Using Internet Only Banks - Internet Banking

Internet Only Bank Advantages
Most people are familiar with Internet banking through their local branch office. Most traditional banks offer some form of online or Internet banking services. Fortunately you have another choice. You can sign up for an Internet only bank. Many people are choosing Internet only services because they are convenient, offer free bill paying online and usually offer far more free services than traditional banks do. Most for example offer free checking that is actually free (no hidden fees or conditions).
Most banks are able to pass cost savings onto customers when they operate in a virtual environment. Since the bank itself when operating online incurs fewer fees, most banks charge customers lower banking service fees. Other advantages of Internet only banking include:
- 24- Hour dedicated service and access to your account information.
- Unlimited check writing and use capability.
- VISA/ATM card capability.
- Possible high interest checking account availability.
Disadvantages of Internet Only Banks
Instant access savings accounts are commonly used as a transaction account. If you've got a high interest savings account then you can link that account to your instant access account as your linked transaction account.
These two accounts may be linked even if you maintain them in different banks. It can be a smart move to have the two savings accounts at the same institution as this way you can instantly transfer funds from your high interest saving account into the instant access account and make withdrawals via that account.
Your instant access to the savings account is facilitated mainly by an ATM card, which allows you to have 24 hour access and maximum convenience. Other benefits beyond the ATM and EFTPOS access include phone banking and 24/7 online banking.
ATM convenience is not limited to the ability to draw funds from the ATM networks operated by your bank and other financial institutions.

There are some drawbacks of using an Internet only bank. For one you will have to pay an ATM fee since Internet banks won't have a branch ATM you can use near your home. But keep in mind that almost all traditional banks also charge some form of ATM fee. In most cases you will also have to mail in deposits, unless you set up direct deposit. In other cases you may have to put in check requests several days before payments are due, which some may find tedious.
Fortunately the offerings vary from bank to bank. Your best bet is to shop around for a service that will offer you all the advantages of a traditional bank with more conveniences.

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