Online checking accounts are becoming a popular choice for the modern banker that wishes to save money. There are already many attractive features that online bank accounts boast. These features include a higher than average interest rate, 24-hour customer service, and convenient access. With the added addition of being able to help their customers save money, online checking accounts are becoming the most ideal place to stash money.
Online checking accounts are now offering clients free checking and free automated bill payment options in order to reduce their customer’s costs. The free checking service allows the patron to take these funds and redirect them towards the payment of other bills. Using the automated bill payment service to pay these bills on set dates will curtail the late charge or interest rate hike that a tardy bill sometimes cause. There is also the added bonus of being able to link the customer’s online checking account with their online savings account. When these two accounts are attached, those funds that haven’t been properly accounted for can be docked from their savings account. This option takes away the danger of an unexpected overdraft fee, which spells money saved. In some establishments, they will even refund the first overdraft. There are no penalties for accessing the savings account when it is used for this purpose. Checking accounts that are online are also capable of giving out interest rate benefits in exchange for your business. The funds that are generated from this generous interest rate can be added to the client’s savings account, which can help them reach their ideal retirement minimum.
Another way online checking accounts save money is the one that is continually overlooked. Since these types of banking institutions are exclusively online, the customer doesn’t have to venture outside of their homes to conduct business. This advantage takes away from the rising cost of gas and maintenance fees required for the upkeep of their car. Another way they save money is that since the customer doesn’t have to go outside in the cold, they are able to avoid medical issues.
Traditional banking establishments are quickly learning that in order to keep up with their more advanced competition, they are going to have to offer the same benefits that are luring away their customers. With online checking accounts offering incentive programs that are putting money in the thrifty banker’s pocket, traditional brick and mortar establishments are going to either evolve or die. They will have to offer advantages that not only save their customers money; they will also have to make them money.