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When鈥檚 the last time you made an appearance at a bank branch? With the latest digital technology, there鈥檚 almost no reason to step inside a physical bank: Most Americans have , according to a Bankrate survey.

But you might still like the idea of having a checking account at a bank with a branch nearby. Why? Maybe you think online banks aren鈥檛 as convenient as stopping by your neighborhood branch to get cash, the perks aren鈥檛 as good as with traditional banks, or that online banks aren鈥檛 insured. Actually, these are three of many big myths about online banking.

鈥淧eople who say online bank accounts are inconvenient may not know how they work,鈥� says Monica Lam, founder of a frugal-living blog. 鈥淚 can mobile deposit a check into my account at any time without having to drive to the bank and wait in line.鈥�

Lam wishes she took the benefits of an online checking account more seriously sooner. 鈥淚f someone had told me I could avoid using gas or spending time going to the bank to deposit my checks,鈥� Lam says, 鈥淚 would have switched a long time ago.鈥�

By now you鈥檙e probably wondering, 鈥淲hat are the most common myths about online banking?鈥� We reveal them鈥攁nd give you the true facts about online banking鈥攕o you can understand why opening an online checking account might be right for you.

Myth 1: They鈥檙e inconvenient

Don鈥檛 just take Lam鈥檚 word that inconvenience is an online banking myth. Patricia Russell, a certified financial planner, agrees. 鈥淪ome online accounts offer 24/7 access to many features of the bank. You can open your account, view your balance, deposit checks, apply for loans, and pay bills鈥攁ll from the convenience of the mobile app or website,鈥� Russell says.

One of the online banking facts you should know is that some online banks make it easy and convenient to open an account. 鈥淥nline accounts are extremely easy to open,鈥� says Miguel A. Suro, founder of a financial blog. 鈥淎ll you have to do is go to the website or download the app and follow the simple prompts.鈥�

As you鈥檙e getting the facts about online banking straight, you may also worry about the ability to access cash without a physical bank branch. Russell points out that online banks may have a large network of ATMs that you can use. For instance, with the pp电子官网^庐 online checking account, called Cashback Debit, you can use your debit card at over 60,000 no-fee ATMs. How鈥檚 that for debunking myths about online checking?

Myth 2: Online banking perks don鈥檛 measure up to those offered by traditional banks

If you believe this, you鈥檝e fallen for one of the most common myths about online banking.

Suro thinks one reason you may be able to score benefits from some online banks is that low overhead often means incentives can be passed down to the consumer.

One of the facts about online banking is that many online banks charge low or no fees.

鈥淵ou may be able to pay no fees for routine banking, such as just having an account, ordering checks, ATM access, and most money transfers,鈥� Suro says.

pp电子官网 Cashback Debit, for example, charges no fees. Period. That means you won鈥檛 be charged an account fee on your online checking account. Imagine, a host of potential fee-carrying features you no longer have to worry about!

When you鈥檙e considering the facts about online banking and checking, you should look into the benefits of a rewards checking account. Getting cash back for purchases is a benefit that鈥檚 often associated with credit cards. But with pp电子官网 Cashback Debit, you can earn 1% cash back on up to $3,000 in debit card purchases monthly.¹ That means your monthly cash back earnings could yield $360 in total rewards each year. This perk could be covering a good portion of your coffee habit!

You may be interested to learn these facts about online banking: Some online checking accounts offer higher yields compared to traditional banks, Lam says, which means you can potentially make some cash while your funds are stashed.

Myth 3: You must be tech savvy to use online accounts

While you need to have a computer, tablet, or smartphone to use an online bank and access an online checking account, one of the top myths about online checking is that you need to be a techie. 

鈥淭here is no need to know a lot about technology to have an online account,鈥� Russell says. 鈥淪ome banks know the importance of easy-to-use websites and mobile apps, so they often have a design that is simple and straightforward鈥攅ven for those claiming not to be tech savvy.鈥�

Lam, who recently opened a new online bank account, also challenges this myth about online banking. 鈥淚 went online and filled out a simple form and instantly had access to my account,鈥� she says.

Suro has had an online bank account for more than 10 years and has not found the technology to be challenging, debunking this myth about online checking. 鈥淚f you can manage your traditional bank鈥檚 account online via its website or app, you can manage an online-only account,鈥� Suro says. 鈥淚t鈥檚 the same basic experience.鈥�

Myth 4: You won鈥檛 be able to talk to a human if there鈥檚 a problem

Another online banking myth is that you won鈥檛 be able to access helpful customer service for your online checking account because you can鈥檛 walk into a branch to talk to someone. Not so fast.

One of the facts about online banking is that some online banks have customer service representatives that you can call, and some may even have this service available around the clock (no need to even leave the comfort of your home if you have a question).

鈥淵ou no longer have to make it to the bank before it closes, you can actually contact the bank in the evening and get an answer,鈥� Russell says.

If you鈥檙e all about communication from your favorite device, note that some online banks offer digital customer service through the bank鈥檚 website or app, calling into question this myth about online checking. 鈥淢any online banks offer [live] chat,鈥� Russell says. You may also be able to contact an online bank鈥檚 customer service through social media.

Despite the face-to-face opportunity, Suro doesn鈥檛 think bank branches are necessarily better at providing customer service. He once needed to send a wire transfer and easily figured out how to do it online. When his relative went into a branch to do the same thing, he got held up. 鈥淭he whole thing turned into an ordeal that took over 45 minutes,鈥� Suro says.

Myth 5: Online checking isn鈥檛 insured

One final online banking myth is that deposited money isn鈥檛 insured.

In reality, one of the online banking facts to know is that online banks can be members of the FDIC, which means they insure your money up to $250,000 per depositor, per account ownership category. Before you open an account, you鈥檒l want to make sure that the online bank is FDIC-insured. One way to do this is to call the FDIC鈥檚 toll-free number at 1-877-ASK FDIC (1-877-275-3342) and ask a deposit insurance specialist to confirm that the online bank in question is FDIC-insured. An FDIC also allows you to search banks by name and informs you of their FDIC number and status, among other information. Banks often include language on their websites and in marketing materials noting if they are members of the FDIC, so be sure to look for that as well.

No myths about online checking鈥攐nly a new reality

鈥淒espite the benefits of online banks, many people don鈥檛 open accounts because of all these misconceptions,鈥� Russell says.

Now that you know some of the facts about online banking and checking, you can more easily see the simplicity of online accounts and the time saved by banking online鈥攖wo key reasons Suro is a huge proponent.

鈥淭hat鈥檚 why banking online is one of my core strategies for effortlessly saving money and moving through life more efficiently,鈥� he adds.

Now that you can spot the myths about online checking, it鈥檚 time to learn all about the benefits of online banking. 

¹ See Deposit Account Agreement for details on transaction eligibility, limitations, and terms.

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