I’m a frequent user of online bank accounts (PerkStreet for checking and ING Direct for savings) and I know that one of the biggest challenges of online banking is getting money into the online accounts. If that’s true for you too, and you want to discover how to bank online, here are the methods I’m aware of, all of which I’ve used.
Direct Deposit for Online Bank Accounts
This is by far the easiest, quickest way to fund an online bank account. We have several streams of income and I assign the ones that are eligible for direct deposit to the account that makes the most sense for each.
The largest amount is direct deposited to PerkStreet each month, so it’s available to pay bills and household expenses.
The other, smaller amounts are direct deposited to different ING Direct savings accounts, according to the job I’ve given each to do (emergency fund, college savings, etc.).
Setting up a direct deposit is as easy as having your bank account number and the bank’s routing number and providing it to the person/company that initiates the deposit, often a payroll department.
How to Deposit a Check Online
A certain amount of money finds its way to us in check form each month. Checks can be a bit trickier to get into an online account, but there are several ways that work.
If your online bank has a deposit app, that is a quick and easy way to deposit the check. It usually involves taking a picture of the front and back of the check.
Bank of America isn’t an online bank, but I regularly use their mobile app to make deposits to our business and personal accounts. I love that the bank is no longer part of the errands I run.
If your online bank account comes with an ATM card, you can deposit checks that way. Just be sure to check out your ATM network so you can avoid any fees that may be associated with using the wrong one.
Another way to fund online accounts is to deposit a check into one account and then transfer the amount to your online accounts. I regularly deposit checks using the Bank of America deposit app and initiate transfers to PerkStreet and ING Direct.
Do you bank online? How to you fund your online accounts?
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