This Is Why So Many Americans Are Choosing Online Banking
The banks in the United States have operated in almost the same way for almost two centuries. People would usually enter a building and take the help of the bank staff to carry out the banking business. With the introduction of ATMs in the 80s decade, customers could carry out a few banking activities on their own. 80% of the banks started offering various online services by the year 2006. Post that, online-only banks came into the picture. In this case, customer can manage their money either from a computer or their mobile device. Though 96 million Americans have still stuck to the original banks, those who have switched to online-only banks have ample reasons to do so.
What can be more convenient for you than carrying out every banking activity from your bedroom? If you suddenly wake up in the middle of the night and ponder on whether you have already paid a bill or deposited an amount of money in your account, you can store the information on your computer or your smartphone. In case you need to deposit a cheque, you just have to make use of the online bank’s application on your smartphone. Click a snap of both sides of the check and submit. That’s it.
Although several traditional banks offer their customers the convenience of conducting their banking activities online, online-only banks offer more resources in the technology. The reason is that it’s the only medium that works just like their branch. You get to keep track of all the accounts in one place and this is highly beneficial if you are the owner of a small business. How would you feel if you could get hold of your entire tax record in minutes?
You normally have to maintain a minimum amount of money as your balance if you don’t want the want to find you. Online-only banks are not that cruel. A majority of the online-only banks offer checking accounts for which you wouldn’t have to shell out extra fees if you are unable to maintain the minimum balance. You will find some online banks that offer the convenience of withdrawing money without a fee from any ATM. If any ATM deducts a sum from your balance, that sum will be reimbursed by the bank. With online banks, you stay away from paying unnecessary fees.
Good Interest Rates
On your deposit accounts, you receive a higher rate of interest from online banks as these banks have lower overheads as compared to brick-and-mortar banks. If you wish to maintain a high balance in your savings or checking account, you must explore the amazing interest rates that online savings accounts deliver.
Technology is what these online-only banks thrive on. The technology that they use sets them apart from the traditional ones. This is why you can benefit from the latest in the apps’ features, encryption, as well as other enhancements that make your banking experience a comfortable one. You can also use the savings and budgeting tools that are very helpful in case you want to attain your financial objectives. Some online-only banks also have features with which you can track your credit score.
Nothing is Perfect in this World
The online-only banks offer a range of amenities to their customers. However, not everything is up to the mark. In the case of online-only banks, you don’t have the facility to deposit cash directly. While you can open brokerage accounts with some online banks, with others you cannot. Some will sell you insurance products, while some will not. Through an online-only bank, you won’t be able to access services such as safe deposit box rental or notarization.
You can overcome these limitations by keeping a portion of your money in a credit union or a local bank. If you wish to direct your cash to an account that you have with an online-only bank, you can put it into your local bank account, write a check in your name, and scan the check into the online bank account. Your cash will be transferred.
If you compare online banking to a traditional one, the former is easy and convenient and can help you rake in money as well. Opt for an online-only bank account that you think would be appropriate for your needs.
More in Big Bank Accounts
Here’s Why You And Your Spouse Should Have Separate Bank Accounts
Are you getting married? First of all, congratulations on your life ahead. Finance is going to be one of the most...August 4, 2021
Where Do Your Favorite Celebrities Shop In LA?
LA’s denizens possess enough wealth and luxuries to afford personal assistants to shop for them. However, this in no way indicates...August 2, 2021
How to Seek a Loan for a Used Car! Here Are Some Tips to Consider Before You Buy One!
They say the value of a car dips down as soon as it ventures out of a showroom! Loans for new...August 2, 2021
Three Retirement Rules You May Break If You Wish
When planning for retirement you might have been advised to adhere to some specific rules that have existed for a substantial...July 29, 2021
Female Entrepreneurs From Asia Who Have Stunned The World With Their Enormous Net Worth
An increasing number of successful female entrepreneurs from Asia are changing the global business landscape. In many cases, these women had...July 27, 2021
The Best DJs In The World Right Now!
The world of music has experienced various trends as well as movements that have captured the imagination of music lovers from...July 25, 2021
Here’s How Inflation Might Affect Your Retirement Planning
During retirement planning, most people tend to overlook one of the most important factors – inflation. If you look at the...July 22, 2021
Why the Netflix’s The World’s Most Amazing Vacation Rentals Can Reset Your Travel Bucket List and Goals!
While the world is recovering from a stubborn pandemic, most of us cannot wait to travel again, and that’s why the...July 20, 2021
Inside The Glamorous Lives Of Hong Kong’s Top Actresses
So you’ve heard of Hollywood. How often did you hear about Hollywood of the East? The Hong Kong film industry had...July 18, 2021