To manage your finances offer Online banking services

Online bank accounts can provide a quick and secure to your banking and manage your finances. Most banks offer online banking services, and although the features and offerings may vary, they all share a number of similarities. Using online banking can significantly simplify your financial life.
You can open an online bank account with either a brick-and-mortar financial institution or an exclusively Web-based bank. If you open an online account with your current bank, it may offer special rates or other benefits for existing customers. Once signed on to your online account, you can check your balances, view current and past bank statements and transfer money between accounts. Many banks also offer the option to pay bills online, and you can usually set up recurring bills, such as car payments, to be sent to you and/or paid automatically

Online bank accounts are typically offer high rates for web-savvy saver. However, the high returns come at a cost. You need to know what the tradeoffs are to avoid unpleasant surprises. Here are a few reasons NOT to use online bank accounts.


1. Customer Service with Online Bank Accounts
One reason to avoid online banks is that you may run into bad customer service. With a brick-and-mortar bank, you’ll likely have some familiarity with the staff. At a small credit union, the staff might know you well.
Why does this matter? It’s easier to get good service if you know the staff and they know you. You can pick and choose who you deal with. However, if your online bank account offers any phone service, you have to take your chances with the “1-800 Lottery”. You might get somebody helpful and knowledgeable, or you might not.
2. Online Bank Accounts and Speed of Clearing
The internet is supposed to make things faster. However, you might have to wait a long time for checks to clear. You certainly can’t ask for acashier’s check if you’re in the middle of a crisis and you need settled money yesterday.
Likewise, deposits to your online bank account can be really slow. If you get a big check and want to start earning interest, you can expect to wait. Now, the higher APY you earn may still make it worth your while, but it’s just no fun to wait.
3. You Can’t Spend It from Your Online Bank Account
You can’t take it with you when you go, so why not use some of that money? Online bank accounts make it hard to spend your money. You really have to plan on keeping your money in the account.
To manage the problem, use accounts that offer online bill pay or debit cards.