Do Online Banks Have Offices?Bank.pro Magazine Editor
Online banks have changed their banking approach over time. Customers who do their online banking can earn greater profits, pay much less fees, and benefit from the ease of doing it from a smartphone or laptop.
You’re missing out on something if you don’t have an internet savings account, but you might never want to entirely give up your local bank or credit union just yet. Despite their dated appearance, branches provide a number of useful services that are only missed when they are unavailable.
The buying of traveler’s checks, bank drafts, specific electronic payments, or the fulfillment from certain credit card applications like mortgages are not, however, permitted through online banking. Such transactions must still be conducted in person with a bank staff. Which internet banks are the biggest in the world?
What is the Process for Online Banking?
Clients of online banks have several options for starting transactions: online, via a mobile app, over the phone, or by mail. Furthermore, individuals may link their online bank accounts to those they already have at conventional banks, credit unions, or other online banks.
Institutions provide a variety of online banking products and services. Online banks often allow customers to create accounts, pay bills, transfer money, deposit checks, examine statements, and do other standard banking operations. Several additionally provide access to ATM networks with no additional fees.
Read: Bank Transfer in The UK Explained: BACS, CHAPS, and Faster Payments
What are The Major Online Banks?
Some banks don’t even have physical branches; they just function online. These banks offer telephone, email, and online chat customer assistance. Now that Wi-Fi and 5G networks are readily accessible, mobile devices are routinely used to conduct online banking.
Some institutions may not offer direct access to ATMs, but they will make it possible for customers to utilize ATMs at other banks and retail establishments. They could pay back part of the ATM fees that other banking institutions charge customers.
1. Quontic Online Bank
Located in Astoria, New York City, Quontic is an online bank with U.S. operations. Other lending offices for Quontic are located in New York, Melville, Flushing, and Miami, Florida. Quontic provides a range of mortgage lending products with a focus on non-traditional clients, as well as personal checking, savings, and certificate of deposit accounts. Quontic provides attractive annual percentage yields (APYs), minimal deposit amounts, low fees, and access to more than 90,000 surcharge-free ATMs across the United States. Customers of Quontic receive all the services they may anticipate from an online bank, including mobile apps and online banking that is accessible around the clock.
Quontic bank provides a few extra cutting-edge accounts in addition to its standard banking products, such as High-Interest Checking, High Yield Savings, money market accounts, and CDs. The bank offers a Cash Rewards Checking account that offers each statement cycle up to 1.50% cash back on eligible debit card purchases. Moreover, Quontic has a Bitcoin Rewards Checking account in a few states that reward 1.50% Bitcoin on certain debit card purchases.
2. Discover Bank
The Discover Online Bank, which provides savings and checking accounts as well as personal loans, loans for home equity, student loans, and credit cards, is owned and operated by Discover Financial Services, a firm that provides financial services in the United States. In addition, it owns Diners Club International and runs the Explore and Pulse networks. With approximately 50 million members, Discover Card ranks third among credit card companies in the United States based on the number of active cards. The present headquarters of Discover are located in Riverwoods, Illinois, a suburb of Chicago.
Fees at Discover Bank are kept to a minimum at all times. There are no recurring maintenance costs, penalties for insufficient funds, or fees for using ATMs outside of the network. Furthermore, there are no fees for returned goods, excessive withdrawals, or stop payment orders.
On eligible transactions made with a debit card that total up to $3,000 per month, the bank’s checking account offers 1% cash back. Moreover, a sizable ATM network is available to clients. Discover provides a variety of different financial services and products in addition to the savings account, which pays a reasonable interest. Moreover, Discover enables mobile banking, and both the App Store and Google Play give it great ratings. Every day of the year, customer assistance is available around-the-clock.
Read: What ACH Payments and How Do They Work?
3. Axos Bank
Axos online bank is an An American savings and loan organization with its main office in San Diego, California. The Axos Bank is a primary consumer financial brand.
It also has offices there as well as in Los Angeles, Laguna Hills, Las Vegas, Salt Lake City, Kansas City, and Columbus, Ohio. San Diego, Columbus, and Las Vegas are the locations of the bank’s three branches, respectively. The bank has 1100 employees and manages assets and deposits of over $14 billion.
Federal Deposit Insurance Corporation (FDIC) insurance, Office of the Comptroller of the Currency (OCC) regulation, and federal chartering all apply to Axos Bank (FDIC). It is a company with Better Business Bureau (BBB) accreditation.
Also Axos Bank fulfills several requirements. It maintains cheap fees and a respectably high APY. The required minimum deposits are modest. Also, clients have access to around 91,000 ATMs across the country and are eligible for limitless domestic ATM charge refunds for usage of ATMs outside of their network.
Read: How Long Can my Bank Freeze my Account
Moreover, Axos provides phone support and encrypted internet chatting around-the-clock (including Christmas Day and Thanksgiving Day). Also, the website offers live chat service throughout regular work hours. Axos also performs well in terms of mobile banking. Users may handle basic banking needs while on the road with the bank’s app, which has received positive reviews in both the ITunes Store and Google Play.
Both conventional banks and banks that solely operate online offer benefits. Fundamentally, you have to evaluate whether the amenities and personal touch of a brick-and-mortar organization offset the sometimes higher expenses of banking there, in terms of less expensive interest rates and extra fees.
It’s also worthwhile to think about splitting your company between one of each. It’s true that this setup might not work for you, and having numerous accounts may come with additional costs. Nevertheless, owning accounts at both a traditional bank and an online bank allows you to take advantage of the best of both worlds—higher interest rates and access to the in assistance with payments and issues when you need it.
Related Articles you Might be Interested in:
3 Ways you Can Check If your Online Bank is Legit
How to Get Multiple Online Business Accounts