Are Electronic Money Transfers better than Paper Checks – Yes

The rise of the computer and the Internet has caused many changes in the way we conduct business and manage our finances. Most banks, credit unions, and savings and loans institutions offer some kind of Internet banking option. Additionally, some of the bigger, national chains offer free Internet bill pay. Thus, not only does your payment get to where it needs to go faster, but you do not have to waste money on stamps nor do you have to wait for a check to post on your account. As such, everything is streamlined, more convenient, and cheaper to do.

One type of bank transaction that has become common place is the electronic money transfer. If you have more than one account at a particular bank, you can transfer money between the two accounts with the click of a mouse. You no longer have to wait in line at your local bank branch and deal with a bank teller for the purpose of transferring money. All you have to do now is log onto your Internet account and click a couple of options in order to do the same transaction. You obviously save time by transferring your money online and you also save money because you no longer have to drive to and from your house and the bank in order to conduct such a transaction.

In addition to making electronic transfers between accounts that you have at one bank, you can even make transfers between accounts at different banks. This service is not offered by all banks and even if it is offered by your bank, there may be a fee attached to such a transfer. As such, make sure that you are aware of any fees before making the transfer that could cost you money.

A really great part about electronic transfers is that there is no paper involved. As such, you do not have to write checks in order to transfer money. Checks cost money because if you use all of them in your book, you have to order more. This costs money and thus, the more checks your write, the more money you spend. Thus, if you embrace electronic money transfers and free electronic bill pay, you will almost never have to write a check again.

The point is, electronic money transfers save time, save money, are more convenient, and are easy to conduct. As such, you should ditch the use of checks and embrace the electronic revolution.