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7 Modern Bank Account Features and Functionality to Look Out For


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If you haven’t thought much about the features and functionality your bank account has, it’s high time you did. By ensuring your account has the right features and functionality, you can make your financial life much more convenient and safer.

1. Online and Mobile Banking

In this modern age, it’s crucial that you get a bank account that you can check on your laptop or phone anytime and anyplace, so make sure the bank you open an account with has online and mobile banking capabilities.

It will then be much easier to keep a consistent eye on your spending habits, ensure you stay within your monthly budget, and avoid going into your overdraft and having to pay fees as a result.

2. Mobile Check Deposit

It can be a hassle to travel to your bank just to pay a check in. But you can avoid having to do that when you use a bank that enables you to make a mobile check deposit. All you need to do is take a photo of your check with your phone and use your bank’s app to pay the check into your account.

While it can sometimes take longer for checks to clear when using mobile check deposits, the convenience of not spending time making a journey to a brick-and-mortar bank usually outweighs the longer check hold time of depositing checks via a mobile device.

3. Text and Email Alerts

Getting alerts in the form of texts or emails can be incredibly beneficial in helping you to manage your money. With many bank accounts, you can choose from a selection of alert notifications.

For instance, you could set up an alert to inform you that your bank balance has dropped under a specified level or tell you when new deposits have been made to your account.

You can also use text and email alerts to inform you of when payments leave your account, which can be especially beneficial for keeping an eye on potential fraud.

4. Online Bill-paying

Paying bills can be made simpler and quicker when you use a bank account that comes with an online bill-paying feature. You can easily automate your regular payments to companies like your energy provider and internet provider.

You then won’t have to worry that you’re paying bills late, which could negatively impact your credit score.

5. Early Pay Checks

Who wouldn’t like to get paid early? When funds are tight and you’re desperately waiting for your next paycheck to arrive in your bank account, it can make a huge difference in being able to access those funds up to two days earlier.

So, when looking for a new online bank account, look for a bank that offers early paychecks.

6. A Large ATM Network

One thing that many people overlook when considering the features and functionalities of modern bank accounts is ensuring that the bank they choose has a large ATM network.

The reason that is important is: you need to be able to get cash when you need to without having to pay additional fees. Many banks charge fees if you use an ATM that they aren’t affiliated with, and those costs can mount up.

But if you go with a bank that has many easily accessible ATMs, or a bank that doesn’t charge fees for using other ATMs, you can avoid having to pay additional fees just to take your money out of a machine.

7. Fraud Monitoring

It’s critical that your bank account has excellent security in place. After all, the last thing you want is to be a victim of fraud.

You can avoid being a victim of something like identity theft and ensure your transactions remain safe by ensuring your bank uses fraud monitoring tools and other robust security measures.

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