You might have heard some strange things about online banking. There’s a wealth of information out there, but a lot of it is confusing and contradictory. Some of these claims don’t make any sense, and others are just incorrect. It’s not like money matters should be taken lightly, so it makes sense to seek more information before you jump in. If you’ve been thinking about transitioning to online banking but want to get to the heart of the matter on some of these rumors, you can learn the truth about three common myths below:
- It’s hard to transition to online banking. It’s extremely easy to move your accounts online. In fact, it may only require visiting your bank’s website and spending a few minutes confirming your personal information and account numbers. But even if you’re just starting out with online banking, it can be an extremely smooth process. You may be able to sign up yourself through the Internet, or you can call a toll-free, 24-hour line to have a bank representative walk you through the steps. Either way, you can be all set up with a minimal amount of time and energy.
- Online banking is more expensive than regular banking. For starters, it’s often free to open an online bank account. Then, if a bank has any kind of regulatory fees, they won’t be any higher for online banking than not. In fact, they might even be lower, since banks are by and large trying to encourage customers to visit them on the Web. Offering Internet services costs the bank less money and helps them to deliver more streamlined services to members, which makes everyone happier. You may even encounter higher interest rates or lower fees with online accounts. And with greater access to your account balances, you have more control over your money; this can help you budget and actually save more. Plus, you simply don’t have to spend money – much less time – driving out to physical locations to complete banking business.
- Online banking is unsafe. It’s important to choose a credible bank with a history of trustworthiness – but that’s always the case, whether it’s online or a physical branch. When it comes to website security, you can ask about a bank’s policies that are in place to protect user identity. Typically, you log in with a secure username and password. The bank is legally obligated to protect any data you entrust to them. And when it comes to your money, you simply want to be sure you choose an online bank that’s regulated by the Federal Deposit Insurance Corporation (FDIC). This guarantees that you’ll be able to get back any money you lose due to fraud, theft or bank mismanagement should the need arise.
Author: TM Murphy is a professional writer who lives in NYC. She currently specializes in fashion, beauty, marketing and finance articles. TM Murphy has been writing full-time since 2006, when she graduated with a B.A. in English from Northeastern University.
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