An Introduction to Online Banking

Online banking has many online benefits and may be one of the best financial moves a student can make. John Schickedanz, a personal banker and consumer lender for MidWestOne Bank in Iowa City, has given his insight and advice when it comes to this new mode of banking. Online banking establishes many benefits. “After you establish your online banking account,” Schickedanz explains, “you can transfer funds between accounts, set up automatic payments and transfers, access Bill Pay, view all statements within the last 18 months, view images of the checks you’ve written, and place a hold on a check you’ve written.” The account holder is able to check their account 24 hours a day. This allows you to better protect yourself against fraud. In his professional opinion, Schickedanz believes this to be one of the best features of online banking.

One common misconception of online banking is that it will be difficult to maneuver. College students, however, tend to find the process extremely easy and usable due to their advanced knowledge of new and different forms of technology. Schickedanz highly recommends online banking to all college students. College students are busy; there is no denying that. Between work, classes, exams, social lives, we can hardly find time to breathe, let alone make it to the bank. “Online banking gives them a resource to review their banking history from the convenience of their own homes,” Schickedanz says. MidWest One bank also offers Mobile Banking Services. Through this program you can view your account through a smart phone as text message, downloadable application, or mobile webpage. This service even has a built in protection plan, allowing you to access your account safely while on the go.

As an avid user of online banking, I discovered just how much I need my online account when my debit card was stolen out of my car three years ago. By checking my online account, I was able to see where my card had been used and how much was spent. After cancelling the card over the phone, the thief was no longer able to use the card and the rest of my money was safe. If I had not had my online banking account, I would not have realized my card had been stolen as soon as I had and would not have been able to take the steps that I did to protect myself.

Through my online account, I take advantage of the automatic withdraw that comes along with online banking. After transferring a specific sum into a new savings account, I set up a monthly $25 withdraw from my checking account into my savings account. I can view the growth of both accounts through my online banking account. This route of savings also comes highly recommended by Schickedanz.

“We have become a society that finds it very difficult to save money. Let’s be honest, we all enjoy going on shopping sprees and don’t have time to come in to the bank to set aside money. By establishing a free, recurring, automatic transfer, you can ensure that money is automatically put aside for a rainy day. In addition, if you establish Bank Your Change at MidWestOne, each transaction made using your debit card is rounded up to the next whole dollar. Then the rounded amount is transferred to your savings free of charge. By creating this type of transfer, you save money without even thinking about it.”

As a college student, my online banking account has not only saved me time, it has also saved me money. It is a feature that all students should look for when choosing and opening a bank account.

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