Sunday, June 17, 2007

14 Must-Have Online Banking Features

Most missionaries probably have someone Stateside that helps facilitate their finances.  If you don't, or you want greater control or "situational awareness" of your financial situation you'll have to look at online banking

Mark Shead over at Productivity501 has a great list of 14 "must have" online banking features.  I didn't realize banks offered some of these, like "online check images" or the ability to open accounts entirely through the web.

 If you're shopping for a new bank, or aren't satisfied with your current bank check this out.  Unfortunately, Mark declined to state where he banks (read the comments), so you'll have to use this post as a checklist.

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Anonymous said...

I'm glad you found the post helpful. Originally I wanted to show a bunch of screen shots from my bank, but as I was compiling my list I started listening to Frank Abignale's book on identity theft and thought better of it.

I've enjoyed taking a look through your blog. I formally ran the IT department for a church of about 7,000 that supported many missionaries. It was always interesting to see how they used or didn't use technology.

Mark Shead

Jeff said...

Mark, thanks for stopping by and commenting. I just discovered your blog earlier this week and have some serious back-reading to do. Have a good one!

dpeach said...

As a missionary in a foreign country, I have had great experience with my bank. Since my bank owns 1/2 the world, I don't mind saying that I use Bank of America.

BoA has an agreement with the Santandér Serfín bank here in Mexico. Santandér is a very large bank throughout Latin America, so they may have this agreement in other countries. The agreement is that I can use a Santandér ATM without paying an ATM fee at either my bank or at Santandér.

I know some missionaries who are paying close to $100 a month in banking fees because they don't have this ability.

Jonathan said...

I use a local bank. I've never had any worries with them. One thing they have asked: always inform them if you're changing locations. I use my debit card to get money out of my local account, so if charges just start randomly showing up in Burma, they get a little suspicious.

Jeff said...

Jonathan, thanks for that comment. Can you get fund wired into that bank affordably? We've had issues with that using foreign banks receiving US funds.

Jonathan said...

I don't wire money. It's probably not the cheapest way, but I use my debit card at an ATM when the exchange rate is good. I buy and sell Dollars often when I'm in a place where I can. You can actually make a little on the side like that. (Don't forget to tithe. :o)

If you need a local bank, you can just take your ATM withdrawal and deposit it in the local account. When I was living in Brasil, I noticed that the ATMs had a limit to the ammount you could withdraw, so I'd sometimes have to go to a teller. But it seems that you get a better rate that way, anyway, since you're exchanging more money.