Many people are aware of Internet banking through their local branch office. Most traditional banks offer some form of internet banking or online services, however there is another choice: You can sign up or enroll in Internet only banks. Many people prefer Internet only bank services because they generally offer free bill paying online and associated convenience, and they usually offer more free services than traditional banks. Many Internet only banks offer free checking that really is actually free of charge with no hidden fees or conditions. Most Internet only banks are able to pass cost savings onto their customers when they function in a virtual environment: since the bank incurs fewer fees during its operation, most Internet banks charge customers lower banking service fees.
Other Advantages Of Internet Only Banking
- A 24-hour dedicated service and access to the account information of every customer
- VISA/ATM card capability
- Unlimited writing and use of checks
- The availability of possible high interest checking.
Of course there are some disadvantages.
Disadvantages of Internet Only Banks
There are some downsides of using an Internet only bank. For one, you will have to pay an Automated Tellering Machine or ATM fee since Internet banks would not have a branch ATM. But you have to remember that almost all traditional banks also charge some form of ATM fee. In most cases you will have to mail in deposits, unless you set up a direct deposit. In other cases you may have to put in check requests a few days before payments are due: some people may find this tedious.
Fortunately the offerings differ from bank to bank. Your best way is to look around for a service that will give you all the advantages of traditional banks with more conveniences.
Today, the Internet has made many daily tasks more convenient and easier. The convenience and economic advantages have now made internet banking a popular choice for millions of consumers. Internet or online banking gives consumers more control over their banking and finances. No matter where you are or the time of day, with online banking, your money is only a few clicks away.
There are definitely some disadvantages that come along with Internet banking, like it is a little impersonal. Internet only banks do not have offices where you can go to in case you encounter a problem. If a problem arises, the only ways to solve it is through the use of email, letters or the phone. Apart from this, Internet only banks not only provide a great way to save time and effort but they can make handling your money a lot easier.