What Are Some Advantages of Online Banking?


Quick Answer

Some advantages of online banking include the convenience of 24-7 access to account information, the ability to see transactions as they occur in real time, and better rates than brick-and-mortar institutions due to the lack of physical presence needed by the banking institution. Many online banks also offer robust features that help customers budget funds, make fast transfers to savings and investment accounts, and send funds to friends and family via email or mobile phone.

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What Are Some Advantages of Online Banking?
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Full Answer

Many customers find online banking services much more convenient than banking at traditional financial institutions. Customers can fund online bank accounts via ACH deposits from traditional bank accounts or by signing up for direct deposit services via their employers. Some online banks also have their own network of ATMs that let you make physical deposits or withdraw funds without incurring additional fees.

Online banking also has the advantage of environmental friendliness. These types of accounts typically entail email statements to customers rather than mailing out paper statements. In addition, online accounts make it possible to pay bills electronically online rather than mailing in paper checks. Because customers do all their banking on the Internet, they spend less time and energy on transportation to and from traditional banking locations.

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