Bank account management tools
Whether you have a private bank account or a corporate bank account for your business needs, it is essential to have convenient access to your funds and constant control over your account. However, sometimes you may be too busy to monitor your bank account, or you may be travelling, making your funds inaccessible when you need to make an urgent transfer... Fear not, for there are a number of different account management tools available that allow you to choose and create the most efficient and convenient account management model, no matter where you are.
The three most common types of tools used to access and manage your bank account are:
- Online banking
- Using a personal banker
- Authorising someone to manage your bank account for you
Confidus' professional team of banking experts and agents can provide you with full information about each of these options, as different tools will be more convenient in different situations. Contact us now to open a bank account straight away.
Online and mobile banking
Online banking, also known as virtual, internet or e-banking, is an electronic payment system that offers the clients of a bank or other financial institution the ability to handle a wide range of financial transactions by using the bank's website. As online banking is highly dependent on internet access and take-up, the first e-banking services appeared in the early 1980s in New York, when it was known as 'home banking'. Today, bank account management via online banking is in huge demand.
While e-banking has been around for a while now, mobile banking is a relatively new service offered by financial institutions. Due to the growing popularity of smartphones, more and more banks are developing their own mobile banking applications. In 2015, 90% of bank clients in the US had used mobile banking in the previous 12 months to check their account balance or recent transactions. Some banks are working intensely to develop new tools in addition to the traditional bank account management services available via their smartphone apps.
A personal banker is a bank employee, usually working in retail banking, who helps customers manage their funds and offers different solutions for their financial needs, such as opening savings or other accounts, obtaining car or mortgage loans, investing in money markets, procuring certificates of deposits or other commercial banking products and planning for retirement or children's university costs. Personal bankers usually work with private customers to help them with their banking-related questions or issues.
A power of attorney is a legal document that gives authorisation to someone to act on behalf of the business. Typically, the authorisation document carefully details the transactions and processes for which the person is being granted power of attorney, rather than giving a general mandate that would allow the agent to act completely freely.
Power of attorney provides legal authority for a person acting as an agent. For a business, this authority can encompass the ability to access financial accounts, sell securities or place new orders and write cheques, although the agent may also perform a range of other activities to keep the business running. For security reasons, a power of attorney should strictly limit the agent's activities or access to specific accounts.
The main advantage of a power of attorney for a business bank account is that it gives you the security of a back-up plan in case the owner of the business or other authorised persons are unable to fulfil their tasks.