I recently changed my checking account to Chime Bank. For switching over I will receive a $240 bonus. The checking account î
Wow nice thanks for sharing
That’s fantastic. I have never used a solely online bank.
How do you like it?
Just curious, how does this work at tax time? Do you get a 1099 from the bank? Or is it like cash back rewards?
Using a strictly online banking service works well if everything you pay for is through electronic payments or transfers as it is basically the same thing as using online banking services ( via the app and the account information) for banks that still have brick and mortar services. The problem/con with this is when you need to get the specific services/transactions that you can only get via an in person transaction. I am not talking about just notary services which are available for a paid fee and only needed for certain paperwork but other types of services like money orders or certified bank checks or large money deposits or withdrawals. Okay the younger generation prefers to not have interpersonal dealings with others and wants to do everything possible digitally but there’s also the possibility of having your information stolen and your funds drained because those who use these digital banking services tend not to check their daily transactions as often and when they need to move large sums of money don’t have that hard copy of that information unless they immediately request it as a record. I use a combination of app, online banking and in person banking with my chosen bank with whom I have been banking for many years. I do have several small accounts with banks ( especially for savings accounts) that are strictly online accounts from which I don’t withdraw funds from at this time. There are times when I need to immediate withdrawal funds on a monthly basis for a specific payment that requires my having a hard copy of that payment because the recipient delays processing the payment ( sometimes months) but always demands immediate payment at a certain date. An only online bank service will need extra time to process a hardcopy payment ( certified check) which adds additional time plus assumes that you allow extra money in your account to just stay in the account ( which only benefits the bank not the account holder). Again this kind of bank service ( online only) will work for individuals who don’t use all the money they deposit into the account but can afford to “leave untouched” a large amount of money ( about one year of income) and always deposit more money than their payments out.
Thanks for the information @lori.wulff.