The Pros and Cons Of an Online Checking Account?

Answer 1

In this day and age, the internet has given us the ability to communicate and perform business tasks quickly. From purchasing online to emailing your grandma, the internet has really made tasks fast and easy. Additionally, banks have tapped into the World Wide Web allowing customers to view their online checking account and even pay monthly bills without the hassles of writing a check. It is truly a benefit that eliminates time and paper. If you haven’t packed your check book away, you may want to give your bank a call and find out what they offer when it comes to online banking.

After you register, you can view your account activity online. Additionally, you can have monthly bills automatically deducted from you account which is easy and time saving. This sounds great, and it can be as long as you are keeping a handle on your finances.

With pros comes cons, and an online checking account at times can become too automated. If you aren’t watching your funds carefully, you could find yourself with numerous overdraft fees.

Additionally, if you use your debit card religiously, keep in mind that some merchant systems deduct the money at different times. If you aren’t keeping a written register of your finances, you may forget a charge. Only viewing your online checking account can be a bad habit, and you may find yourself in the negative.

Check with your bank, but some may charge a monthly maintenance fee for an online checking account, or transaction fees for bill pay. It still may be less expensive to pay for checks and the cost of postage, so this is definitely something to compare and contrast.

Let’s be honest, banks are in business to make money, and it is so important to ask as many questions as you can if you are considering an online checking account that includes bill pay. It is important to weigh the pros and cons, and you may find that it is cheaper to write a check and drop it in the mail.