Interested in opening an account with an online bank? Here are three things to consider when comparing your options:
Money Transfer Fees
An important aspect to consider when choosing between online banks is whether or not you'll be charged for transferring money to and from different accounts and, if so, how much the charge will be. Almost all online banks have different rates for transferring monies, so download them all and compare them side-by-side. Pay attention to fees for things like direct deposits, bank drafts, wire transfers, and money order deposits that can really add up at the end of the year if you use any of the services often.
Paper Documentation
Most online banks offer perks for going paperless, which is typically convenient unless you need to submit bank documentation when applying for a loan, filing taxes, or for another official reason. While some banks don't offer paper documentation at all, many will send you paperwork once a month or periodically upon request, even if for a small fee.
Because of this, it's a good idea to find out what policies are in place for each potential online bank you consider working with before opening an account. Make a list of potential online banks that are willing to send you reports and paperwork at least once a year and upon request, and then document any corresponding fees so you can compare your options on paper.
Account Changes
You may have to make account adjustments as time goes on and your needs change, and not all banks will allow you to do that without having to pay a fee. You might even find that some banks don't offer anything more than basic checking or savings accounts. The online bank you decide to work with should give you the ability to do things such as upgrade to business accounts, turn a checking account into a savings account, and add additional accounts to those that are already active. Ask each online bank you consider opening an account with to provide you with an extensive list of their service offerings and any fees that are associated with them so you can gauge how well each service is likely to meet your future needs as your business expands or your home life changes.
By making these considerations when comparing online banking services, you should be able to narrow your options down to one or two that meet your needs now and can expand to fulfill your future demands.
Share11 August 2016
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