Banks offering online account access as of 2015 include Nationwide, U.S. Bank, Ally and Wells Fargo. Ally and Nationwide are online only. Some of the benefits of using online-only banks are low or no overdraft fees, no monthly maintenance fees and better interest rates on savings accounts.
Whether a bank is online-only or has physical locations as well, online services they have in common include the ability to check bank balances, transfer money, make bill payments and bank from anywhere with mobile banking via tablets and smartphones. Customers can also sign up for alerts to notify them if their balances drop below levels they designate. They can bank 24 hours a day at their convenience.
Banks with physical locations as well as online access often focus on drawing in new customers by providing incentives for opening accounts or signing up for a bank credit card. The banks pay for the expenses by charging higher fees to existing customers. Online-only banks do not need to pay for the expenses of physical locations and save money that way; they pass the savings on to customers. Physical banks offer some services, such as faster dealing with cashier's checks, that are not possible at online-only banks.