Obline banking: an essential tool for businesses: nowadays, it's safer than ever when financial institutions and consumers do their part.

• Author: Barbour, Tracy

Increasingly, Alaska businesses are logging onto the Web to do their banking instead of waiting in lobby lines. Internet banking gives customers secure access to their accounts anytime and anywhere.

Business clients can complete a wide range of tasks online, from transferring funds between accounts and paying bills to accessing statements and downloading transaction data to leading financial management programs. And enhanced online banking programs let companies do even more.

BENEFITS OF ONLINE BUSINESS BANKING

The advantages to banking online instead of in line are substantial. Time-savings is perhaps the most obvious and significant benefit, particularly for small businesses. While larger companies have separate departments to manage finances, making stops to the bank may be a regular activity for owners of small commercial enterprises-which represent the bulk of Alaska's businesses.

Trips to the bank can prove costly for business owners and their employees. like funds transfers and bill payment. But many businesses feel the fees are a small price to pay, given the speed and convenience of online banking.

"It's hard not to justify the cost of it, regardless of what nominal fees are involved," said Larry Cooper, Wells Fargo senior vice president and manager of Alaska Commercial Banking Group. "In some cases, we've shown businesses can save the cost of a half- or full-time employee."

ONLINE BANKING BIG AT KEYBANK

KeyBank offers an array of online business banking services. Typical transactions included accessing checking and investment account data and paying bills online. KeyBank's business customers also can view check images online, transfer funds between their own accounts or even those at other financial institutions. They can even get up to 13 months of statements online-which can come in handy at tax time.

KeyBank offers several levels of service because, as Gruening says, "not everyone needs every bell and whistle." One of the newer services available is an electronic check service that allows companies to deposit checks using a check reader, instead of taking the actual printed checks to the bank. "This is great for businesses that don't want to take the time to deposit checks in remote areas, where it's difficult to get to the bank," Gruening explained.

Internet banking is prevalent among KeyBank's 72,000 business banking clients, according to Gruening. "About 32 percent of our business banking clients do their banking online, which is a high percentage," he said. "That doesn't include the large corporate clients."

INTERNET BANKING AT FIRST NATIONAL BANK ALASKA

Online check images, stop-pay and current transaction information...