Virtual Banks: Value and Convenience

If you do banking on a regular basis chances are you step inside of a bank and speak with tellers and sales associates and even the bank manager every so often. Once inside the bank you have probably been caught in a long line waiting and waiting your turn to get a problem or issue resolved. Well now you can do all of your banking online and never have to frequent a bank. There are virtual banks that provide you with this type of convenience.

With a virtual bank you experience real-time transactions as well as account status. The opportunity to look at your transaction history and other information is available to you online.

There are some virtual banks that are completely paperless. ING Direct is a virtual bank and it's completely insured by the Federal Depositors Insurance Corporation, (FDIC), and that's important during these uncertain economic times. The thing about ING Direct is that you can receive the highest rates and there are no fees. A lot of banks have some type of minimum balance requirement that you have to meet otherwise you will be accessed a fee every month or billing cycle that you do not meet that requirement. There is no such requirement with ING Direct. If you are looking for competitive rates on Certificate of Deposits they have those as well.

ING Direct has an electronic checking, account which allows you to do business without any paper. You can send paper checks on line or do wire and money transfers. You receive a debit card which allows you to access ATM's around the globe. There is a feature on the website that allows you to locate all the ATM's that are free for ING Direct customers.

If you decide that you would like a paper check your ING Direct account can link to your other checking account which has checks so that a check can be issued. When there are no physical checks you don't have to worry about someone getting their hands on your checks and obtaining all of your personal information. That means you don't have to have a fear of your checks getting lost or stolen.

There is a procedure in place that allows you to add a joint co-owner on the account. ING Direct has a number of banking products that are available such as mortgage loans. Your account can even be a living trust. Anyone that has a living trust can simply add that feature to their ING Direct Electric account. There website will instruct regarding all of the intricate details.

Source: http://home.ingdirect.com/products/products.asp?s=ElectricOrange#