Banking Online

Does your bank charge you any fees for keeping your money?

If it does, you should consider an online bank. Most online banks have much better terms, including no fees, free checks, free online bill payment, and good interest rates. Many online banks will provide you with free, postage paid envelopes to mail deposits, so you never have to drive to the bank again. Many allow you to electronically link your other bank accounts so you can transfer money between different accounts for free. A few even refund the ATM fees charged by other banks. If they are FDIC insured (find out at fdic.gov), your deposits have the same safety as if they were at a local bank.

Check out these online banks (which were FDIC insured as of when I posted this message):

http://www.ebank.com/
http://www.statefarmbank.com/
http://www.virtualbank.com/
http://www.everbank.com/
http://www.penfed.org/
http://www.farmbureaubank.com/
http://www.cnbt.com/
http://www.etradebank.com/
http://www.schwabbank.com/
http://www.ufbdirect.com/
http://www.nbank.com/
http://www.dcu.org/

Check out this list of online banks that will refund ATM fees imposed by other banks:
http://ibankdesign.com/board/index.php?showtopic=117

And check out this list of banks that pay high interest rates:
http://www.fatwallet.com/t/52/437553/

Here are the questions you should ask each bank before you open an account:

1. What is the minimum balance to avoid monthly fees? What is the monthly fee?
2. Does the bank pay interest? How much?
3. Are checks free? Is online bill payment free?
4. Does the bank offer free postage paid deposit envelopes?
5. Will the bank rebate ATM fees charged for using other bank ATMs?
6. Does the bank offer online electronic funds transfer to your other bank accounts?