Online accounts are part of this trend toward digital banking. Many banks now offer the option of opening an account via the internet. There are online accounts for personal and business checking, savings, credit cards—even personal loans and lines of credit. Some of the banks that offer online accounts can be online banks without physical locations; others can be local banks with many physical locations. Now, there is a difference between online accounts and online banking. Online accounts refer to accounts that are strictly online, whereas online banking may include an account opened in-branch where you have online credentials to access account balances and make deposits.
But are there benefits to opening an account online and what should you keep in mind when you do?
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