Author:
Chris Boulanger
Online banking, commonly allows customers to access their bank accounts via a computer or mobile device. With online banking, customers can transfer money, pay bills and receive money. The majority of traditional banks offer some form of online banking. However, they are not an online bank because customers can walk into a bank branch.
The Difference between Online Bank and Traditional Bank
With a traditional bank, customers have the option to complete transactions via online or a teller. Another difference is that the traditional banks offer more ways to resolve problems. For instance, customers can talk to a branch manager in person or by telephone. However, an online bank typically permits customers to contact it by the Internet or telephone and will often have phone support available 24/7.
For people interested in building relationship with tellers, branch managers and loan officers, they usually prefer a traditional bank. But an online bank does have advantages. A traditional bank often costs customers more. For example, a traditional bank charges monthly maintenance fees, charge for teller interaction or for each transaction made. An online bank, however, has comparatively low overhead and so can pass savings onto customers with low-cost or free services. Thus, customers can receive free online checking accounts or ATM cards with little to no maintenance fees.
Choosing an Online Bank
Just because an online bank may allow customers to open an account with a minimum of one dollar or less does not mean it\'s the best online bank to choose. Before committing to one online bank, individuals should do their homework.
The online bank should offer online bill pay. This allows customers to pay directly from their checking accounts. Check to see if the bank provides any protection for minor overdrafts generated by bill payments. Also, find out how the bank disburses the money and when.
Read all the fine print. Each online bank is different. For example, one online bank may allow customers to mail in deposits and some do not. If the bank does permit mailed in deposits, check out the wait time. Sometimes the processing is long. So, if a customer needs the money their rich uncle sent via a personal check, he or she may have to wait longer than expected to receive the funds in the online account.
Customers should also check the online bank\'s reputation. Sometimes the Better Business Bureau (BBB) may have information about customer complaints against the bank. Checking an online bank\'s reputation includes conducting an Internet search. Some websites provide reviews on different online banks or allow customers to discuss banks on message boards.
Online Bank Guide Has Some Advantages
An online bank provides individuals with the fastest way to conduct financial business. People can transfer money, pay bills and receive automatic deposits without having to go a bank and stand in line and wait for a teller.
However, all non-traditional banks are not the same and/ or offer the same banking features. Thus, it is best to conduct some research to find the best online bank. Of course, the best online bank depends on the customer and his or her financial needs. If the consumer wants cheap checks, a no-fee checking account or makes several online transfers per month, then one online bank may be better than others.
Article Source: http://www.articlesbase.com/banking-articles/online-banking-guide-why-choose-an-online-bank-5768210.html
About the Author
Bradford Exchange Checks focuses on the selling of personal and business checks at deep discounts versus banks. We also believe in helping people save money anyway they can. Buying checks online is one way to do this, but you can also find big savings by carefully managing your spending and understanding how you spend money.
Online banking, commonly allows customers to access their bank accounts via a computer or mobile device. With online banking, customers can transfer money, pay bills and receive money. The majority of traditional banks offer some form of online banking. However, they are not an online bank because customers can walk into a bank branch.
The Difference between Online Bank and Traditional Bank
With a traditional bank, customers have the option to complete transactions via online or a teller. Another difference is that the traditional banks offer more ways to resolve problems. For instance, customers can talk to a branch manager in person or by telephone. However, an online bank typically permits customers to contact it by the Internet or telephone and will often have phone support available 24/7.
For people interested in building relationship with tellers, branch managers and loan officers, they usually prefer a traditional bank. But an online bank does have advantages. A traditional bank often costs customers more. For example, a traditional bank charges monthly maintenance fees, charge for teller interaction or for each transaction made. An online bank, however, has comparatively low overhead and so can pass savings onto customers with low-cost or free services. Thus, customers can receive free online checking accounts or ATM cards with little to no maintenance fees.
Choosing an Online Bank
Just because an online bank may allow customers to open an account with a minimum of one dollar or less does not mean it\'s the best online bank to choose. Before committing to one online bank, individuals should do their homework.
The online bank should offer online bill pay. This allows customers to pay directly from their checking accounts. Check to see if the bank provides any protection for minor overdrafts generated by bill payments. Also, find out how the bank disburses the money and when.
Read all the fine print. Each online bank is different. For example, one online bank may allow customers to mail in deposits and some do not. If the bank does permit mailed in deposits, check out the wait time. Sometimes the processing is long. So, if a customer needs the money their rich uncle sent via a personal check, he or she may have to wait longer than expected to receive the funds in the online account.
Customers should also check the online bank\'s reputation. Sometimes the Better Business Bureau (BBB) may have information about customer complaints against the bank. Checking an online bank\'s reputation includes conducting an Internet search. Some websites provide reviews on different online banks or allow customers to discuss banks on message boards.
Online Bank Guide Has Some Advantages
An online bank provides individuals with the fastest way to conduct financial business. People can transfer money, pay bills and receive automatic deposits without having to go a bank and stand in line and wait for a teller.
However, all non-traditional banks are not the same and/ or offer the same banking features. Thus, it is best to conduct some research to find the best online bank. Of course, the best online bank depends on the customer and his or her financial needs. If the consumer wants cheap checks, a no-fee checking account or makes several online transfers per month, then one online bank may be better than others.
Article Source: http://www.articlesbase.com/banking-articles/online-banking-guide-why-choose-an-online-bank-5768210.html
About the Author
Bradford Exchange Checks focuses on the selling of personal and business checks at deep discounts versus banks. We also believe in helping people save money anyway they can. Buying checks online is one way to do this, but you can also find big savings by carefully managing your spending and understanding how you spend money.
No comments:
Post a Comment