Many people are finding the ease and convenience of online banking to be very attractive. In response to its popularity, many standard banks which you can visit in your local town, offer online banking to customers. This gives customers the ability to see automatic changes in their account, pay bills online, and view bank statements any time of the day or night. A slightly different version of online banking is the online bank, a bank that exists specifically without physical location in your area. In other words, you do your banking all online without having a local branch to visit.
In essence most banks that exist purely online are best if you’re planning to save money, not spend it. An exception to this is the Paypal? bank, which only offers interest yields on certain accounts. Payment to your account from another Paypal customer goes immediately into your account. Yet you will pay for this convenience of ready money. Credit card payments to your account can mean you pay up to 3% in fees, and withdrawing cash from the account with an ATM also means heavy fee charges. You will not only have to pay a Paypal fee when you withdraw cash, but also a fee from any ATM you use because Paypal doesn’t have ATMs.
You can creatively defeat ATM and cash withdrawal fees if you need a small amount of money, by purchasing something tiny at a store that will allow you to withdraw cash. If you buy a candy bar at a local grocery store, you may be able to withdraw up to $100 US Dollars (USD) on top of the purchase. This way you avoid charges from using another bank’s ATM, and Paypal charges for withdrawing funds. If you can wait a few days for cash, Paypal usually does not assess a fee for transferring your money from your online bank into a regular branch bank.