You Can Bank Online
It seems like everything is going digital these days. Birthday cards, heart to heart conversations, and, on occasion, doctor’s visits. So, why is it surprising that you can now bank online?
For many people, the idea of brick and mortar bank is a symbol of security and safety, but if there’s one thing the banking crisis has taught us, it is that there is no such thing as foolproof banking. Choosing to bank online has its pros and cons, but it may be worth a second look.
If you choose to bank online, there are numerous benefits. First and foremost, you can access account information anywhere at any time.
Online banks tend to provide wonderful, user-friendly interfaces on their website that can give you up to date information on your account balances. Moreover, if you bank online, you’ll find that there is a variety of easy ways to pay bills, track your spending and even repair your credit!
Some online banks simply issue a re-loadable debit card through Visa or MasterCard that is connected to your identity. Others, however, are linked to established banking institutions.
You may find that you can bank online with your current account. Talk to the banker at your banking establishment to find out if you can bank online with your current account for free.
That doesn’t mean that there are not some drawbacks when you bank online. For example, many online banks are not FDIC insured. It is incredibly important to do your research.
These institutions are not all scams, but it is a safer bet to sign up for services with one that does have FDIC insurance. Moreover, if your bank is solely operating online, you do not have the luxury of being able to go to an ATM without facing some kind of fee.
For some online banks, these fees are capped on a monthly basis, but for others, these fees can add up. Make sure you know what you’re signing up for.
Finally, when you bank online, it may take a bit longer for deposits or checks to clear. Because these banks tend to have less capital available to them, they take their time in making sure that every transaction is on the up and up.
While that is probably good for the security of your money, it may test your patience from time to time.
In this digital day and age, choosing to bank online is not a far-fetched concept. However, it is important to consider the good and the bad associated with online banking.
If, after weighing your options and doing thorough research on the institutions available to you, you find a good match, go ahead and go for it.