Online Vs. Offline Banking

Online banks and offline banks offer many of the same services for their customers. Many offline backs offer online banking and some of the same services of online banking. Researching online and offline banks can save customers cash.

Online banks

More and more people are starting to use online banks to handle their money. Online banks are banks that don't have a physical location.

Offline banks

Many offline banks offer online banking. An offline bank allows consumers to come into a branch location to make transactions.

Deposits

To make a deposit with an online bank, customers usually have to mail in their deposits. Mailing in deposits to an online bank can increase the clearing time for their money to be available. Customers that use offline banking usually know when they make a deposit the amount of time it will take their money to be available.

Interests

Online banks such as INGDirect also known as ING Bank Inc. offer consumers a higher interest on the money they have in their accounts. Offline banks don't usually offer as high of interest on account balances.

Lines

Offline bank customer have to wait in bank lines to deposit or withdraw money or use ATMs. Online customers can mail their checks in for deposits or use direct deposit, and can sometimes have checks or debit cards directly from the bank to pay bills.

References

• ING DIRECT

Resources

• Bankrate