More Options Now to Setup Online Checking Accounts

While digital banking is changing the way money is transferred and changing how consumers make purchases online and in-person, the kind of accounts you open have practically stayed the same. Whether you want to go with a brick and mortar bank or an online-based bank, the main personal banking options are still savings and checking accounts, and checking accounts can be important for multiple reasons. Over the years, many big banks have over commercialized savings and checking accounts trying to offer different banking plans that aren’t exactly what customers are looking for these days. But one of the benefits of credit unions, small banks and digital banks is that you can get benefits that could even include a free checking account Cypress TX.

What A Free Checking Account Is Like

As explained by Bankrate, online-based checking accounts are still working things out for their customers in terms of deposit and product offering. But there banks already out there that have eliminated all those annoying fees that have long plagued customers. It’s starting to become possible to open online accounts without even needing to enter a physical bank and establishing an account there first. Many are making it possible to do online transfers through different direct deposit linking as well as linking other digital money transfer accounts. Also, establishing a checking account can help you build rapport with the bank and they may start suggesting certain loans when you need them, or offering transfer apps or account balancing tools.

The Challenge of Online Checking Accounts

While it is definitely nice to have a checking account that has no monthly fees or long lists of requirements, there are a few challenges this banking faces. One is a little more difficulty in making deposits without having a physical branch in some cases. But another is an ongoing battle with security and identity theft since all kinds of information about you is out there and hackers are always looking for new ways to break into digital accounts. But digital banks and even brick and mortar banks have started changing their security layers such as adding 2-step authentication and finding better ways to secure their websites and apps. The challenge is also on the customer to use secure practices when accessing their bank account online such as making sure they use complex passwords, changing them, avoiding accessing accounts over unsecured networks and making sure their virus scanning software is up to date.

Basically, even though the use of paper checks has declined and digital payments have become more widely used than ever, checking accounts are still in style. But for the most part, you don’t have to worry about needing to make large monthly deposits or keep minimum balances in many of these newer checking accounts the way you used to have to with older ones. Because federal regulations limit the amount of withdrawals you can make from a savings account, setting up a free checking account continues to make sense, but even if you cannot completely avoid fees, there will usually still be options to signup for that can minimize them.