Skip to main content
  1. Home
  2. Culture

Online Banking Tips and Tricks

Erik Neilson
By

online banking tips and tricks money
Ask most millennials how they keep track of their finances, and chances are they’ll mention online banking. Online banking may have started off as a simple, convenient service offered by banks to customers that can’t always get down to a physical branch, but it has become the primary tool for those looking to get a hold on their financial lives. As with anything else, it’s important to be cautious with how you approach online banking. This is, after all, your money we’re talking about here, and disasters can happen if you aren’t careful.

Fortunately, buttoning-up your online banking practices is less difficult thank you might think. Here are a few ways to ensure you stay ahead.

Related Videos

Don’t Skimp on Your Password

No one wants to have to remember a 12 character password full of random letters, numbers and symbols, but no one wants to have their bank accounts compromised, either. As tight the security is with most online banking systems, breaches can and do happen. Many people have learned the hard way what occurs when one’s financial information ends up in the wrong hands, and it isn’t pretty. Create a password that only you’ll be able to remember, ensuring that you don’t pick anything that might be easily guessed. For best results, consider using a random password generator, as there are plenty to be found online.

Related

Check Your Balance Each and Every Day

Just because you think you have a good handle on what your current balance is doesn’t mean you aren’t at risk of missing something. This is especially true if you use your online banking account for recurring payments. In such a case, you need to keep an accurate, up to date calendar that takes into consideration every payment that will be debited from your account each month. By doing this and logging in on a daily basis, your risk of overdrafting an account will be far lower than it might otherwise be. Also, consider giving yourself a limit on how much you spend with certain debit cards each week, as this will further help to keep your finances in check.

Open Two Online Bank Accounts

One online bank account may seem like enough, especially if you tend to spend lightly. No matter what characterizes your approach to banking, however, you’ll benefit from opening two online bank accounts—one for bill pay/income, and another for daily spending. The first account will be where you deposit your paycheck, as well as where money is debited from in order to pay your bills. The second account is something entirely different altogether. This is where you’re going to pull money from in order to handle daily spending, and it’s recommended that you only keep $100 in this account so that you don’t find yourself overspending. Either way, having two accounts will help you to avoid a mountain of issues, especially if you’re not particularly good with managing your money.

So don’t be afraid to take the plunge with online banking. Take these tips to heart, and you’ll be one step closer to having true control over your personal finances.

Editors' Recommendations

Topics
When are Taxes Due in 2021? Important Dates for Your Diary
deadlines for filing taxes due date 2021

You may be well aware of when tax day is. However, if you are self-employed, own a small business, or rely on tips for income, you'll have to abide by an extra set of deadlines. For example, independent contractors and freelancers pay estimated quarterly taxes in addition to any annual taxes owed.

Failure to abide by these deadlines can result in some costly penalties. Avoid the unpleasant surprise of a huge bill from Uncle Sam and stay on top of when taxes are due in 2021. We've compiled a list of important dates for your diary so you can prepare yourself well ahead of time.
2021 Tax Filing Deadlines
March 15, 2021
Small businesses (S corporations) and partnerships need to file their tax returns or request an extension by March 15, one full month before the general deadline.
April 15, 2021
Independent contractors and freelancers will owe their first estimated quarterly tax payment for 2021 on April 15.
May 17, 2021
The IRS extended the deadline to file and pay taxes for the 2020 tax year to May 17. If you have to request additional time, you must do so by May 17. Remember that the latter extension only applies to filing taxes; any taxes you owe will still be due May 17.
June 15, 2021
Independent contractors and freelancers will owe their second estimated quarterly tax payment for 2021 on June 15.
September 15, 2021
Independent contractors and freelancers will owe their third estimated quarterly tax payment for 2021 on September 15. S corporations and partnerships that requested an extension in March must file their returns on September 15.
October 15, 2021
October 15 is the deadline to file for individuals who requested an extension in April.
January 15, 2022
Independent contractors and freelancers will owe their fourth estimated quarterly tax payment for 2021 on January 15, 2022.
10th Day of Every Month
Tipped employees — workers who regularly make at least $20 in tips per month — should report their previous month's tips by the 10th of every month (or by the 12th day if the 10th falls on a weekend). This information can be given to your employer, who will use this information to calculate your payroll tax. Failure to report tips can result in major penalties and may even impact the amount of social security you'll receive come retirement.

Read more
How Long Does It Take to Get a Tax Refund?
how long does it take to receive tax refund 2021

You've filed your tax returns and found out you'll be getting money back from the government this year. However, you won't see that money right away, even if you filed electronically. Several factors affect how soon (or late) you'll receive your tax refund. For instance, the quickest way to get your refund is to e-file and choose direct deposit, but you could still experience delays if there are errors in your return or you elected to file too close to the May 17 tax deadline.

As tempting as it is to refresh your banking app every hour until that sweet refund money magically appears, it's far from the most productive thing you could do with your time. Instead, check out the schedule below to see when you should expect to get a tax refund — and find out what could be holding it up.
2021 Tax Refund Schedule
E-File With Direct Deposit: 1-3 Weeks
This is the quickest way to get your tax refund. If you file online and have direct deposit set up, you could have your refund in as little as a week. At the most, it'll take up to three weeks for your refund to arrive in your bank account.
E-File With Paper Check: 1 Month
Filing online doesn't mean you'll automatically receive a tax refund by direct deposit. You can opt to have a paper refund check sent to you instead. However, it could take about a month after your return is processed for the IRS to cut you a check.
Paper File With Direct Deposit: 3 Weeks
It'll take some time for your tax return to reach the IRS if you file by mail, especially in light of the pandemic. Once your paper return is accepted and processed, your tax refund should be directly deposited into your bank account within 21 days.
Paper File With Paper Check: 2 Months
This method is not recommended as it's the most time-consuming, but there may be circumstances when doing everything on paper is necessary. (For instance, maybe you have to prepare a return for someone who passed away last year.) In this case, expect to have a refund check in your hands in two months.
Where Is My Tax Refund?
You can check the status of your tax refund through the IRS Where's My Refund? tracker 24 hours after e-filing or four weeks after sending a paper return. If it's been more than 21 days since your return was accepted and you haven't gotten your tax refund, contact the IRS.

Read more
Online Dating Guide: 10 Tips to Create a Winning Profile
online dating how to create a winning profile guide 2021

The rise of the internet in the early aughts may have started the online dating craze, but the pandemic really kicked it into high gear. Dating has always had its challenges with all the unwritten rules one must adhere to, but online dating presents a whole slew of hurdles to overcome. First impressions are more important than ever before, as today you only have milliseconds to catch someone's attention and get them to swipe right on a dating app.

Your dating profile is a reflection of you, so taking the time to make sure it's an accurate reflection of yourself and who you're looking to attract is important if you want to spend less time swiping and more time making genuine connections.

Read more