If you are interested in the benefits of an online bank account but wondering how you’ll withdraw money when you need it, you’ll be happy to know that there are several ways to get cash from an online bank. While most online banks don’t have physical branches, they still make it easy for you to access your funds when you need them. Let’s take a look at some of the different ways you can get money from an online-only bank account.
- ATMs. Perhaps the easiest way to get cash out of an online bank account is to withdraw funds at an ATM using your debit card. While many online banks don’t have their own ATMs, most participate in an extensive, nationwide ATM network, allowing their customers to use a variety of ATMs in their area. Some online banks, like Bank5 Connect, even offer reimbursements for fees incurred at ATMs outside of their network.
- Cash Back Debit Card Transactions. Another convenient way to access cash from an online bank is to make a purchase at a store using your debit card. Many stores, including grocery stores, drug stores, and gas stations, will allow you to select a “cash back” option when paying with a debit card, essentially debiting the funds from your bank account and providing you with the cash. There is usually a limit to how much money you can withdraw in this fashion, but it can be an easy way to get a quick $20 or so.
- Checks. If you have an online checking account, chances are that it comes with the ability for you to write paper checks. While the popularity of paper checks has declined in recent years, they can still be used to get cash when you need it. You can make out a check to yourself from your online bank account, and cash it at another bank where you have an account. If you don’t have another account at a brick-and-mortar bank you can typically cash a check at Walmart or select grocery stores, but you may have to pay a fee.
- External Transfers. One of the most effective ways to withdraw money from your online account is through a bank transfer. If you have an account with another brick-and-mortar bank, you can quickly transfer funds from your online bank account to that account, or vice versa, often within a matter of hours or a few days. Then, you can withdraw the funds you need from your brick-and-mortar bank.
- P2P Payments. Person-to-person payments, commonly known as P2P payments, are electronic services that allow you to easily send money from your bank account to friends and family. Popular P2P platforms include Zelle, Venmo, CashApp, and PayPal. Zelle is available directly through many banks, including Bank5 Connect, while the other platforms typically involve creating an account and linking it to your bank account. So, if you’re out with friends and need them to spot you some cash, you can instantly pay them back through a P2P payment app.
With so many ways to access your money, the benefits of an online bank are hard to deny. The important thing to remember is that if you’re thinking about switching to an online bank, be sure to do your homework. Evaluate what they have to offer and how they’ll fit into your current financial situation. If you are interested in learning more about Bank5 Connect’s online bank accounts and top-notch customer service, visit Bank5Connect.com/about.