Bricks and moter banking is for suckers. I anger my friends when I say this, but it's true. Having been an online banker since 1999, I've never looked back. I started using Fidelity mySmart Cash account in 2006 or 2007. Already an investor with Fidelity, I wanted to check out the new product. The verdict: One of the best online banks I've ever used. Now why online banking? Here are just a few reasons: - Mobility - you can move across the country and not have to worry about opening a new account - Rebated ATM fees - The line at the BofA ATM too long, move on to the next bank. Regardless of the rediculous ATM fees the machine slaps you with, you get the money back within a day. Other great things about Fidelity mySmart Cash. Earns interests and has no minimum balance. While the interest isn't great compared to many savings accounts, it's still something and better than most checking accounts. Bank to bank transfers are quick, taking just a day to move to another account at another bank. Also allows for one fidelity login. Access for investments and your checking account all in would swoop. Okay there are two negatives (minor) I've encountered with online banking. 1. Need a certified check? You have to request one be sent to you, which can be a pain. I've navigated this problem a few ways. Including withdrawing the money from an ATM and then getting a money order. Opening a local bank account with no minimum that I only use when I need a certified check. Otherwise I keep no money in said account. 2. Depositing cash-you mail in checks (in a postage paid mailer) but can't do the same with cash. Again I have a local non minimum balance bank that I use to make the occasional cash deposit.
New York, NY