Online banking has literally transformed the way millions of people handle their finances each month. From checking balances, transferring money, to writing checks, online banking offers both the convenience and lower costs that attracts more people each year. Here are just a few reasons why you should open a bank account online today.
If you are serious about helping preserve the natural resources of the planet, when you open an online account you can do away with paper invoices. Each year these banks are responsible for sending out millions of paper invoice to their customers each month. Banks have begun charging customers a fee to still be able to receive the paper invoices, so in addition to savings money, you are helping lessen the need for paper.
If you are looking to save a little more money each month, here is another reason why you should open a bank account online. Bank fees are getting more expensive each month, and simple tasks you do at your local branch now cost you significantly. Simply transferring money from one account to another with the help of a teller on the phone could run you twenty or more dollars. Requesting any type of copy from your account at the local branch is no longer free, and even simply maintaining the account costs money. When you maintain the account online, you eliminate many of the service fees banks are charging to do the work for you.
When you open up an exclusive online account with your bank, you also eliminate all of the monthly maintenance fees and low balance fees. Most banks charge a nice amount each month to simply hold your money, and every time you go over a limit you pay. Excess check writing, low balance, and using your debit card at an unauthorized machine all come with fees. With online banking, you no longer have to worry about a minimum balance fee, zero monthly maintenance fees, you get a free debit card, and can usually write unlimited checks. If your branch does not offer these services, shop around because as more banks make the move to online only banking, you could eliminate many of those fees from your bank statement.
One last thing to consider when it comes to why you should open a bank account online, the interest on your money is often much higher than you are receiving now. If you were to use a bank that only provides online banking, they do not have to pay for a brick and mortar store to maintain. By eliminating all those employee salaries, state and local taxes, and utility expenses of running a bank, they pass those savings to customers in more attractive interest rates on money deposited at their bank.