There are some banks that do not have physical, brick-and-mortar branches. These online-only banks, such as Simple or Ally, rely completely on their web interfaces to service the needs of their customers. To open an account with an online-only bank, simply go to their website and follow the instructions for opening an account. When you’re choosing a bank, make sure it’s FDIC-insured. Also, check current interest rates and compare that to the bank’s interest rates to make sure you’ll get the best return on any investment accounts. [1] X Expert Source Samantha Gorelick, CFP®Financial Planner Expert Interview. 6 May 2020. Banks like Marcus, Ally, Capital One 360, and Barclays all offer online banking with competitive interest rates. [2] X Expert Source Samantha Gorelick, CFP®Financial Planner Expert Interview. 6 May 2020.
You will likely need your account number in order to set up an online account, so have that handy. A banker or teller at your bank should be able to provide you with this number if you don’t have it, so call your bank or visit a branch to get it. On the homepage of your bank’s website, look for an option to “Enroll,” “sign up,” or “open an online account. ” Call or visit the bank and ask a banker for help if you have trouble setting up your online account. Most banks will have a toll-free 800-number available for customer service that you can call if you need help.
Avoid using the same password for multiple accounts. Also, avoid using birthdates, social security numbers, and other identifiable information in your passwords or usernames.
When inputting your contact email address, make sure to use an email account that you check daily or frequently in case the bank needs to send you any important information via email, or in case you lose or forget your password and need to be emailed a new one.
It’s important to understand the way your specific banking system is set up and where important pages can be located. Simply taking some time to explore the interface is the key to learning the ins and outs of your online banking portal. A banker or customer service agent from your bank would likely be available to help show you around the website. Give your bank a call or visit a branch for help if you feel you need it.
Usually, there will be an option in your online banking portal to stop all paper statements from being mailed to your home and switch entirely to digital statements. Choose this option if you’re interested. Some banks offer incentives to customers who want to switch to electronic statements, like a small percentage docked from the interest rates on credit lines. Check with your bank to see if there are any perks for switching to digital statements.
Remember: only set up automatic or scheduled payments if you are sure the funds will be in your account on the day those bills will process. You won’t want to get hit with any overdraft fees. To keep track of your bills, try writing them all down in a notebook, or enter them all into a spreadsheet. You can also use a budgeting software to give you more tools to track your bills and spending. [5] X Expert Source Samantha Gorelick, CFP®Financial Planner Expert Interview. 6 May 2020. in
These alerts may or may not also forward to the personal email account you have tied to the banking account. Some online portals might require you to specifically select this option in the settings of your online banking inbox.
Make sure you know what fees may apply to this service. For the most part, transfers between your own accounts will come as a free service, but federal law prohibits more than 6 transfers from a savings account to a checking account in one month. When using the transfer tool on your banking portal, any fees will be listed prior to you confirming the transfer.
If you rely on this kind of connection, consider downloading an encryption software onto your browser to keep your information safe.
Cover the screen of your phone or laptop with your hand if you’re worried about prying eyes, or simply wait until you are at home or in a private place to access your online banking information.
