Banking online has made our lives easier and more economical. Time is precious and banking online frees us up to do other tasks in our daily lives. Most important is the ease and convenience of checking your accounts online. All you need is a computer, a user ID and a password and you can have access to your accounts 24 hours a day, 7 days a week.
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When looking for a banking institution online, make sure you are applying at a bank that is insured with the
Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. This amount was increased to $250,000 from October 2008, through December 2009 temporarily.
It is also a smart choice to check the
bank rates and disclosures for fees. What may sound like a great account to have now, might not be so great later. Some banks charge more fees than others. Your best bet is to go with a bank that offers free checking or
savings accounts without any hidden charges or surprises later. You will want to ask about Overdraft protection along with billpay for paying bills online. Billpay is usually a free service at most banks. Overdraft protection is free until it is used, then the bank normally charges your account less compared to a insufficient funds fee.
Most
online banking sites offer cash back for checking and
savings accounts when you open an account with them. Keep in mind however that they usually have restrictions as to when the money will come available. Some banks deposit it in your account immediately; other banks require you to keep the account for 60 or 90 days. Just because they offer something free, doesn't mean they are the best financial institution to open an account with. Some banks offer free accounts and services, while some offer gimmicks to lure you in. A free toaster is not my idea of a savings if they charge you for every transaction you make. Every
banking website has terms and conditions for which you will have to initial before the account will be opened. Read the fine print first. This will save you a lot of headaches down the road.
Not only do you save fees, time, and gas. You are insured and you save postage. Now that’s my idea of the perfect bank.