Do You Really Want to Open a Free Online Checking Account?

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Regardless of the day and age, there are still some people who prefer to walk into a physical bank in a brick and mortar building to carry out their transactions and guarantee the safety of their money, but most people now favor the convenient alternative – online banking. If you’re still on the fence about getting on the bandwagon that offers free debit MasterCard/Visa for all transactions, requires no maintenance fee or minimum deposit, and allows you to pay bills in the convenience of your home, here are a few things to consider before you decide whether or not to ditch going to the physical bank for a free online checking account.

Benefits of Free Online Checking Accounts

Convenience: One of the major attractions of online banks is the convenience that they offer because unlike physical banks which have fixed working hours, your online account is available 24/7 and can be accessed whenever and wherever you need it using your smartphone and internet connection.

This means that you can send money, pay bills, keep track of your account’s activity, and do a lot more from where you are.

Higher yields and lower fees: Online banks incur relatively lower costs and less overhead than their brick and mortar counterparts, which allows them to pay higher yields than physical banks. Online banks also charge relatively lower fees – some banks such as the Ally Bank doesn’t require a monthly maintenance fee, for instance.

Flexibility: Online checking accounts are comparatively more flexible than their brick and mortar counterparts. Some online banks do not require a minimum balance or a minimum deposit, and online banking gives you easy access to your money which you can withdraw for free at designated ATMs. You can also get reimbursement for charges you incur from using other ATMs, for instance, some banks offer $10 per statement cycle as reimbursement when you use other ATMs

I know that all of these sound appealing, but free online checking account is not all good.

Cons of Free Online Checking Account

Security: Online banks make use of high technology and encryption to keep your information safe, but unfortunately, advancements in technology are not limited only to the good guys as hackers now have malware that may break into your browser and steal your login details. While tips–like ensuring that your mobile device is malware-free, inputting your login details every time you log in rather than letting your browser autosave the information, and keeping your password safe–can ensure the safety of your online checking account, walking into a physical bank can be more reassuring.

Customer Service: The only link between you and your online bank is the customer service, this is your go-to for solving all problems relating to your account – big or small. Some online banks offer 24/7 customer service while others follow the regular working hours, the customer service can be accessed via toll-free phone calls or e-mail. However, for people who prefer solving bank-related issues face-to-face, this is a big downside of online banking.

Finally, before deciding whether or not to ditch traditional banking in favor of a free online checking account, try to compare the services that they offer so as to make sure that it’s what’s best for your specific needs.

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