BEST ONLINE BANKS

BEST ONLINE BANKS FOR WOMEN AND MINORITIES

What makes a good on-line bank?

Operators should be standing by, literally. We are, after all, taking about your money here. Other things to check:

  • Does the bank offer insurance against on-line theft? In general, what type of security safeguards does the bank use?

  • Does the bank charge a fee for online deposits and withdrawals?

  • How soon after making a deposit are funds available?

  • Is there an on-line account setup fee?

  • What ATM network does the bank subscribe to? Is this network active in your area? What does the bank charge for ATM transactions?

  • Can you download bank statement data into Quicken, MS Money or other personal financial software?

Having said that, here are our choices for the best banking sites for minorities and women....

NetBank

  • NetBank is the nation's largest pure Internet bank, with, as of 7/28/99, 40,000 accounts. For those of you in uniform, note that the bank is part of the Armed Forces Financial Network (AFFN), providing financial services to U.S. military personnel around the world. The site is a little slow, however. The bank offers the following services:

    Checking;

    Money Market Accounts;

    CD's;

    Home Loans;

    Refinancing;

    Credit Cards;

    Small Business Loans;

    Overdraft protection;

    Lines of credit;

    On-line brokerage.

The bank rolled out a new on line loan service. The bank promises that "applicants receive an answer within 30 seconds and if approved, their money within as few as 7 days." (Yeah, right. We've heard that before.) Still, the best and biggest pure on-line bank we've seen to date.

Other sites:

www.bankrate.com - Summary information: on-line banking.

www.gomez.com - Find out what others are saying about your on-line bank. Also, see their on-line bank rating service.

William Michael Cunningham

Eduction

  • B.A.(Economics)
  • MBA(Finance)
  • A.M.(Industrial Organization)

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