For Reed, e-banking takes the stress out of paying bills. “I can pay [the] minimum balance on my bills the last day possible and don’t have to worry about checks getting lost in the mail or not arriving on time,” she says.

Aside from the ease and convenience of these online sites, most young adults are already Internet-savvy and have no problem adjusting to this type of banking. Although a high percentage of UW Credit Union’s young professional demographic uses online services, some members are still reluctant to utilize the service.

The Pew Internet Project found that low incomes, security fears and Internet saturation are reasons many people turn away from online banking. Aaron Mlot, a 27-year-old educator, does not bank online because he says “too much personal information [is] available to those who know more about the Internet than I do.”

Mlot’s fears are well justified. As banking becomes more technologically advanced, so do the crimes associated with it. “Phishing” is the practice of using trusted corporate names to solicit information from Internet users. Phishers create emails or websites that invite consumers to update their personal and financial information. Although the messages appear to be from recognizable financial institutions, the information goes instead to the conniving impersonator.

	Living beyond your means
	Fitting-in fitness with your 9 to 5
	Get connected at 110 mph
	Skip the stress and get spiritual
	Balance made easy: online banking
	Should you get a car that's practical or trendy?