Since time is so valuable to so many of us, we are always looking for ways to make our lives more convenient. If you have considered online banking you may want to consider banking online with Account Now. This is purely online banking and there is no “brick and mortar” version so if you have a lot of checks written to you, this may not be a good option for you.
Benefits of Account Now
A) Direct Deposit – While most people think that direct deposit is only good if you are not self employed, this could not be further from the truth. Many freelance sites now offer you the ability to deposit monies through ACH (Automated Clearing House). Using ACH deposits at a freelance site is not instantaneous as it is with a “brick and mortar” employer so make sure you know about clearing times which can vary.
B) Bill Payment – Few of us are fortunate enough to not have bills due every month. Instead of writing out checks, buying stamps and running to the mailbox to send them, you can pay your bills online. Banking online with Account Now allows you to pay any number of bills on a regular basis with no additional fees. You can save money on not just printed check fees but also on postage.
C) Credit Builder – This is a great feature for those who either have poor credit or would like to establish credit. There are two ways to establish a credit record banking online with Account Now. The first is your monthly bill payments – your monthly bill payments are reported to one (or more) of the three large credit reporting agencies when you have recurring payments. The second option (although somewhat pricey) that is available to you is to use the “Credit Builder” feature that is offered through iAdvance. iAdvance sets a “credit limit” for you and you can draw as little as $20.00. Remember, these loans are expensive so read all the fine print. However, if you are interested in building your credit faster, this could be a good option for you to consider.
D) Time limit on outstanding checks – Not everyone will see this as a benefit, but some will. If you order a check written and mailed and it is not deposited/cashed within ninety days it is returned to your account. For some, this is a nuisance but for others, it’s a benefit.
E) Works like a credit card – Since your Account Now has a debit card associated with it, it is able to be used the same as any other debit or credit card. You can use it for online purchases, store purchases, and anything else you would normally use your debit or credit card for.
F) FDIC Insured – Your bank account is fully insured through the FDIC. There are limits to how much money you can have in your account ($10,000). Having the security of knowing your money is safe is necessary to maintain trust when you are banking online.
Pitfalls of Account Now
There are some downsides to banking online with Account Now, and it’s up to you to determine if they outweigh the benefits.
A) No Paper Checks – We have all had the Boy Scouts, Lions Clubs and others show up at our door looking for donations. Keep cash on hand! If your banking online with Account Now you have no physical checks to give anyone.
B) Fees can add up – Pay attention to the fee structure associated with banking online with Account Now. The monthly fee is $9.95 and you receive many benefits for this, however, there are other fees including ATM withdrawal fees that can add up quickly if you do not pay attention. Be sure to read the Terms of Service thoroughly before you sign up for banking online with Account Now. Also be aware that the fees are different if you walk into a bank and use your card for a cash advance.
C) Limits on Withdrawals – Limits on withdrawals are $500.00 per day. For most people this is sufficient. If you have certain reasons for wanting more cash, you can draw on two separate days. Another option is to have a second person in your household as an alternate card holder which would allow you to draw $500 on each card.
Summary
There are many more benefits and pitfalls to banking online with Account Now. If you are one of the thousands of people who have had problems in the past, this could be a solution for you. As with any other online marketplace, make sure you fully read and understand the terms of service.