If you’re used to managing your money with a traditional checking account, you’re missing out on all the benefits that online access can bring. Fortunately, you don’t have to go through a bunch of extra, time-consuming steps to benefit from online banking. When you apply for an online checking account, you’ll get numerous additional features that help to safeguard your account while making it easy to manage your finances and even make money on your deposits. Here’s what to look for when opening an online checking account.
Make Sure the Account is Insured
No matter which banking institution you open an online checking account with, be sure that it’s insured by the FDIC (or in the case of a credit union, the NCUA). Both of these federal agencies were created after the Great Depression to ensure that consumers would not lose money in the highly unlikely event that the bank went bankrupt. The FDIC or NCUA protects your deposits up to $250,000 per person, and this includes your online checking account. It’s a great way to give yourself peace of mind during trying economic times, and it doesn’t cost you anything extra. Read more »