One of the pros of using an online-only bank is that it’s generally secure, as long as the website you’re using has a valid security certificate. In addition to that, you can access your account anytime and from anywhere, not to mention the fact that you don’t have to deal with long teller lines. Another important advantage is that you can easily find many features and services available online, rather than going through several brochures at the bank.
As far as cons are concerned, they refer primarily to security issues: you are subject to identity theft, and you must thoroughly check the background of your bank before doing any business with them. Also, before using an online-only bank, check that their deposits are FDIC-insured. Other downsides of online-only banks are customer service, since you usually have to go through a telephone menu to get the information you need.
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