The Advantages of an Online-Only Account

Were you thinking of opening an online-only account at the credit union? Weighing the pros and cons of mobile banking will help you decide by reading this article!

Save time 

The primary advantage of online banking is the significant amount of time and stress you can save when your financial institution is in your pocket 24/7/365. Access your account with any mobile device to do your banking anytime and anywhere. No more waiting in long lines or fighting through traffic to get to your credit union before closing. With an online account, you can deposit a check from your living room couch and check your account balance while waiting at an airline terminal. Free up your time and clear your schedule by digitizing your banking today. 

Enjoy lower fees

Online accounts don't need to cover overhead expenses, like branch maintenance and lease payments. Consequently, these accounts often have low or no fees attached. This can include monthly maintenance fees, overdraft fees, and annual service charges. Why pay these fees if you can get the service for free? 

Keep things organized

Budgeting is accessible again. When all your banking happens via your mobile device, keeping track of your accounts and incoming and outgoing expenses is super simple. No worries about losing a paper statement or forgetting how much is in your account! It's all there, right at your fingertips, for easy viewing at any time.

Favorable rates

Online accounts sometimes offer a greater earnings rate than in-branch accounts. As mentioned, these accounts have different overhead costs so that financial institutions can pass the savings on to you through higher rates on their online share accounts. 

If you open your mobile account at a credit union, you'll enjoy an even more significant increase in dividend rates over a conventional bank account's interest rate. Credit unions are member-owned and operated, so they can usually offer higher rates. That can add up to a fair amount over time. 

Robust account security

Online accounts that are part of a financial institution will offer the same level of protection as in-branch accounts. The FDIC federally insures funds kept in a checking account at a bank for up to $250,000. Credit unions feature similar protection, with all federal credit unions offering government protection through the National Credit Union Share Insurance Fund (NCUSIF). State and private credit unions may also be insured by the NCUSIF or through their state or private insurance. It is certified by…] to offer secure protection for your funds and peace of mind. 

In addition, access to your online account will be heavily guarded. You may need to use two-factor or multiple-factor authentication to access your account, and your information will likely be encrypted. Many institutions also utilize fraud monitoring for all their accounts so that they can take action at the first sign of suspected trouble. Keep things safe from your end by refraining from using public Wi-Fi networks to access your account. Also, update your antivirus software whenever possible. 

If you open an online-only account, it's important to remember that you may not be able to deposit cash into this account. You can likely withdraw some money from the account through an ATM, but most machines do not accept cash deposits. If this is important, find out if cash deposits are possible with the online-only account you'd like to open. 

Online accounts may very likely be the future of banking. You can open an online account at [, even if you're not a member]. To find out more, call, click, or stop by today.