• Privacy Policy
  • Terms and Conditions
  • DMCA
  • Contact Us
  • Whitelist
Tuesday, May 17, 2022
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking
Impulse Wealth
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking
No Result
View All Result
Impulse Wealth
No Result
View All Result

Explore the Features and Advantages of Online Banking

August 25, 2021
in Wealth Management
0
Explore the Features and Advantages of Online Banking

Not all bank accounts are created equal. While most online-only banks will offer many of the same services and features as a traditional bank — sometimes even a few more — every online bank is slightly different. Look for features that will save you time and money, and ones that will provide you with the peace of mind that your money is safe and secure. 

 

Safety Features

The first question you should ask yourself is, are online banks safe? The short answer is yes. Online banks come with a heap of safety features to protect you and your money. When considering an online-only bank, look for the security measures it has in place.

Many online banks use tools like multi-factor authentication, encryption, firewalls, and the requirement of using secure browsers to keep your data under lock and key and safe from hackers. 

Things to Look For:

  • Multi-factor authentication
  • Secure Sockets Layer (SSL) encryption 
  • AI
  • Biometrics
  • Firewalls
  • Secure browser restrictions 
  • Fraud monitoring 

Mobile Banking App

Your online bank account should come with an intuitive mobile banking app that allows you to easily access your account on your phone. The app should be able to handle everything from tracking your spending and savings to paying friends on the go. 

Look for an app that works on all smartphone devices and allows you to transfer money, check your account balances, deposit a check, and even grow your savings automatically without ever worrying about hidden banking fees.

Things to Look For:

  • App notifications and transaction alerts
  • Mobile check deposit 
  • Fee-free mobile payments and money transfer 
  • Spending and saving trackers
  • Mobile payment app support
  • Online bill pay 

 

Early Direct Deposit 

The option to sign up for direct deposit is always a good idea. Not only does it minimize paperwork and hassle, it also gives you the possibility of getting your paycheck faster. Many online banks offer direct deposit, but only a handful allow their customers to receive their paychecks early.

Look for an account that has early direct deposit. For example, when you open an account through Chime, you no longer have to wait for your money. With Chime’s Get Paid Early feature, you’ll get paid as soon as your paycheck is available – which is often up to 2 days earlier¹ than traditional banks.

Things to Look For:

  • Ability to access your funds up to 2 days early
  • Direct deposit set up via mobile app
  • Access to a pre-filled direct deposit form

ATM Withdrawals 

Despite the move to make everything paperless and online, sometimes you might still need to physically access cash. Luckily, switching to an online-only bank doesn’t mean you lose out on ATM and debit card services. Several online banks and financial institutions maintain relationships with ATMs or ATM networks and offer a method of easily locating ATMs via their banking app. 

Unlike traditional banks, which often charge customers a fee for using an out-of-network ATM, most online banks don’t charge any ATM fees at all, or they offer reimbursement for any fees incurred.

Things to Look For:

  • No ATM fees
  • Debit card
  • ATM locator app

Built-in Automatic Savings Account

When switching to an online banking service, look for one with an automatic savings account. This will allow you to automatically schedule funds to be transferred from your checking account to your savings account. And you’ll be able to automatically transfer a portion of your paycheck directly into your savings account.

For example, saving money with Chime is a no-brainer. Every time you swipe your Chime Visa Debit Card, Chime rounds transactions to the nearest dollar and transfers the round-up from your Spending Account straight into your Savings Account². The more you use your Chime card, the more you build your savings. 

Things to Look For:

  • Automatic round-up feature
  • Automatic paycheck transfer
  • Debit card

Credit Building Features 

Building credit can take time, but if you look for an online account with built-in credit building features, you can expedite the credit building process. Look for features that turn your everyday purchases into credit-building opportunities.  

Very few online banks and financial institutions offer credit building support. Luckily, Chime offers a Credit Builder Visa Secured Credit Card³ that helps you build your credit and increase your credit score by an average of 30 points⁴. 

Things to Look For:

  • All-purchase accepted card
  • Cash-advance features
  • Account transfer 
  • Automatic balance payment
  • Activity report automatically sent to credit bureaus 

Fee-Free Overdraft 

Brick and mortar banks have enormous operational expenses that online banks simply don’t have. This means that with an online bank or online financial institution, fees are kept to a minimum because of the low overhead costs associated with an online business. So one perk of an online bank account is saving on fees that most traditional banks would normally charge their customers, such as overdraft fees. 

Consider switching to an online account with fee-free overdraft protection. Some online accounts, like Chime, offer their own version of overdraft protection that safeguards their customers from any payments or withdrawals that would result in a negative balance. Chime’s SpotMe feature lets users overdraft up to $200 on debit card purchases with no fees⁵.

Things to Look For:

  • Fee-free overdraft protection up to a certain limit
  • Deposits are automatically applied to your negative balance 
  • Notification alerts
  • Ability to easily increase your limit 

Source
Explore the Features and Advantages of Online Banking is written by Katana Dumont for www.chime.com

Previous Post

What’s the Rental Assistance Program and How Does it Affect You

Next Post

Partner Spotlight | Wagmo – Chime

Next Post
Partner Spotlight | Wagmo – Chime

Partner Spotlight | Wagmo - Chime

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Newsletter

  • Trending
  • Comments
  • Latest
How many chips are installed in a car?

How many chips are installed in a car?

August 9, 2021
Millennials and Bank Branches: A Bad Match

Millennials and Bank Branches: A Bad Match

December 5, 2019
Inflation at its peak – what are the reasons?

Inflation at its peak – what are the reasons?

April 7, 2022
HSA vs. FSA Differences | Chime

HSA vs. FSA Differences | Chime

November 4, 2021
China’s Strict Zero-Covid Strategy Is Slowing Down Economic Recovery

China’s Strict Zero-Covid Strategy Is Slowing Down Economic Recovery

0
Millennials and Bank Branches: A Bad Match

Millennials and Bank Branches: A Bad Match

0
Retail Branches Pose an Existential Threat to Banks

Retail Branches Pose an Existential Threat to Banks

0
Why Rate-Chasing Doesn’t Pay – Wealthfront Blog

Why Rate-Chasing Doesn’t Pay – Wealthfront Blog

0
China’s Strict Zero-Covid Strategy Is Slowing Down Economic Recovery

China’s Strict Zero-Covid Strategy Is Slowing Down Economic Recovery

May 16, 2022
How to Plan a Wedding on a Budget

How to Plan a Wedding on a Budget

May 13, 2022
What is behind the recent crypto crash?

What is behind the recent crypto crash?

May 13, 2022
A Social Media Break Could Save You Money. Here’s How

A Social Media Break Could Save You Money. Here’s How

May 12, 2022

Categories

  • Banking
  • Budgeting
  • Markets
  • Wealth Management

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • Privacy Policy
  • Terms and Conditions
  • DMCA
  • Contact Us
  • Whitelist

© 2021 All Rights Reserved impulsewealth.net

No Result
View All Result
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking

© 2021 All Rights Reserved impulsewealth.net