Internet Based Banking

Internet banks are an alternative to brick and mortar banking if face to face interactions and knowing where the money is parked is not a concern.  Due to the fact that Internet banks don’t have the costly expenses associated with branches and operating retail locations they tend to offer better interest rates and lower fees. 
With the technological advancements and the increasing number of consumers resorting to internet based services, Internet banks are rapidly growing their product lines while improving customer service and account security futures.  All that said, there is still one major problem with Internet banking; making a deposit.  To fund an Internet based bank account the account holder can either:

• Wire money into the account, which can cost anywhere from $20 to $40, not to mention the need for an account to wire from.
  
• Online fund transfer, once again, there be an account to wire from.
  
• Mail in a check, a process that could take days and not a viable option if time is of concern.  

Security
Major Internet banking institutions are insured by the FDIC just like brick and mortar banks. The FDIC policies and regulations are focused on maintaining public confidence in the Internet banks by providing insurance to depositors and taking pre-emptive measures to minimize failures. The base coverage amount is $250,000 per depositor for combined deposits in the same bank. However, with joint accounts coverage for a household may be as much $1,000,000.