What are the pros and cons of internet banking?
Susieb There are several different variations on internet banking. Pure online banks tend to have no ATMs or branches, but provide deposit slips and envelopes and also refund some/all ATM fees charged by other banks. Banking and transactions are done over the phone/web and can be a little difficult when more complex services are needed (cashiers checks, signature guarantees etc.) These often offer good value in terms of interest checking and smaller check fees, but can be a pain if you need a branch. These services are offered by a variety of internet banks (including E*Trade, Schwab, USAA and smaller brands). Several brick and mortar banks – think Citi, Chase etc. – offer traditional checking accounts and “online only” savings accounts with goosed interest rates and lower minimums. These accounts can be beneficial if you are a good manager of your cash and use your savings for overdraft and almost-near-term money needs.
