Online Banking

Online banking is a great and convenient way to handle your finances these days. Almost all the functions of checkings, savings, and credit accounts are available online with a minimum difficulty, and there?s really no reason to actually go to a bank anymore. Really, with a cell phone and a decent internet connection there isn?t much reason to leave your house at all for anything, least of all a trip to some stuffy bank only to wait in line for half an hour. You can even pay all your bills by way of online banking now, so you?ll save money on postage. Just about every major chain of banks now allows you at least some basic online banking functions. Every bank today of course has their own website, and just by registering on their site you can access at least some of the basic function of any accounts you have with them. If your bank doesn?t have a website, well, then you should probably find a new bank, because that?s kind of scary.

Since a lot of the larger banks around charge all kinds of hidden and annoying fees just for using a live teller, online banking is a great way to cut costs as well. There are also a number of banks today which function solely by way of online banking. I was a little skeptical at first when my brother first recommended I try one of these ?virtual banks?. Indeed, the name of the bank to which I went with is in fact Virtual Bank. I?m sure that they have chosen this name for some of their reasons, but it really doesn?t inspire a lot of confidence. Am I going to deposit some real money only to get a virtual return? I don?t think my landlord would understand if I sent him some virtual dollars to pay rent, and also I?m certain that my stomach wouldn?t be fooled by a digital cheeseburger.

Well it turns out these banks have capitalized on the online banking concept, and are actually a pretty good deal. Since they have eliminated overhead costs of tellers, and, uhm, banks, they?re able to offer some of the highest interest rates available on your deposits. So long as you look into them beforehand and make sure they are FDIC insured, these online banks are a good alternative for savings accounts. Today, I do all my banking online, and only find myself going to banks to exchange coins or currencies. It?s clear to me that online banking is only going to get more and more popular.