Online Internet Banking - What Are You Waiting For?

Just as people were hesitant to shop online due to concerns about security, individuals are hesitant to transfer their banking activity online. This is understandable. There is a certain comfort level in being able to drive to your nearest bank branch, sit down with a banker and review your account information. But with the internet, these barriers break down over time and the level of comfort improves. For instance ebay has become a household term and internet shopping has taken off. If you are under the age of 45 you have most certainly purchased something online.

Well it is time to consider online banking. I am not saying that you should go out and transfer all of your money from your Bank of America account to an internet bank like those offered by eTrade or Ing but you should consider transferring a portion of your savings. After all, 4.75% Interest rates on checking accounts are nothing to sneeze at. Your traditional bank interest rate is likely to be around 1% if not less.

Online banks offer other great features as well. Most notably, in an attempt to attract customers, in addition to high interest checking and money market accounts, online banks offer ATM fee reimbursement. This means that you can go to any ATM in the world, withdraw cash from your account, and your internet bank will reimburse you the fee charged by the operator of the ATM. So even if you bank with a mega-bank like Bank of America with ATMs across the country, you will still not have the access to ATM's like with many of the internet banks.

Your funds are FDIC insured with internet banks just as with your traditional banks so you can be reasonably assured that your money is safe. Chances are you are already using bill pay and other online banking services at your traditional bank so take your banking to the next level and start putting you money to work . . . harder!

Albo Bens is a Personal Finance guru who wants to see you succeed financially. Get more information about personal finance and high interest internet checking resources.