About Bank America Online Banking
Bank of America has an award-winning online bill pay and banking system available to its customers who hold a checking account. It is a free service with lots of features that makes paying bills as easy as clicking a mouse.
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Function
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Bank of America's online banking is a personal bank portal. It allows you to manage your account online, pay bills and track your statement. Everything is recorded electronically and stored on Bank of America's secure network. Any transaction you make with your Bank of America debit card is automatically posted in your online statement almost immediately.
Deposits and withdrawals that you make at ATMs or at bank branches are also posted automatically and will appear in your online statement within minutes of the transaction. You view these transactions when you log on using your computer and the Internet, with your user name, and password, after verifying your site key, which is a picture you choose when you set up the account.
Significance
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Account holders at Bank of America can track statements online, and do not have to request statements from the bank or wait for a paper statement. In addition, you can see each transaction that has posted to your account. This means you can report suspicious transactions right away, and stop more fraudulent transactions before they occur. It also means fewer lines at the bank, and the ability to do your banking any time, day or night, and anywhere from a secure Internet-equipped computer.
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Types
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There are two types of online banking from Bank of America, the regular computer based online banking and their new mobile banking system for use on your cell phone. The computer based banking has bill pay, transaction viewing, financial management and more. The mobile banking system allows you to transfer money, view statements, pay bills and receive alerts about your balance on your cell phone. Both services are free.
Features
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A few of the most important features are immediate, free online transfers between bank accounts, monitoring of all pending and completed transactions made with your Bank America debit card at a store, through an ATM, at a branch, as well as electronic payments, and those made online with your debit card. Any time you use your debit card, the transaction is recorded.
In addition, you can monitor and manage you other Bank of America accounts including your mortgage, personal loans, IRA, CDs and other investment products.
Using My Portfolio, you can also track your expenses, and see where all your money is being spent to help you save more.
You will also receive real images of cleared electronic, and paper checks issued from your account in just a few clicks. You can print these or download them right to your computer.
Paying bills is easy too. Just enter the name of company into their system, and the database will retrieve the information for you. Schedule payments monthly, weekly or bi-weekly and they we be issued automatically for you, at no extra charge.
Benefits
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With this online banking system you will never miss another important bill payment again. Always make your car payments on time, never get another late fee from a credit card company, and get an easy-to-use online financial management system tailored for your own personal use. It is easy to see why this company has earned awards for this system. You benefit from advanced site key technology for your computer, which uses an image to verify that you are at the real Bank of America site. "Safe Pass" increases your security for mobile devices, by sending your online banking code right to your mobile device. This gives you more security with online transfers.
Considerations
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Bank of America has strict policies on cashing checks. Even paychecks drawn from another bank will be held for up to seven days, when you first open an account. So, your funds will not be made available right away. This means you won't be able to use your money for an entire week. The bank does this with every check you cash until they "establish a relationship with you." That could take several months. In fact, even after four months, they will still hold checks for up to 5 days or longer. However, if you want an easier and more secure online banking system, this is the best one available. It is highly secure and simple to learn. You will benefit from managing your finances, as well as tracking your transactions, and you'll keep on top of bills.
Expert Insight
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Open a Bank of America checking account for the online banking. Then open another local bank (preferably one your company uses) to cash your pay checks. Then you can withdraw the money from this bank and put enough into your Bank of America account to cover your bill payments. You can use your local bank account for daily expenses. This is to avoid the hold on your funds that Bank of America always places on deposited checks.
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