00:04As more and more of daily life moves to online, you might be wondering if you should be banking
00:08virtually too. Here are some factors to think about before you make the switch. Money Crashers
00:13points out that online banks usually offer lower maintenance fees and higher interest rates because
00:18online banks don't have to pay for brick and mortar locations, the staff running them, or even
00:22those fun pens that are chained to the counters. They can pass the lower operational costs on to
00:27customers. The site says in most cases, the online banks are going to offer better technology and
00:32apps to make banking more convenient, which makes sense if they only have to worry about servicing
00:36customers virtually. The balance cautions to make sure your potential online bank has an FDIC guarantee,
00:42meaning if something happens to the institution, you won't lose all of your money. While some banks
00:47let you deposit a check centered around taking a picture with your phone, the site does say that
00:51there may be limits with the amount you're allowed to deposit and also points out that if you're
00:55depositing cash primarily, you might want to stick with a bank that has a branch. This also means
00:59that when you want to take cash out of your account, you won't have a dedicated ATM, meaning
01:04you'll be hit with transactional fees, though some online banks will cover some of the ATM fees.
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