Direct banking by internet is becoming a very popular option for today’s banking consumer and usually offers good interest rates, unique features, and convenience. If you are a customer who is not familiar with online banking, it might not be immediately clear whether you are able to transfer funds from your online bank account to your regular bank account.
The good news is, in most cases, as long as you are the sole account holder and do not require a countersignature on the transfer, you can transfer funds from your online bank account to your regular bank account. In fact, you can use your online account exactly as you would any other account. As long as both accounts are at the same institution, you will probably not be charged any fees. If you are transferring money to an account at a different financial institution, the usual transfer fees may apply, depending on the rules in force at your financial institution.
You may also be able to use your online bank account to pay your bills online, and even pay your mortgage, credit card bills, and any auto loans you may have. Some financial institutions even have bill paying software as one of their benefits, so you can easily view your balance online, make financial transactions, and even set up automatic payments to other accounts so you will never be late on your bills again. Once you get used to the convenience of making transfers online, paying your bills online, and viewing and receiving paperless statements, you may wonder how you ever lived without online banking!
Online banking is relatively new, but growing in popularity. Because their overhead is low, online-only banks are often able to offer customers the best interest rates on CDs, money market accounts and savings accounts. For this reason, many customers are beginning to see the benefits of online banking and opening accounts at internet banks.