SIFE Financial Corner

U-News Staff

Some people are used to going to local bank branches to make deposits, withdrawals, apply for loans, etc. But in this day and age, the vast majority of consumers are using Internet banks for great benefits:

Convenience

Some prefer making a transaction at an actual branch to make sure it goes through correctly. Others have found it convenient to deposit, make withdrawals, transfer money and much more through their phones and computers.

Rates

This is usually the big deciding factor for why people choose Internet banks. Better rates on CDs and IRAs are often available. A popular Internet bank, Ally, currently has an annual percentage yield of 1.29 percent.

ATM Fees

Typically, Internet banks that don’t have a branch location offer a rare benefit that most banks don’t have- the ability to go to any ATM without paying ridiculous fees.

The SIFE Financial Corner is created by members of the UMKC Students in Free Enterprise team.

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