Opening An Online Only Bank Account [The Banking Revolution]
As you work toward better money management and financial goals, where you choose to do your banking will be an important decision.
Can I Open a Bank Account Online?
To open a bank account online, you’ll need to have some personal information ready so the bank can verify your identity. Additionally, there may be some initial deposit required to get started as well.
What is An Online Only Bank Account?
As the term “Online Only” would suggest, this is a bank account you open online, manage everything via their web or mobile apps, and generally will have no physical location to do your banking at.
Pros of Online Only Bank Accounts
- The convenience factor and access 24/7 - Less fees with traditional banks - User-friendly websites and accessible mobile apps - Simple management features for paying bills - Early deposit options, to get paid faster - Zero or refunded ATM fees - Better overdraft protection programs
Cons of Online Only Bank Accounts
- No physical branch locations for assistance - Depositing actual cash is typically not an option - While online banks offer high security, there is always a potential for data breaches - Some online only banks have limited ATMs for access - Potential limited services like brokerage account or better rates on loans (customer loyalty programs)
Are Online Only Bank Accounts Trustworthy?
Yes online bank accounts are trustworthy. Any of the popular and quality accounts will have high security features for their data and of course your information.
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