One of the most exciting innovations caused by the advent of the Internet concerns online financial services. The online savings account makes after hours banking possible every day of the week, 365 days a year.

For individuals who consistently work overtime or sleep during the day, getting to the bank during operating hours can be difficult. Unlike convenience stores and restaurants, most banks do not stay open to accommodate unconventional lifestyles. An online savings account that works with its owner’s checking account provides an easy solution for a person with this problem.

Almost anyone can open a regular savings account, and the requirements for an online savings account are no different. However, these accounts must be linked to an already-existing checking account, from which funds can be transferred. All transactions between the linked accounts occur through the Internet. The account owners can make transfers, check their balances, or review previous statements or transactions whenever they log on to their accounts. The obvious advantage to this is that the owners can perform these transactions at any time or place.

The funds from an online savings account are generally not available from the transfer for several days. While some see this as a disadvantage to online accounts, others find that it is helpful to restrain impulsive spending. If access to savings is not available immediately, it gives the person a chance to “cool off” before making a purchase. Savings accounts, as opposed to checking, are specifically designed as a place to store money, rather than to pay regular bills, so many people do not have a problem with this feature and simply plan ahead to accommodate the time required for their transfers.

For most online savings accounts, banks permit deposits or withdrawals to be made from automated teller machines. Since these machines are available at all times, this is another favorable feature for after hours banking. Nowadays, a person can receive a printed check photo in the receipt from the ATM, along with a list of the other transactions completed. Incredibly, there is even an iPhone app that lets users take photos of their checks with the device’s camera, and then sends it to the bank for an electronic deposit.

Many consumers are drawn to online banking because of its convenience. Not only can transactions be performed at any time, but online banking does not involve physical travel or waiting in lines. Some online banks have hotlines available 24 hours a day to answer customers’ questions and to resolve complaints and mistakes.

Online banking is definitely the wave of the future. Personal communication can never be replaced by machines, but nothing can beat the convenience of 24 hour availability.