The Herald Bulletin

Afternoon Update

Local Business

September 28, 2013

Banking on the web offers convenience, safety

More customers are using online services

(Continued)

New research indicates the next trend may be online payments.

According to a forecast by Forrester Research, a global research and advisor company, mobile payments in the United States will reach $90 billion in 2017. That's a 48 percent compound annual growth rate from the $12.8 billion spent in mobile payments in 2012.

Using an app to deposit a check is one of the newest online banking features. Customers take a picture of a check and then send the image to the bank to be deposited. Mansfield said customers should save the check for 14 days to make sure the transaction is successful, but once it has cleared the paper check can be shredded.

And online banking is safe, Mansfield said.

She said to ensure the safety of online banking, Key Bank uses an enhanced security process that requires people using a new device to access their accounts online to answer a security question. Mansfield said the extra security is viewed as an inconvenience by some, but sometimes it is better to have too much security than not enough.

There are no fees for online banking services, Mansfield said, but there may be small fees for certain transactions. She said the charges will depend on the type of account the customer has and are similar to charges for other banking services. Banking online can save time and money, however, because people do not have to travel to an ATM or local bank to conduct transactions and paper checks do not have to be purchased to pay bills, she said.

Mansfield said some companies are also taking advantage of online banking to save money and some no longer offer payroll checks to employees. She said the shift to direct deposits happened when companies realized that it was easier on a payroll department and more cost efficient to eliminate paper checks.

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