The Bank of Internet

The first time I saw the phrase "Bank of Internet," I thought it was a typo. How could there be a bank "of" someplace that isn't, technically, even a place? How could there be a bank of something that is everywhere and nowhere? How could there be a bank of internet?

Then I looked it up and, lo-and-behold, it wasn't a typo. Bank of Internet is a legitimate, FDIC-insured consumer bank. They have high ratings, they do savings and checking accounts, high yield savings, high-interest checking, money market accounts and apartment and home loans.

So they're a real bank that provides real services. The difference is, they're thinking 21st century while their competitors are thinking, well, 20th century at best. See, with the age of internet upon us, all money can be tracked electronically. Savings accounts, checking accounts, everything down to the last dollar and cent, can be done online. Gone are the drive-through tellers, the snail-mail statements, and all the other accoutrements of generations past.

I admit, it's a bit unnerving. There's something comforting about holding a slip of paper that tells you how much you have, how much you're going to have, and how much you owe. Seeing it online... I guess you have to have been raised with it in order to be fully secure with only seeing it on a computer screen.

That doesn't mean you shouldn't try to become comfortable with doing your finances online. As long as you secure your computer and your network, there's nothing to be fearful of. And if you want to take that extra step, Bank of Internet offers you the option to always print out statements at your leisure. The security of a paper statement is, then, left totally up to you.

Of course Bank of Internet isn't the only bank to offer online banking. In fact almost every bank does, now. The difference is taht, thanks to eliminating the cost of the actual physical infrastructure, Bank of Internet has less overhead and therefore can offer better rates on your deposits. Going purely electronic obviously has its benefits.

Does this mean you should dump your current bank? No, of course not. But if you're looking to find ways to save a few extra bucks here or there, you should do some research and see if Bank of Internet is for you. This isn't to say that it's inherently better to do business there, or that you're guaranteed to save more money if that's where you keep your deposits. But it is worth looking into, especially since it doesn't cost you a dime.

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