How to Switch to an Online Bank?

Answer 1

People want to bank at a place they’re comfortable with, and that’s completely understandable. When you’re putting all of your hard-earned money into one place, you want to feel safe. Many people, however, have started to find that same safety with online banks. While they don’t provide you the ability to stop by on your way home from work, you’ll still get the same features with an online bank that you will with a traditional bank. That’s the reason so many people have decided to make the switch.

• Step One: Reputation. If you’re thinking about making the switch to an online bank, you’re going to want to find a bank with a great reputation. Make sure you check out user reviews and possibly talk with other people currently using the online bank to see if they’ve had issues. If the bank has a solid reputation, you know you’ll be in good hands.

• Step Two: Security. The main thing you need from your bank is security. It used to be the bank that had the biggest and best vault to keep your cash locked in was the one you wanted to use. While the execution is quite different, the concept there is still the same. You want to find the bank with the best protection for your funds. When you use the bank to make online payments or deposits, you want to know that your transactions are backed by the best security possible. Make sure you check into the security ratings of each bank before making a commitment.

• Step Three: Best of both worlds. Some of the biggest online banks are also your traditional, local banks. Places like Bank of America, Commerce and Citibank have all become major players in the online banking game. Your best bet is going to try to find one of these banks, because you’ll get the best of online banking with the convenience and comfort of having a local bank in your backyard.

Making the move to an online bank can be a big deal. Many people love the comfort and convenience of their local bank and are afraid to change. But online banks can offer the same security as traditional banks as well as the ability to pay your bills right online, receive statements in your email and allow you to transfer funds to other bank accounts right on the computer. Make the switch to an online bank. You’ll be glad you did.