The Facts About Online Banking

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Online banking is a fast-rising trend in the financial world. It’s touted as a more convenient and efficient way to bank. Many members of Generation Z and millennials have embraced it.

But is online banking really the best way to bank? There are pros and cons. Knowing the facts will help you determine if online banking is the right choice for you.

How Does Online Banking Work?

Online banks operate entirely online. They don’t have physical branches. You must do all your banking from a website or app. According to J.D. Power, approximately 27 percent of consumers use an online-only bank.