Four Reasons Not to Use Online Bank Accounts

The Internet might be the wave of the future, but online bank accounts are far more difficult to manage than an account at a brick-and-mortar bank. While you might earn a higher return on your account, you'll be sacrificing far more. Online bank accounts, such as those offered by USBank.com, are rife with problems that can make your financial life miserable. Check out these four reasons not to use online bank accounts.

Customer Service for Online Bank Accounts

When you have a problem with Bank of America or Chase, you can usually walk into your neighborhood storefront and ask to speak with a personal banker. Even if they can't solve your problem right away, they'll usually do their best to see that the issue is given attention. With an online bank account, your only option is to send them an e-mail or call their 1-800 number, which isn't always successful. You don't know the person you're talking to or whether or not they are knowledgeable bankers.

Customer service is a big selling point, and you don't want to encounter obstacles when trying to troubleshoot financial problems. What if you can't get in touch with your online bank? It is always better to have the option of a walk-in complaint or question that can be addressed immediately.

Speed of Clearing with Online Bank Accounts

Another problem that consumers encounter when it comes to online bank accounts is the speed of clearing. Because you can't just walk into your local bank and deposit a check -- which will usually clear the next business day -- you'll have to wait a long time for the funds to be available. This means that your money will time take before it can earn any interest for you and you won't be able to spend that money until it clears the online bank. You will also have to wait quite a while before checks you write have cleared the bank. This can create confusion if you rely on your online banking account to balance your deposits and withdrawals.

Spending with Online Bank Accounts