Internet Bank Accounts
Your computer is by far the best place to handle all of your finances, especially your checking account. Most traditional banks and other financial institutions allow you to access your account information online. There are even some banks that don’t have a physical presence at all. They only offer loans, savings and checking accounts on the internet. Some financial institutions are better at it than others, though. Here are a few things to look for.
The price of doing your business online should be zero. That’s right. If a bank wants to charge you for the privilege of viewing your account information online or doing simple transactions such as transferring funds between accounts at their bank, run the other way. Many banks offer bill pay services for free as well. The reason is obvious. Once the software is up and running, it costs the bank less to handle transactions online. They don’t need as many employees to answer phone calls and staff the bank to get these things done for you.
That’s not to say that your checking account will necessarily be free of charge, although if you’re willing to have your paycheck deposited directly, you’re likely to get that too. There will still be charges for some services, usually those that require the bank to hire employees to manage. A few examples are NSF fees, wire transfer fees and fees for using other banks’ atms.
The bank offering internet checking accounts should have an easy-to-navigate website with your data in a secure area. Look for https:// at the beginning of the website address after you’ve logged in. The S lets you know that the data showing on the page is encrypted.
Although you will rarely need it, make sure that there is a customer service phone number available on their site. An option to chat online with a customer service representative is also nice.
Our world has gone electronic, and nowhere is that more evident than in banking. With a very few exceptions, we could skip cash and paper checks entirely. It only makes sense then to manage your checking account via the internet. Just check out a couple of banks to make sure you’re working with one that offer great online banking.