Did you know over 160 million people in the United States use online or virtual banking?
Considering that this is a 20 percent increase from 2014, it’s accurate that virtual banking is becoming an increasingly popular service.
If you’re one of the few people who are yet to embrace digital banking, what are you waiting for? Perhaps you’re hesitant because of the cybersecurity risks. Or maybe you’re simply not into technology.
Regardless of your reasons, you really need to be banking online because you’re missing out on a lot of benefits. Wondering what those benefits are?
Continue reading to learn more!
Let’s start with the biggest benefit and one which most users of online banking resonate with: convenience.
When was the last time you visited your local bank? Although the COVID-19 pandemic has changed our way of life for a while, there’s no doubt physical banking is inconvenient. From the commute to the bank queues and the paperwork, there’s little to celebrate about banking in-person.
Online banking changes this.
From the comfort of your couch or office, you can execute any kind of banking transaction you need to. You can send money to another bank account. You can check your balances and get records of your transactions.
You can set up auto-payments for your bills and adjust the setting when needed. Above all, you can access your account 24/7 regardless of where you’re in the world. No more waiting for the 9 a.m. opening time so that you can access your cash and other banking services.
And if you’re wondering whether virtual accounts come with a debit card you can use to make online payments, there’s an answer. Virtual cards exist for this reason and you can access them even if your needs are corporate.
On average, a checking account will cost you about $100 a year in fees. This is a combination of overdraft charges, account maintenance, ATM and account usage, and nonsufficient fund fees.
Spending 100 bucks annually to maintain a checking account might not sound like a lot, but what if we told you that you can have the same account while spending far less on fees? This is exactly what you get with online banking.
You see, banks, especially online-only banks, don’t incur as many expenses as brick-and-mortar banks. They, for instance, don’t pay as much rent. Lower operating costs for the bank trickles down to lower account fees for the customer.
So, if the fees on your checking account are choking you, especially now that the coronavirus has pushed millions of Americans into financial trouble, online banking might be the solution you’re looking for.
Higher Interest Earnings
If you need to maintain a savings account, you want an account that pays an attractive interest on your savings.
Yet, traditional banks aren’t known to offer attractive rates. Lucky for you, online banks offer higher rates. Since they have lower operating expenses, they can afford to make higher interest payments on savings.
Enjoy the Benefits of Virtual Banking
Great convenience, higher interest on savings, and lower account maintenance fees are some of the benefits of virtual banking. If you’re ready to enter a whole new world of banking, it’s time to find the right bank and open an online account. Of course, you can do this right from your couch.
Stay tuned to our blog for more money and banking advice.