As the current situation progresses, numerous countries are concerned over potentially contaminated banknotes. The U.S., for example, is making efforts to contain cash that may be dangerous and is bringing in ‘clean’ bills from abroad.
As the Fed is already pretty preoccupied with the economic fallout, banking customers are being urged to use online platforms for contact-free financial services and payments. This is in line with WHO recommendations as well as being on trend with the already established digital transformation of US banking. In 2019, 161 million Americans used online or mobile banking services – a 20% increase from 2014.
Handwashing prior to and following touching money can minimize the risks, and steps to disinfect or contain contaminated cash may likewise help the cause. But these are not the most effective solutions - the best course of action would be to switch entirely to online banking and payments.
Aside from curbing the circulation of “suspected” bills, moving to one of the best online banking companies is necessary as brick and mortar bank branches close their doors amidst government-led shut-downs to limit physical contact. While only a few bank branches are completely shuttered, most are cutting back hours and minimizing over-the-counter interaction. Even if some bank branches do remain open, the current situation mandates that people not congregate in groups - staying healthy means staying at home. And this means that if you have banking to do, it is high time to switch to online.
Switching to Online Banking
Avoid physical banking during the current outbreak by moving over to online and mobile platforms. Most traditional banks now offer online services, in addition to a new wave of online-only financial platforms, so whether you want to switch banks completely and close previous accounts, or just move online in your current bank, the choice is yours. Interested in setting up an Online Banking account? Check out our how-to article here.
Most online banks offer a complete host of services, including access to all of your accounts, anytime and anyplace, allowing you to transfer funds between accounts, pay bills, send money transfers, manage payments, credit card, and more. Plus, you'll likely be able to open an account without leaving home - a definite advantage during these trying times.
It is pretty easy and straightforward to open an online bank account - as long as you have a stable internet connection and a handful of official documents, you are all set. This is likely what you will need:
Identifying documents
- Social security
- Tax ID number
- Government-issued ID numbers with date of issue and expiration, this may be a driver’s license or passport
Contact information (can be from a utility bill or bank statement)
- Home address
- Phone number
- Email address
Financial and deposit information
- Some online banks require a minimum initial deposit to open an account
- Some online banks require a minimum balance to keep an account open
- Some online banks link to your current accounts or credit cards - you will need to provide this information in order to transfer funds into your new account
Electronic signature
- You will likely be asked to provide an e-signature to be used on official banking documents.
Once you have provided this information, it can take up to a couple of days to finalize the initial transfer of funds, but you can already start managing your account.
Summary
In the difficult days we are facing, banking should not be another burden. Moving to online banking is an easy way to minimize physical contact and streamline your financial management. With a wide range of options available, check out reviews and features before committing to ensure you get the services you need.
Still haven't decided? Check out our reviews page.
