How to Do Banking over the Internet?
Daria: Welcome to the wonderful world of banking. Did I say that?
Ken: Did you say it back there?
Daria: Yes, I did.
Ken: Hi, everybody. We are the Dolans not long ago. In one of our first videos, we’ve mention that we were sitting with our son-in-law keeping our daughter married a fact and then how it gone online banking but I saw in like he said, “You know, I only do my banking online and a sort of this couple of phobia Dolans the same way. And maybe we better think about online banking so we did a video on online banking. We’re talking about online banking. Okay, that’s one thing. But today, for a couple of minutes, we’re going to talk about internet only. There’s a lot of big banks that have online banks.
Daria: Yeah, absolutely.
Ken: Then you do online banking. How about internet only? I’ll tell you one thing. I love the idea of no over heat.
Daria: Well yeah, because when a bank has no brick and mortar presence, then they can do things a lot more cheaply because they can do it from one big room and they don’t have to have multiple branches on the run under the employees and etcetera, etcetera. So guess what that translates to. That translates to better rate of interest for you as on checking and savings account. No fee checking, lots of great purse.
Ken: Exactly. Also and I'm going to go to the end of our little video in our few minutes together today to tell you how to check alternate user internet only is like you smoke. There’s a building near us with the name of an internet only bank on it and it’s like why do you need a building for an internet only thing.
Daria: Well, I don’t know that it is an internet only guy. It’s virtual bank and if you’re virtual, why do you need this big pole here?
Ken: Anyway I’ll tell you how to check out internet only banks. Also by the way, don’t forget one thing I like because Daria and I move around a lot and we’ve move it down at how many times in the many years that we’ve been married. That’s if you move it doesn’t matter. You haven’t got a whole bunch of things of change because it’s internet only bag
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Daria: Exactly and they generally offer you absolutely free unlimited internet transactions so it’s not like you know you get a money market account with a local bank if you write more than three cheques at any given month. They charged you for it.
Ken: And also which I like a lot here, I don’t know how to get lot of banks are competing. Regular banks but you know breaking more than banks online banks which is some hopefully you can get more than two and internet only banks are vying for your money so as Daria said you get some nice rates on internet only banks. Also, what I found in the homework we did for this piece is that the internet only banks tend to be on the web and also it sound like you’ve even like the expert and all of that stuff but very technically efficient on the web site. Why?
Daria: And very secure.
Ken: That’s all they have. That’s how they do their business so well worth taking to look at.
Daria: But like everything life, there’s always the other side of the story.
Ken: I’ll give a couple of them.
Daria: Yeah! On that kinds but it’s just the other side of the story. You know, so before you go driving off to take all your money out of the bank and send it to an internet only bank, bear in mind that if you want to deposit more money into that internet only bank, you will have to mail in deposits which slows everything down.
Ken: Oh yeah, that’s also slows bill. Thank you, Daria. You may have to such as going to go an extra step to go to the internet bank and then out again you may have to send that money sooner.
Daria: Exactly. Notify them earlier. For pay, if you cannot get your employer to direct deposits then you’re going to have a lag time again with your pay getting into that virtual bank and having the float taken care of and then finally know that you can use that money.
Ken: The bottom line is simply this. We’re going to give you a couple of web sites. Get ready. The bottom-line is simply this.
Daria: Oh wait, we forgot one other important thing. Do you got ATMs a lot to take care?
Ken: Oh, that’s right. I forgot.
Daria: If it’s an internet only bank, then you’re going to get a hit with a lot of fees from ATM machines but that doesn’t mean that your own brick and mortar bank doesn’t charge you something but when you have to use an ATM system and there is nothing from your bank, internet only you are going to pay a lot more on fees and the fees that you pay for if you constantly go to take out cash. It means that you could be depleting the whole reason for the higher interest and on checking and savings.
Ken: One of the good things about somebody online banks and certainly to brick and mortar banks some don’t charge ATM fees because if you use their ATMs, but here again there is no use being the ATM of an internet only bank because it’s internet only. Well, worth taking to look at or your gouge pencil will flash them up anyway but two sizes to look at. One is Gomez.com. They bank score more than internet only banks and our old friends at Veribanc.com. Take a look at some online banking there too. I guess the bottom line is—
Daria: And they guarantee the safety of it at the FTI fee insurance.
Ken: Yeah. I think the bottom line is simply this whether it’s brick and mortar that’s your choice, on line banking back by a brick and mortar bank or in fact internet only. No one choices right for everybody but all are worth considering.
Daria: Combination of a couple, that’s the way to go. Put all the savings online. So this in the virtual bank and get more money.
Ken: Happy, honey!
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