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.
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