Online Bank

Or is money wired to the payee from my bank? Doesn't online banking cost the bank money? How come banks don't charge for this service. I'm not naive I know they pass on the cost to me but how?

Online banking is a bigger term than simply online bill pay. There are several ways your bank can pay your payee - one is that they simply mail a check. The other, if they do a lot of business with the payee, is to simply make an electronic payment (ACH) to your payee - usually places like your electric company. Another way, if the payee banks at the same bank, is to simply deposit money to the payee's account at the bank.

Any of these cost the bank no more than if you had written a paper check or had initiated an ACH/wire transfer and in some cases, costs them less.

Some banks offer these services for free, others don't. One of my banks charges me about $0.65 to send a check from the bank but doesn't charge me to electronically pay someone. Another of my banks charges nothing to send a check but they don't like doing an ACH so they charge me for that.

In the long run, nothing at a bank is free - it will be paid for somehow. Usually with banking fees.

2007-10-31 12:06:12 by HSB

There are security flaws with many online banking websites. Learn what holes there may be in your banks security plan.

Would it be a regular bank account in a normal high street bank? How does this work over the Internet when people give donations? If I wanted to start a charity, for example, how would I create an suitable online bank account for donations?

first you need to register with the government as a tax exempt charity and receive the necessary paperwork to open a bank account

2010-04-25 03:21:31 by Ben

Price: $195.00 $195.00

I would like to open a college account, with applicable tax benefits, if possible, through an online bank to put $ in a MMA or CDs (this is to supplement our 529 for our oldest child). Where is a good online bank to do so?

Any bank that has weathered the current financial storm is safe to invest in. Bank of America, JP Morgan Chase, to give you a couple of examples.

Now, when we looked into savings for our children, we decided not to go with a college savings plan; the reason is that if one of our children either gets a full scholarship, joins the armed forces, or whatever else, the money saved would not be used, and by trying to use it on anything else it would be hit with so many penalties that it would be like we never invested the cash in the first place.

We decided instead to research a medium risk mutual fund, and have one for each of our kids. As they get closer to college age, we'll probably shift the capital into a low risk fund, but this way, they have money saved up for school if needed, or for whatever else if they don't.

Good luck.

2008-10-17 04:09:49 by magy

Price: $195.00 $195.00

I have an online FNBO direct saving account. I need to transfer the fund to a local bank (I can transfer to Citi Bank, Bank of the west or Bank of America).

I need this money by next Tue, Nov 20, Normal online transfer wouldn't make it on time. Can you someone suggest a way?

Thanks
If I go to my local bank, ans ask them to do an ACH transfer, will it work?

wire transfer for a cost of about 20 dollars!!!

2007-11-15 20:23:16 by zephyrs

I have a $50 opening deposit ready, I just can't find an online bank that doesn't charge a monthly/annual fee but that will accept me and my bad credit. I have already been rejected by ING and Hsbc.

Check out http://www.igoonlinebanking.com you can read about there different services and if your interested sign up with them. Their online savings account has high interest rates and only require one dollar in the account at all times. I don't believe they charge a monthly fee.

2009-08-20 08:49:32 by Amber B