Largest Internet Banks

Internet banks, no matter what size, guarantee one thing: accessibility. You can have access to your Internet bank anytime and anywhere as long as you have an Internet connection. You can transfer funds from one account to another, pay your bills, and view your bank transactions and balances whenever you want. Some Internet banks even hook up to vendor sites so that you can purchase your groceries and shop for a new pair of shoes.

Large versus small

Looking for an Internet bank that you think would suit you? Are you unsure if you want to go with the big banks or the small banks? Are you afraid of the instabilities of smaller banks? Or do larger banks intimidate you? You should choose a bank that can address your requirements and that you feel comfortable with. Here’s a comparison so you can make an informed decision.

Smaller banks tend to offer a narrower ranger of online services compared to their larger counterparts. With a smaller pool of funds, smaller Internet banks do not have the flexibility to offer high interest rates. But the opening and maintaining balance required by these banks are lower, too, so it is much easier to open an account with them. If you only need basic Internet banking services such as local fund transfers, deposits, crediting, etc., then these banks may be sufficient.

Large banks, on the other hand, can compensate for many of the shortcomings that their smaller constituents cannot fulfill. Interest rates continue to rise whenever the amount of the transaction rises. Larger banks have a farther reach, allowing them to have more associates worldwide.

The infrastructures of larger Internet banks are also substantially different. Aside from accessing your account, you can also gain access to your accounts via SMS using your GSM handy phones. You can also send instructions to the bank through this technology. Larger banks tend to have more elaborate security systems to ensure the safety of your money.

Business Internet Banking – A Fundamental Requirement For Your Business

In this internet era when everything can be done online, banking is no exception to it. In fact, it is the one sector that has made remarkable advancement in this area. Now you can do anything and everything with your online event from anywhere and at anytime. You have 24×7 access of your bank account. The advantages of internet banking for personal as well as business requirements are obvious. Business internet banking is a fundamental requirement to start, grow, and manage your business. It is very crucial to offer internet banking services to your clients as it adds to their convenience. If you’re still thinking on shifting to online business banking, it’s high time that you just join the tide.

In today’s competitive times, getting the right business internet banking services plays a crucial role in your business success. If you’re a small business owner, looking for a bank, financial institution, or credit union partner can sometimes be very frustrating. For small business owners, it is quite difficult to find a bank that can finance your operations as and when you need. Locating in a small town or far-flung area simply adds insult to the injury. In such a scenario, online business banking services can actually solve your problem and help you in getting required finance to grow and manage your business.

Why to Set Up a Business Bank Account?

Setting up a business bank account is the first and foremost requirement of small business banking. Using a personal bank account has its own disadvantages, as it does not help run the business as a business. It may reduce your expenses, bank fees, and efforts, but mixing personal and small business banking is certainly not a good idea. This may create many problems for your business in the long run.

If you’re using your personal bank account for business transactions, it would be very difficult to convince financial institutions that you’re actually running a serious business. Banks, financial institutions, or government may think that you’re running a hobby business and that too on a part-time basis. This is one of the biggest disadvantages of not setting up a business bank account and using personal account for executing business transactions.

Starting a new business is risky. Most people start it on a part-time basis and use personal bank accounts for making transactions. Later on, when they take over full time, then also they find it safe to transact from personal accounts which is not good. At the times, when you need to declare your income and expenses from the business, personal transactions cannot be shown. Here is when you get trapped. Accurate records can be shown only when you have a business bank account. If you don’t have one, get ready to experience tax-time nightmares.

Importance of Business Internet Banking

Once you’ve set up your business bank account, it is wise to avail internet banking services. Business internet banking is a good option for those who have to make frequent transactions. Visiting a nearby bank again and again is not practically feasible. Along with this, having an online business account is beneficial as you can easily get loans from banks to manage your business as and when you want. It is easy to receive funds online than to actually cashing a check or draft. Even if setting up an account and availing online banking services takes time, have patience. It will simplify your business records as well as your life.

Internet Banks

The advancement of information technology is making life easy for many people. Nowadays, it is possible to do everything from home. A mother can shop for basic necessities, including groceries, through the Internet. Students can study at home and earn degrees from online academic programs. Numerous kinds of business transactions can be facilitated through e-commerce. And more recently, banking has benefited from going online, too.

Know Your Internet Bank

Generally, there are two kinds of Internet banks: depository institutions with websites and the Internet-only banks.

The first kind is a traditional bank that maintains a website where you can also do your banking transactions like deposits, withdrawals, bill payments, etc. The second exists only on the Internet. The government regulates both kinds. In the United States, it is the Federal Deposit Insurance Corporation (FDIC) that monitors the activities of the banking industry.

Just like a regular brick and mortar bank institution, Internet banks are further classified as thrift or national banks. An Internet thrift bank is subjected to the powers of the Office of Thrift Supervision (OTS), while the Office of the Comptroller of the Currency (OCC) supervises those that qualify as national banks.

Tips on Internet Banking

Internet banking has many advantages. Aside from the convenience it provides (you do not have to leave your home and stand in line to do your banking) an Internet bank allows you to set up automatic investment plans. And with higher interest rates than traditional banks, 3.4% to 4%, you get more from your money.

There are, however, some important things you have to consider before opening an account with an Internet bank. Foremost is the credibility of the institution you with which you are entrusting your money. Always check the bank against the listing of the FDIC. The Internet has become a dangerous place for unsuspecting individuals. Make sure the institution you are selecting is legitimate.

You also have to realize that with Internet banking, you may have to do without the kind of customer care that a teller or bank manager can give you, face to face. With Internet banking, everything is automated and mechanical. You may have to be ready to accept this trade off.