Getting a digital banking account is a great way to make the most of your money. You can access your account from any device, whether it’s a smartphone or computer. You can even set up alerts to notify you of your account’s activity. Typically, digital banks have lower fees and better rates than traditional banks. But they’re not without challenges. Before opening your first digital banking account, you should shop around. Besides finding the best interest rate, you’ll want to find a bank that offers features that you want. You can set up transfers, apply for loans, and deposit checks.
Some online banks will allow you to open deposit accounts, apply for loans, and even make payments electronically. However, you will need to verify your identity and email address before opening a digital account. In addition, some digital banks may charge for certain transactions. For example, Bank of America charges for wiring funds, and they charge for using non-branded ATMs.
Digital banks also offer a built-in virtual card. You can use the card at ATMs to make purchases. The card will be disabled if you don’t use it. If the card is lost, you can report it. Digital banks may also offer security features that you can use to protect your account. For example, the Civista FraudEYE feature will send you text alerts if you receive a suspected unauthorized transaction.
Digital banking accounts can also be used with Venmo, PayPal, and other apps. Some digital banks also provide budgeting tools and other features that make them the most convenient way to manage your money. In addition, you can make payments to virtually anyone, and you can control your account from multiple devices.
Digital banking is also great because it allows you to make payments without a trip to a bank branch. It can also help you find and report lost debit cards. You can set up card controls to disable your debit card when you’re not using it. You can also turn card controls back on when you need them. You can also view your account’s available balance. This includes both your debit card transactions and internal funds transfers. It can also show you how many checks you’ve deposited and how many credit card and HELOC transactions you’ve completed.
You can also set up account alerts to notify you when your account balance falls below a certain amount. This can be helpful if you’re worried about unauthorized withdrawals or if you want to receive a bill reminder.
Some digital banks will also let you set up transfers between your checking account and your savings account. This can be beneficial when you need to make payments or if you want to set aside money for a vacation fund. You can also set up an emergency fund. You can combine your emergency fund with your vacation fund to make a more comprehensive fund.
If you’re looking for a digital banking account, make sure to shop around for the best rates and features. You can also contact customer service for additional information.
