Like many, I preferred the old way of banking on paper. Perhaps I was leery of money disappearing or identity theft, but that was something that happened under the old way of doing things, so I figured, what do I have to lose?
US Bank Internet Banking
US Bank Internet Banking has two main components, Internet Banking and Bill Pay. There is also a dashboard to manage your investments if you have any through them, but I don't so I won't be covering that aspect.
I must say that I used the internet banking component well before I built up the courage to use Bill Pay. US Bank's Internet Banking dashboard allows you to see all your money coming in, checks and transactions going out, as well as all your accounts (savings, checking, loans), all on one handy place. It also allows you to easily transfer money between your accounts, especially if you have a loan with them.
Despite the fact that US Bank Internet Banking keeps all your transactions in order, even showing up almost instantly after you make a purchase or payment, I don't use that as a reason to ditch the old-school check register to keep my account balanced. Paper checks don't show up in US Bank Internet Banking until they are cashed, which could cause some to bounce if you aren't careful.
US Bank Bill Pay
The Bill Pay component of US Bank internet banking allows you to almost completely do away with paper checks. You can pay almost anyone or any company in the United States, including your neighbor. I have even paid our babysitter this way.
All you have to do is search the vendor from their database, enter your account information, and pay. If the payment is made well-enough in advance, they will mail a paper check they print on your behalf, at no charge. If the transaction is initiated too close to the due date to mail, they will make an online transfer. I don't think this feature works for small vendors like your babysitter, though.
Using Bill Pay through US Bank Internet Banking has saved me a great deal of time, as I can simply type in the amounts I want to pay, rather than filling out a multitude of checks, envelopes, return addresses, buying stamps, or even visiting a dozen different sites to pay online. This way also saves money on stamps, as well as cuts down on having to buy new checks, which are getting more expensive each year.
Pros and Cons of US Bank Internet Banking
To summarize, here are some pros and cons of US Bank Internet Banking and Bill Pay:
- Faster (saves me a lot of time each month paying bills)
- More accurate (sometimes I write down that I paid something when I didn't. If it happened, it will be in the dashboard so I can double check)
- Saves paper (if you get online statements, you will be saving a great deal of paper each year)
- Reliable (I've never had a transaction that I completed accurately be rejected)
- Can lead some people to become less attentive to their balance
- There is always a risk of theft with any computer system
Do I Recommend US Bank Internet Banking?
As a longtime customer of US Bank, I can say that I'm generally happy with them. Perhaps more of a relationship based on familiarity than anything, I feel that if it isn't broke, don't fix it. Because I had an auto loan through them in the past, I found it very convenient to have all of this in one place.
If you are a customer of US Bank, I would recommend that you sign up for internet banking. If you are looking for a bank, I cannot say that their system is the best because I haven't used others. You may prefer to bank with someone who is more local, perhaps a credit union. And by the way they do offer debt consolidation loans if you're considering that as an option to get out of debt.
On a side note I recently saved some money on car insurance and have started creating a list to share that I will continue to expand to help some of our visitors save also.