With the advancement of technology, more and more people are turning to online banking for their checking account needs. Plenty of financial institutions are offering online checking accounts that have similar features to a traditional checking account. When looking around for an online checking account, it is important to compare from one institution to another and compare the features as well.
Use an online comparison chart to compare features. Some websites offer an online tool to help you review all information and narrow down your choices. The next thing to do is to compare the fees that these banks or financial institutions charge. In general, online banks have lower fees compared to a brick-and-mortar bank. Nevertheless, there could be charges for overdraft and falling below the minimum balance required.
Consider the interest rates of the banks and evaluate them. Most online banks have some kind of interest on the balance in your checking account. Although these charges are minimal, they could add up if you have a big amount of money in your account most of the time. It would be helpful to visit the website of these institutions. Check out their customer service. Some online banks allow you to talk to a customer service representative online anytime while others have limited phone customer service. Compare the deposit methods that each bank or institution they offer since there are times that online banks have restrictions as to how many times you are allowed to transfer funds in a month.