Services of online banks can vary depending on the financial institution, but wire transfers, overdraft protection and stop-payment options are typical features of online checking accounts. According to Ally, its checking has lower fees for services that it offers compared to normal brick-and-mortar banks.
One of the largest perks with ever increase fees at banks, is the lack of ATM fees from the customers bank. Some online checking accounts charge no ATM fees at all, while according to Nationwide's website, they waive the first six fees. Whether the fees are waived totally or a select number, these monthly savings can really add up to save customers money. Online checking accounts function a lot like traditional accounts with the use of ATMs, normal online banking access and online bill payments. These types of account generally have higher interests rates on checking account balances than with traditional banks. The amount of interest an online checking account earns depends on the balance. The higher the balance in the checking account the higher the amount of interest it earns. That standard range of interest on online checking accounts varies between 10 percent to 60 percent for balances generally in the $10,000 or higher area.