Why We Bank Online

Twenty-first century living can be very harmful for the environment.  You only have to consider recent disasters such as the BP oil spill to see this.  Then there is our everyday living that is often hard on the environment.  Many countries, ours included, have food shipped in from every corner of the world to our local markets.  Many people drive large, gas guzzling vehicles as a status symbol.  Others don’t believe in global warming and are not worried about the effects of their actions.

However, all is not doom and gloom.  There are many other ways that our twenty-first lifestyle can also help protect the environment.  As more people become aware of sustainable living, the prices of products which benefit the environment, such as hybrid cars, are falling.  The drop in prices means that more and more people can buy more eco-friendly products.

In addition, there are changes to the way we live that make supporting an eco-friendly lifestyle more attainable.  One of these conveniences is online banking.

Online banking has come a long way in a very short time.  Most online banks offer basic products, such as savings and checking accounts, but there are also more complex products such as wealth management available.  Some even offer structured products.  Depending on your needs, make sure to do your research before signing up for an online bank because there are many banks to choose from.

Online banking is a boon for both the environment and your personal finances.

Eco-Friendly Advantages to Online Banking

Many online banks are entirely online, meaning there is no brick and mortar locations.  This means there are no branches requiring energy, maintenance, and manpower to run.

In addition, customers can do their banking from the comfort of their home.  There is no driving required, so fuel consumption, at least on this errand, is zero.

Finally, most online banks send statements and other materials via e-mail rather than in paper statement form.  Resources are being saved through online banking.

Financial Advantages to Online Banking

Because online banks often don’t have brick and mortar locations, they usually have less overhead, so they can offer a better interest rate to customers.  This can benefit you when you have money in a savings or checking account because most traditional banks are paying abysmally low interest rates.  At least with online banks you get a little bit more for your money.

In addition, if you’re looking at investing or investment management, you’ll usually pay much less in fees when using an online bank.  Of course, the less you pay in fees, the more money you can retain, whether for growing your wealth or your retirement nest egg.

Besides paying less in investment fees, you’ll likely pay less in fees for all other aspects of your banking needs, too.

Online banking is just one 21st century convenience that makes it easy to be eco-friendly AND make smart money decisions.  That’s why it’s our preferred method of banking.

What about you?  Have you switched to online banking yet?

4 comments to Why We Bank Online

  • JB

    No bank is paying interest until interest rates go up and the minuscule amount an online bank pays is pennies. There are too many brick and mortar banks and online banking is great, but sometimes you need a bank and driving more than 5 miles to some people is unacceptable and older people don’t like online/mobile banking. There should be less banks, but that isn’t the trend. Banks provide jobs and not every business can have an online bank. You can have the same argument for fast food restaurants. Why do we need them? They are energy wasters. We can cook our own food, make our own sandwiches.

  • dojo

    I’m actually planning on closing 2 of my 3 personal accounts. I’m sick of their commission and paying monthly just to keep my money through the system ,not to mention paying for each transaction. I’ll keep the business account (we can’t run a business here without that account) and one personal account.

  • Frugal Guy with Balance

    I think Canadian Banks are ahead of the curve for online banking.

    I used too hate the line ups in Banks to do the most basic banking.

    If I recall the Bank of Montreal was one of the first to offer online banking FREE too
    encourage customers too sign up. That was 15 to 20 years ago.

    I signed up right now, no more line ups for me.

    The closest Branch of my Bank which is HSBC is 850 miles and does not inconvenience me one bit.

    Plus no fees period.

    So come on get on board and join the 21st century!

  • Kathryn Dilligard

    I bank online too. It’s more convenient

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>