How to Navigate Online Banking and Financial Tools: A Beginner's Guide

Online banking and financial tools can be overwhelming, especially for beginners. Most banks offer mobile banking apps that allow you to check your account balances and transfer funds on the go.

To get started, you'll need to create an online banking account by registering on your bank's website or mobile app. This usually requires providing some basic personal and financial information.

Many banks also offer online bill pay, which allows you to schedule payments to various creditors, such as utility companies and credit card issuers. This can help you stay on top of your bills and avoid late fees.

Some banks also provide budgeting tools and financial planning resources to help you manage your money more effectively.

To start online banking, you can take advantage of Bank Midwest's digital banking services, which are designed to enhance your banking experience. Bank Midwest offers a comprehensive suite of online and mobile banking solutions for both personal and business customers.

Getting started is a straightforward process, and you can find information on different types of accounts available and options to open online on their website. You can then enroll in online banking and download the mobile banking app.

Bank Midwest's platform is designed with user-friendliness in mind, ensuring that you can navigate services with ease, even if you're new to online banking. For additional information and support, they provide an extensive online banking user guide.

Their customer service team is readily available to assist with any questions or concerns, ensuring a smooth transition to digital banking. Local branch employees are also available to assist with anything you might need.

Digital banking features can make a huge difference in how you manage your finances. With mobile and online banking, you can deposit personal and business checks from anywhere, safely and securely.

You can also use notifications to get alerts about activity in your accounts, which is a great way to enhance account security. This feature can be especially helpful if you're traveling or have multiple accounts to keep track of.

Mobile check deposits, paperless statements, and account transfer options are just a few of the features available to you through digital banking. For example, you can use the bill pay feature to pay your bills directly online or from your mobile app, and send payments to virtually anyone in the US.

Here are some of the key features of digital banking:

Digital banking offers a wide range of features that can make managing your finances easier and more convenient.

You can deposit personal and business checks securely from anywhere using your phone or mobile device, without having to visit a branch or ATM. Mobile check deposits are a game-changer for busy people.

Notifications can be set up to alert you to activity in your accounts, enhancing account security and making it easy to stay on top of your finances.

Paperless statements can help reduce waste and increase account security by eliminating the need for physical statements.

Transfers can be made to pay bills, split expenses with others, or send funds overseas, giving you flexibility and control over your finances.

Bill Pay is a simple and free way to pay bills directly online or from a mobile app, making it easy to stay on top of your payments.

Online banking platforms often offer a range of features, including automatic bill pay, scheduling future transfers, and viewing bank statements digitally.

Here are some key features to look for in an online banking platform:

These features can help you manage your finances more efficiently and effectively, giving you more control and flexibility over your money.

Choosing a digital-only bank can have a few drawbacks. It’s crucial to be aware of these factors before making the switch.

Limited branch access can be a major inconvenience for those who need to deposit large sums of cash or conduct other in-person banking tasks. This can be a challenge for people who rely on these services.

You may also miss out on face-to-face customer support, which can be helpful when dealing with complex banking issues.

Digital Security is a top priority when it comes to online banking. We use state-of-the-art fraud prevention systems to keep your accounts safe and give you additional tools, from notifications to card freezing, to keep you in control.

To stay safe, set a strong, unique password with at least 16 characters, containing a random string of uppercase letters, lowercase letters, numbers, and symbols. This will make it difficult for hackers to guess or crack your password.

Rely on a password manager to help discreetly set and remember passwords, and enable two-factor authentication or multi-factor authentication if it’s available. This will add an extra layer of security to your online accounts.

Never provide your online banking details to other people, and avoid online banking when using public Wi-Fi, such as at a coffee shop or restaurant. Public Wi-Fi can be a breeding ground for cyber crooks.

Check your accounts regularly for suspicious activity and report suspected fraud immediately. This will help you catch any potential issues before they become major problems.

Here's a quick rundown of online banking safety tips:

Online banking offers unparalleled convenience, allowing you to manage your finances from anywhere, at any time.

You can log in and check your accounts, conduct transactions, and even pay bills without visiting a bank branch, making it a significant advantage over traditional banking methods.

For individuals with mobility issues or those living in remote areas, online banking improves accessibility significantly, eliminating the need for physical travel to a bank branch.

With features like mobile deposit and online bill pay, you can complete your banking tasks efficiently, freeing up more time for other activities.

Online banking platforms often offer tools to help you manage your budget, track your spending, and grow your savings account, making financial management more inclusive.

Online banking is a game-changer for people with mobility issues, as it eliminates the need for physical travel to a bank branch. This makes financial management more inclusive and accessible.

Traditional banks like Bank Midwest offer online and mobile banking, which is a significant advantage for those who may have previously found it challenging to access banking services. Online banking platforms also often offer tools to help you manage your budget, track your spending, and grow your savings account.

For individuals living in remote areas, online banking improves accessibility significantly, allowing them to manage their finances without having to travel long distances. This aspect of online banking is particularly beneficial for those who may have previously found it difficult to access banking services.

Digital banking platforms make it possible for people to complete their banking tasks efficiently, freeing up more time for other activities.

Switch to paperless statements and access your account from anywhere. This is a great way to reduce your carbon footprint and lower your risk of mail fraud and identity theft.

You'll no longer need to dispose of your statements in the trash or recycling. Online and mobile bank accounts allow you to access all your account information and payment records in one place.

You can check your balance anytime, view, save, download, or print your monthly statements and transaction history. You can also monitor account activity and spot any unauthorized or double charges.

Some apps, like the U.S. Bank Mobile App, let you link external accounts too, so you can stay in the know with an all-in-one view of your finances.

Locating Friends on Payment Apps is a breeze. The app might use Bluetooth to display your nearby friend's account.

You can also send a payment by phone number or email address, making it easy to split bills or lend money to friends.

To ensure the money goes to the right person, the app might ask you to enter part of the recipient's mobile phone number.

Banking options for online banking are plentiful, and you can choose from traditional online banks or banks that offer digital banking services. Online banks operate exclusively online, without branches where you can conduct business in person.

Some prominent online banks in the U.S. include Ally Bank, Discover Bank, and Synchrony Bank, which offer low-cost or free banking, plus above-average interest rates on savings accounts, CDs, and money market accounts. These banks handle customer service by phone, email, or online chat rather than in person.

Online banks might not provide direct ATM access, but they usually enable customers to use ATMs at other banks and retail stores, and may even reimburse some or all of the ATM fees other financial institutions charge. You can deposit or take out a certain amount of cash at an ATM or store, but most online banks impose a dollar limit.

Here are some online banks to consider:

Online banks operate exclusively online, meaning they don't have physical branches where you can conduct business in person. This can be a big advantage for those who prefer to bank online.

The best online banks offer low-cost or free banking, plus above-average interest rates on savings accounts, certificates of deposit (CDs), and money market accounts. This can help you save money on banking fees.

Some prominent online banks in the U.S. include Ally Bank, Discover Bank, and Synchrony Bank. These banks handle customer service by phone, email, or online chat rather than in person.

Online-only banks might not provide direct automatic teller machine (ATM) access, but they usually enable customers to use ATMs at other banks and retail stores. They might even reimburse some or all of the ATM fees other financial institutions charge.

As of October 2023, just 6% of U.S. adults with bank accounts reported their primary bank was an online-only bank. This is a small but growing segment of the banking market.

Here are some key characteristics of online banks:

Deposit checks can be done through a mobile app using remote deposit capture.

You'll need to enter the check amount, which is a straightforward process.

To complete the deposit, use the app to take a photo of the front and back of the check.

This process is convenient and often faster than visiting a physical bank branch.

U.S. Bank is one of the largest banks in the United States, with a history dating back to 1863. They have over 2,200 branches and 5,000 ATMs across the country.

Their services include personal and business banking, mortgage loans, investment services, and credit cards. They also offer mobile banking apps for easy account management.

U.S. Bank has a wide range of personal banking accounts, including checking and savings accounts, money market accounts, and certificates of deposit. They also offer credit cards with rewards programs and low interest rates.

They have a strong online presence, with a user-friendly website and mobile app that allows customers to manage their accounts, pay bills, and transfer funds.

Managing your finances online is a breeze with the right tools. Many banks and credit unions offer built-in budgeting tools in their apps or websites.

You can use these tools to review and balance your budget, making it easier to stay on top of your finances. These tools often allow you to track your spending trends over time.

Some banks even let you set savings goals and track your progress toward reaching them. This can be a great motivator to save more and stay on track with your financial goals.

Paying bills? No need to worry about stamp prices or delivery delays. You can use online payments, which are safer and more convenient than sending checks in the mail.

Online payments eliminate the need to worry about stamp prices and delivery delays. In mid-July, the price of stamps went up for the second time this year, and mail theft and delivery delays are becoming more common.

You can pay bills online through your bank's website or mobile app. Utility companies, doctors' offices, and other service providers often offer online payment options. Just log in with your credentials and enter your credit or debit card information.

For recurring bills, using your bank's bill-paying service is a potentially easier method. You can enter the provider's info, which is stored for future reference, and schedule automatic disbursements.

When paying online, be sure to check the web address before paying a bill. A secure website will contain a small padlock icon and the URL will begin with "https" rather than "http." This ensures that your information is encrypted and safe.

Online payments also eliminate the need for a "float", the delay between writing a check and having the money taken out of your account. Make sure there's a little extra cushion in the bank account to avoid overdrafts.

Setting up automatic disbursements can be helpful if the amount is stable, such as for internet service or cable TV. You can also schedule a payment's exact date, which can be useful for bills with due dates.