Online banking: faster, better, and cheaper? As with anything, there are pros and cons; here are some to think about.

Pros

Convenience: Online banking sites are open 24/7. You can check your accounts and pay your bills in the middle of the night or on the weekend, all while sitting comfy in your jammies and bunny slippers.

Organization: All your account information is displayed in an organized fashion. You won't need to keep a shoebox full of old monthly statements, canceled checks, and ATM slips -- you can go paperless.

Automation: You can schedule bill payments to occur automatically, and once you've entered pertinent information, you won't have to keep doing so for subsequent transactions.

Bells and whistles: Many online banking sites offer account aggregation (managing several accounts from one site) and compatibility with money-management programs. Some also offer stock quotes, portfolio management programs, and e-mail alerts of various types.

Cons

Fear of cyberspace: Not everyone is computer literate. Setting up online banking accounts can take time, and using them requires a bit of savvy.

You still have to go to the bank: To make deposits (other than direct deposits), you generally have to mail in a check, or go to a brick-and-mortar office or an ATM. (These last two options get a little tricky if the bank is an online-only bank.)

Where's the beef?: Because online (especially online-only) banking services may not keep "real" records of transactions (and may keep online records only for a certain period), you may want to "call for backup" by printing out copies of your online statements and images of your canceled checks, particularly important ones, such as those that show tax payments. While this somewhat defeats the idea of going paperless, you may be able to get by with fewer shoeboxes.