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Organising your money used to be convenient; you had a bank account which offered you a check book and an overdraft at an expense, and you had a savings account which offered you higher interest, but you had to have cleared funds. So where does the internet checking account fit into all this?
We're all told to accept the internet as it is the way forward, but sometimes it is information overload and suddenly the good old days seem appealing.
First you have to understand why the banks want you to have an internet checking account. Imagine you are a high street bank, you've to have an outlet, you have to employ staff there, and you have to offer a service. Which means you have very high overheads. Then someone comes up with the idea of phone banking. Fantastic idea, but now the banks have to have expensive secure phones systems, technological support for these lines, and also skilled staff to offer advice to phone clients. However, you can't get a receipt from a telephone, so many of the clients will use both the branch and the telephone service. This means that phone banking actually increased banks overheads and offered almost no saving to them.
Then comes along internet banking, this is actually a service which means you do not have to use a branch at all. Also most of the support is the same as the telephone banking, so the cost to the banks is minimal.
Now the banks are considering, if we can entice people away from the branches, we can close these, save money and not limit our service. The only way to ensure that people don't use or need the branches is to reward them for using the internet. What better way than to offer a higher interest rate?
If you are looking for an internet checking account then you should be getting substantially higher interest than if you're banking at a branch. If you are not you need to change your bank.
Apart from getting more interest there're other benefits available to the internet banking clients. You no longer have to work within the hours of your bank. If you wish to make payments in the middle of the night you can. If you want to stop having to file statements, then ask to receive them online and cut down on your paper filing.
It is essential to remember that as an internet checking account customer you are saving the bank money, so you've a right to get more interest and banking on your terms.
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