This Was the Biggest Benefit of Switching to Online Banking for Me

Many years ago, I switched to an online bank. I wanted to make the change because I was tired of maintaining a certain minimum daily balance in my checking account to avoid paying a monthly maintenance fee.

Once I opened my account, though, I found that there was one really huge advantage to online-only banks that made my life easier.

I appreciated the all-digital experience

To me, the biggest advantage of changing to an online bank is that the financial institution does not have a physical location so I can do everything virtually. Plus, the bank's online services are much more robust than what my traditional bank had offered.

There are a few big reasons the all-digital experience works really well for me.

• I was able to deposit larger sums of money via my mobile app. I previously had my money with a bank that only allowed me to deposit checks of up to $2,500 and that imposed a monthly $5,000 limit on the amount of mobile deposits I could make. I often had checks for more than this amount, and I would end up having to visit the bank to deposit them. My new bank allows me to deposit up to $50,000 per day and $250,000 per 30 days. That means I don't really run into the problem of not being able to deposit my checks anymore.
• I was able to get virtual customer service. With my old bank, I was often told I had to go into the bank branch to deal with various issues that I had with my account. Since my new bank simply does not have physical branches, this isn't an option. I've gotten great virtual customer service, with people answering telephones 24/7 and even calling me about wire transfer requests made on a Sunday.

The reality is, I do not want to go into a bank, and I have no real need for a physical branch to visit. I prefer to do things from the comfort of my own home without having to go out into the world and speak to someone about my banking needs. With an online bank, the entire business model is geared toward people like me who are happy handling their financial issues in the virtual world -- this is a big difference between online and brick-and-mortar banks.

Is an online bank right for you?

An online bank not only typically provides a better virtual experience, but you will likely also get fewer fees and higher rates on savings accounts. Of course, the downside is that you don't get that access to in-person customer service, which some people might prefer.

If you don't need to meet with someone in person to deal with problems or questions that may arise, you should look into your online banking options to see if an all-digital bank account could be a better fit for your needs.