The banking infrastructure has entirely changed in the past decade. Digital banking in particular, but also traditional brick-and-mortar branches are rolling out new policies, several of which include reducing fees or dropping them entirely.
Digital banking, as the go-to option for consumers, maybe the solution for handling issues in-house without making a trip to a physical branch. If you’re looking to save, find out what these new no-fee policies are and how digital banking saves people money.
No-Fees Options Available & Why They’re Trending
Not only are these digital banks creating a more financially feasible infrastructure, but many of these brands offer additional benefits. For example, American Express comes with global recognition and acceptance, high-yield savings accounts and CDs, and better than average customer service. Chime members enjoy the advantage of auto-savings and direct deposits. And Varo account holders certainly appreciate the fully-featured mobile app and prominent lack of minimum deposit requirement to open an account.
Not All Roses & Sunshine
On the other hand, no-fees checking accounts also come with their own downsides. For one thing, these digital alternatives mean there is no brick-and-mortar branch for you to drop into. So if you run into a problem, you can’t just pop into your bank to straighten things out in person. What’s more, digital banks generally don’t have the same level or availability of customer service. Again, this only becomes a problem if you run into a problem. But for those customers who like face-to-face interactions, the digital era is going to come with a rough transition.
You’ll also need to open a separate online account for your banking and your credit card management. While this isn’t a major deal, to the less tech-savvy consumers, yet another online account to manage can be a bit of a pain.
One other thing to look out for is what’s available with a particular brand’s digital banking services. If you’re used to having a smorgasbord of options from your brick-and-mortar bank, you might find the digital services somewhat limiting (surprisingly, considering the fact that digital options are usually more inclusive than their conventional counterparts).
Digital Banking: The Wave of the Future & Savings to Boot
With everything going digital, from telehealthcare services to online therapy, shopping, and team conferencing and collaboration, digital banking is an obvious extension of the perpetual march forward that our society seems inclined to pursue. Now that banks are introducing a no-fees structure for these online accounts, consumers are looking at some serious savings without all the penny-pinching and coupon-clipping that were once necessary for frugal financiers.
Are no-fees bank accounts becoming the new norm? Guess that’s something only time will tell. But if the opinion of the people has any influence on the decision, no-fees digital banking is here to stay.
Are you ready to join the world of digital banking? Compare more of 2021’s best online banking companies with no or low fees.
