Ever since the recent health crisis, more and more people are taking their banking needs online. Although this might seem daunting or perhaps intimidating to some, the vast majority of Americans have entrusted their money to virtual banks with no set location, though they might have headquarters in major cities. There are many advantages to online banking, here are just a few to help you in your decision-making process.
Inexpensive Debit Cards And Lower Transaction Fees
With online banks, you can still have a debit card, or multiple debit cards for every member of your family. This means that you can still withdraw cash, should you need to. Online banks are also adding ATM machines to facilitate easier transactions for their customers. They can also partner with professionals to add their ATM machines to their businesses, which will benefit both the business and the online bank as it establishes a physical presence for their customers.
When you have a debit card from an online bank, you will typically pay lower fees than you would with a physical bank. This is because online banks don’t have the overhead that traditional banks do. In return, they offer a more competitive rate for debit cards, international transaction fees and lost debit cards.
More Accessible And Safer Than Ever
The first and perhaps most obvious advantage of an online bank is the accessibility you will have. Users can access their accounts via their smartphone, tablet, or computer no matter the time of day. They can transfer money and talk with customer service representatives 24/7, regardless of their time zone or geographic location.
Online banks are constantly rolling out new functionalities to make your user experience one of ease and convenience. One of the oldest yet most important features is access to your transaction history. If a suspicious payment is flagged, you can be notified right away through a simple notification on your phone. With an online bank, your payment information is actually safer!
Wider Choice, More Variety
One of the reasons online banks are becoming so popular is because they allow potential customers to have their pick of the lot! Gone are the days of putting your life’s savings in the bank that is closest to your home. You can now shop around between “traditional” banks and online banks in order to find the one that will best serve you and your needs. Perhaps you need a bank with flexible international transaction fees for your debit card, this will likely not be offered by traditional banks, who make gross margins off of every transaction made abroad. If you’re considering switching to a new bank, make a list of what’s important to you and join the millions of people who are taking their banking online in 2022!