Transferring Money Quickly
We spoke with David Munger of Online Resources Corporation, who said that transferring money is one of the unique business advantages of online banking. Businesses can order ACH (Automated Clearing House) transfers, which can be done overnight and are good for direct deposits, and wire transfers, which are more immediate and best for paying a vendor quickly.
Transferring between accounts is easy, too. For instance, Bank of America customers who enroll in the company's Small Business Online Banking program can transfer funds between several accounts, including savings, checking, lines of credit, credit cards and loans. And there's no extra fee for transferring between those accounts.
Some banks will allow you to give employees access to certain accounts and not others -- which is especially important for businesses. Munger says you can grant customized access, such as being able to view accounts but not transfer money. Or you can allow employees to initiate a transfer that can't go through without your approval. Certain banks also make it easy for their business customers to set up and schedule future and even recurring transfers. You'll be able to personalize the amount of the recurring transfer and how frequently it occurs.