Opening An Internet Bank Account? Read These Guidelines First

Internet bank accounts offer a convenient way for us to perform transactions without having to make a trip to a brick and mortar bank. For the most part they aren’t terribly different from traditional accounts. There are a few things to consider though before opening an account online.

Check the Fees

Some banks will charge you fees if you open an internet account but then need to visit the local branch for anything. These accounts may advertise as being completely free online, but then end up charging you fees that you wouldn’t ordinarily have to pay fees for. Calls to customer service, in branch transactions, calls to the branch, and even ATM transactions can carry higher fees for those who open accounts online. Before you open an account make sure you have a complete list of all the fees the bank charges. The banks can sometimes offer a reprieve from the fees for the first few chargeable transactions too.

Computer Requirements

Most banks incorporate secure servers for their log in information. In order to utilize these services your computer generally has to meet certain requirements. Most banks require that you use Internet Explorer, and generally the most recent version. You will also usually need to have a certain amount of memory available on your computer for this. Any of the banks you choose will tell you what the requirements are before you sign up.

Deposits

Most banks require a minimum deposit amount to open an account. Opening an account online can be a little tricky since you aren’t there in the branch with cash. Most banks will allow you to make your opening deposit with a credit or debit card, and many will waive the opening deposit requirement if you set up direct deposit with your employer.

Local Branches

While this isn’t really a guideline, it’s something good to keep in mind. When you open an account online it’s advisable to make sure the bank does have a local presence as well. There may be times when you want to speak to someone face to face, or have a check that you need to deposit and can’t wait to mail it in. When these things come up, it can be a nightmare if you don’t have a person you can talk to face to face. Even if the bank charges you a small amount to make the transaction in the branch, it can save you a headache later.

Checks

Many people assume that a debit card is enough to get by. But there may be some occasions when a check is necessary. Things like deposits on new homes, certain bills that may not accept credit card payments. Most larger banks will offer check writing privileges with their online accounts, but you still want to double check and make sure that your online account still offers checks and check writing privileges. Keep in mind that a lot of banks will charge to write checks with online accounts as well.

Opening An Internet Bank Account? Read These Guidelines First

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