There are many misconceptions surrounding online banks. These can discourage people from creating their accounts unless they’re debunked, which is what this article will do.
The first thing that comes to many people’s minds when hearing “online banks” is a presence on the Internet without any physical people. This can immediately make someone think that the customer service by online banks is automatic, carried on by a machine, and most likely inefficient. It couldn’t be more wrong.
Even though it’s true that there isn’t the same face-to-face interaction as in physical banks, there are other ways to ask questions, get advice, and solve problems. Many online banks include numbers you can call, or even live chats. You can access this service on the bank’s app or website.
The accessibility is also seen as a big issue, when in reality it’s not nearly as problematic. Yes, you’ll need a device to access your account, but once you’ve opened the bank’s website or app you’ll realize how easy they’re to use. Their interface is usually simple and straightforward.
Online banks also match traditional banks when it comes to consumer incentives. This means that they include many perks for their users, such as cashback rewards or sometimes even higher yields. Usually, they charge fewer and lower fees as well, mostly regarding routine banking.
These bank accounts are also more convenient to open and access. These processes are very simple: to begin, you’ll have to download the app or go to the website and follow the directions there. Many banks also have all-day access to their features, so you can open an account, check your balance, deposit checks, pay for bills, and more, at any time of the day.
Last but not least, there’s the insurance. As long as the online bank you’ve chosen is a member of the Federal Deposit Insurance Corporation (FDIC), you know that your money is insured (up to a certain maximum). You can check this with the FDIC’s online tool BankFind or by calling its toll-free number. This is an additional way to stay safe while online banking!
If this hasn’t convinced you, here are some of the best options for those who don’t trust online banking!