The consumer experience is evolving, with more access to information, news, and services from a pocket-sized device with limitless possibilities. The phrase “there’s an app for that” reached popularity of comedic proportions, but it is becoming truer every day.
Some people are “on the go” more than they are off it. Some have such busy schedules that it is easier for them to access the services they need when they need it, like at midnight in their kitchen, when it’s the only moment they have to themselves, or on the train at 5:30 AM, headed to work. And because Banker’s hours don’t always match everyone else’s, banks offer products like e-Checking accounts.
An e-Checking account is the type of account that fits the needs of a customer who primarily has an electronic relationship with their bank or financial institution due to travel, work, or a busy schedule. They would generally access their money via a plethora of electronic services at their disposal twenty-four hours a day, through online banking, a mobile app, and their debit card.
Cash would be accessible through ATMs or at stores with cash back options, direct deposit from their employer would be a key component. Paper check deposits could be made by taking a picture using a mobile app. Large cash deposits can always be accommodated with services offered through Night Depository and ATMs which can take cash deposits any time of day, even when the bank is closed.
Checking accounts are designed to fit your needs, and in reality, an e-Checking account works the same way. The difference is the value added by how you use the account. For example:
- Higher dollar limits for mobile deposit
- Reduced or eliminated fees for money transfer services, used to pay other people
- ATM surcharges waived or reimbursed
- Maintenance fees waived for direct deposit
- Many other benefits related to electronic access
In some cases, as these accounts are intended mainly for electronic use, it is important to know that fees may be applied when going to make a transaction at a branch instead. Of course, these features would depend on your financial institution and you would want to check with them for details.
Is an e-Checking the right account for YOU?
You want to consider the benefits of an e-Checking and decide for yourself, but it is often a good option for people who find it difficult making it to their local branch, have a child in college, find themselves already doing all of their banking online, or those who travel a lot for their work.
Or, if you just realized while reading this article that you don’t remember the last time you wrote a check.
So if you’re swiping down your screen reading this, while waiting for your Uber, after picking up your Pumpkin Spice Latte on your way to work, while texting your babysitter about the check you left for them in the cabinet above the fridge, an e-Checking account may be worth looking into. More details are just a call, click, or swipe away.