West Kent News - Issue 12 - Flipbook - Page 21
ISSUE NO.12 SPRING 2024 | WEST KENT NEWS
21
PROVINCIAL GRAND TREASURER:
PETER SAWYER
The Benefits of Online Banking
Online banking has revolutionised
the way people manage their
finances, offering a myriad of
advantages that have transformed
traditional banking practices. From
the unparalleled convenience it
provides, to enhanced security
features, the benefits of online
banking
have
made
it
an
indispensable tool, especially for
Treasurers.
The numerous benefits that on-line
banking provides for Treasurers
includes 24/7 access to their
Lodge/Chapter
accounts
from
anywhere with an internet, or
satellite connection, which enables
Treasurers to access and check
account
balances,
investigate
transaction histories, pay invoices,
transfer funds between accounts,
and download statements. These
tasks can be completed swiftly and
efficiently with just a few clicks or
taps on a smartphone, or computer,
reducing the need for physical
documents and resulting in reduced
paper consumption, lower carbon
footprints, and a more eco-friendly
banking system.
Another beneficial aspect is the
ability to electronically receive
monies
relating
to
annual
subscriptions and dining fees, which
considerably saves the time spent
collecting these monies before the
commencement
of
a
Masonic
meeting. Moreover, online banking
removes the need for the production
of cheques. When cheques are
received this creates additional work
and time for Treasurers, as with the
many closures of bank branches online banking avoids the need to
travel some distance to deposit
cheques, for dependant on the bank
mandate this is not always possible
via an ipad, or mobile phone. In
addition, due to the Provinces
monetary turnover we incur a cost
for each cheque, which is avoided
with on-line banking.
A further key advantage of online
banking is the enhanced security
measures implemented by financial
institutions to safeguard clients
sensitive information and prevent
unauthorised access to accounts.
Advanced encryption technologies,
multi-factor authentication protocols
and biometric verification methods
add layers of protection to online
banking platforms, making them
more secure than ever before.
In conclusion, the advantages of
online banking are plentiful and
undeniable, which have reshaped
the way Treasurers can manage
their finances in this digital age. As
technology continues to evolve,
online banking will undoubtedly
remain a cornerstone of modern
banking practices, empowering
Treasurers to take control of their
Lodge/Chapter financial futures with
ease and peace of mind.
For those Treasurers that have do
not
currently
operate
on-line
banking,
please
consider
the
advantages outlined and take the
necessary steps to adopt this very
beneficial
practice.
If
in
this
connection
any
assistance
is
required relating to Lodge / Chapter
procedures,
or
bank
mandate
issues, feel free to contact me at
provgtreas@westkentmasons.org.uk
.