The world is now almost fully online, and this means that we can bank online as well. It is reasonably easy to find a completely fee-free online bank checking account. In fact, the majority of internet only banks offer completely free services. This is quite different from traditional banks, who usually offer some free services, but have stringent conditions and hidden charges as well. You usually have to ensure you hold a minimum balance in your account or a minimum deposit level per month. If you can't make those levels, you will have to pay a fee. With online banks, you should be able to find completely free accounts instead. Best of all, they offer very easy systems to manage your account, and usually also offer better rates.

Why Online Banking Is Better:

The biggest reason why online banks are able to offer such better services is because they have little to no overhead costs. They don't have to pay rent, they don't have to have as much staff, they don't need to have spaces available for face to face meetings, and they offer fully automatic transactions. As a result, they can easily offer a fee-free online bank checking account, since they do not need to make money by charging their customers. In fact, their overhead costs are so much lower that they can even offer higher interest rates on their accounts and still remain profitable themselves.

We have been conditioned to believe only things with a catch can be free, but that really isn't the case with online banking. Plus, they worry that if they bank 100% online, they will miss the human touch that is sometimes needed. However, the majority of banks that offer fee-free online bank checking account services also have an excellent help desk in place, as well as have telephone lines that people can use to contact them. Hence, this should also not be a barrier.

Some Possible Concerns Regarding Security:

Another concern some people have is that they may not always be able to access their account, because they are reliant on their internet security. This is a concern that should really be waved away since there is always internet somewhere. A different concern is security, which is a very important issue. However, online banks always look at ways to further improve their security and always offer the most up to date security systems. In fact, they often even offer a free antivirus program to all their new customers, which is another great benefit, since it means you don't need to invest in one yourself.

Why Online Banking Is The Present And Future:

Free online banking is not just the future of banking, it is the present. An increasing amount of people are making the switch to internet only banks. This enables them to access low to nonexistent service charges and higher interest rates. The only worry that still remains is how this will change the face of the high street, since more and more high street banks are having to close their doors because they are no longer competitive.