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Scholarships & Aid
Banking Online
Millions of people already bank online. There were more
than 9 million online bank accounts in 1999. Online
banking is expected to grow more than 300% over the next
three years.
Is Banking on the Internet Right for You?
Answering the following questions will help you find out
if banking online is the right option for you.
Are you using the Internet regularly, or
expect that you
will be while you're in school? (Fifty percent of college
and post-grad students access the Internet daily and are
online 4 times more than the average population.)
Would the convenience of banking anytime, 24 hours a day /
7 days a week, fit your scholastic lifestyle? (Students
keep nontraditional hours; banks, on the other hand, keep
traditional hours.)
Is the ability to see your account information and have
access to your money from anywhere, including your room,
something you would want? (Students are always on the
move, spending about nine months of the year at school but
the rest of the time on semester break whether it is at
home, away on an internship, or traveling).
If you've answered "yes" to most of the questions above,
then Internet banking may be the right choice for you.
Online Banks Are Not All Alike
There are two types of banks; the first oper
ates only on the Internet, while the second is a
traditional bank that
offers access over the Internet. The Internet-only
banks may have lower operating costs that may be passed on
to their customers in the form of better account features
and lower fees. Traditional banks with branches and a
website usually have higher operating costs so they
frequently impose account restrictions such as a minimum
balance requirement or fees charged for basic services.
When in doubt, use this comparison checklist in the
"Banking Should Be Simple" article to determine if the
bank is offering you the checking account you want and
need as a student.
Remember, always look for the FDIC logo so you'll know
that your money is insured.
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