Online Banking

Chapter 1: Where To Open Bank Accounts
Chapter 2: Which Type of Bank Account Should You Open
Chapter 3: Bank Account Interest Rates
Chapter 4: Bank Account Charges and Fees
Chapter 5: Online Banking
Chapter 6: Bank Account Facts

Online Banking

Online banking is a favorite among many bank customers as it’s convenient. Another reason for the growing popularity of online bank accounts is the high rates of interests offered for such accounts. Here are a few more benefits of having an online bank account:

Online Checking – For those who need to write a number of checks regularly, online banking is cheaper. A lot of online bank accounts offer free checking accounts with an attractive rate of interest.

Increased Convenience – Online bank accounts make life easy. A lot of tedious tasks, which take long hours of visiting and transacting at the bank, can be done with a few clicks on your online bank account. For instance,

  • You can link your checking and savings accounts for convenient online transfer of funds.
  • You can set up an automatic deposit of funds from your checking account to your savings account.
  • You can use the bill pay service to pay your utility bills online. Though most banks don’t charge for bill pay, some of them take a nominal amount for it.

Online banking might be convenient, but you need to be vigilant to ensure the safety of your account and personal financial information. There are certain precautions you should take to make sure your account is safe from phishing. Here are a few tips on how to keep your online account and money safe:

  • Whenever you receive an email, claiming to be from your bank, check the link (provided in the mail) that takes you to your banking website. Instead of clicking on the link, copy it and paste it in your address bar.
  • Do not provide any sensitive information, even though it looks like a genuine mail from the bank.
  • If you become a victim of a phishing scam, inform your bank immediately.

Though online banking is convenient and mostly safe, you might have to deal with bad customer service and heavy ATM card surcharges as some internet banks do not have their own ATMs. But this is not the case with all online bank accounts, so choosing an account carefully is important.

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