Traditional Banking - The obvious advantage to using a traditional bank is the ability to drive down to the local branch and conduct your business in person. Some people need this interaction as it makes them feel safer about their banking transactions. If this is how you feel, you can probably stop reading now.
Virtual Banking - Virtual Banks are exactly like traditional banks except you never have to drive down to the local branch to complete transactions. All virtual banks like:
- WTDirect - Online Banking Services
- E*Trade - Online Banking/Trading and Lending Services (Our Recommendation)
- HSBC - Online Banking/ Lending Services
- Bank of the Internet - Online Banking/Trading and Lending Services
Are FDIC-insured and operate exactly like a traditional brick and mortar bank. Their real advantage is their online banking services (their websites) and the personal customer support you receive when phoning in for questions and concerns.
Since the virtual banks rely solely on online and over the phone contact their customers, the service in these departments is far superior to most brick and mortar banks. Think about it, how well does your current bank handle your phone calls? Doesn't the solution almost always end with the representative saying "you'll have to come down to the branch to handle this"?
Safety - Fraud is everywhere; it happens on the internet and it happens in the local restaurant when the waiter swipes your personal information. Nowadays, virtual banks and brick and mortar banks employ full time professionals to prevent online identity theft to protect their customers. The truth is, you are just as likely to have your identity stolen offline as you are online.
Since all virtual banks are Federally insured, you are guaranteed full restitution should any fraudulent activities happen to you while banking online. At lendfast, we recommend that all of our customer, on and offline, strongly consider an online identity theft protection program. Identity theft has become one of the largest crimes that is reported around the world now.
Cost to Consumers - All virtual banks almost always out perform brick and mortar banks with lower fees, higher CD rates, high interest checking and personal loans. Why? Simple, they don't have to pay for the huge over-head that the traditional banks do and they are able to pass this on to their customers.
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