In today's society, online banking is a given – not only for personal use, but for businesses as well. Every business needs online banking to check balances, verify transactions and to pay their employees via direct deposit. Online banking is an extremely valuable product that can save businesses time and money if utilized properly.
So this begs the question - if it’s so necessary, why do so many banks charge for it?
While online banking makes life so much easier for the end business, there is a lot of work involved with maintaining the product and making sure all transactions run smoothly. In many cases, there are whole departments dedicated to overseeing online banking. Depending on which functionality a company utilizes, there could be risk involved, annual reviews, daily report monitoring and more. Also, if the website is outsourced, the vendor will charge the bank.
Banks offer this service because the value greatly outweighs the time and effort it takes to run it. We, as bankers, understand that in order to make our business customers thrive, we need to give them the tools to do so. This starts with the basics: a checking account, a debit card…and online banking.
There are so many functions that a business can use without ever leaving the comfort of the office, including checking balances, pulling cleared check images, transferring funds, paying employees and making deposits. But none of these functions happen in a vacuum. For each service offered, there are people behind the scenes making sure everything goes off without a hitch. It is for this reason that many banks charge for this valuable service.
That being said, rather than taking issue with the monthly fee, first weigh the convenience factor, and then you'll see it's worth it.