Summerville Banks and Credit Unions in FindABetterBank
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Online Banks in FindABetterBank
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Why Banks Offer Free Online Billpay
Did you ever wonder why banks let you use online billpay for free? After all, it's not free for them -- they pay vendors like CheckFree big bucks so they can offer you free online billpay services. Are you worth it? Clearly, the banking industry is convinced you are -- almost all banks and credit unions provide free online billpay with all their checking accounts. Some banks even reward you to use it.
The simple answer is that bankers believe online billpay users remain customers for more years than customers who don't use online billpay. And an extra year of your business is worth providing you with free online billpay.
Look at the math: Let's estimate the average cost (to the bank) to offer you billpay at $0.50 per transaction and the average customer sends out 8 bills per month. That means it costs the bank about $4 per month or $48 per year to offer you free online billpay. So if their assumption that you'll stick around longer is correct, free online billpay makes sense. Why? The average checking account customer generates about $300 in revenue per year (fees, $ on your deposits, etc.).
The Difference between Reloadable Debit Cards and Prepaid Gift Cards
Both reloadable debit cards and prepaid gift cards can be used as replacements to bank-issued debit cards because they are accepted pretty much anywhere major credit cards are accepted. But unlike prepaid gift cards that are only meant to be used until the intended funds run out, reloadable debit cards can be continually refilled with funds. Reloadable debit cards can act like a replacement or accessory to a traditional checking account because they let cardholders withdraw money from ATMs, pay bills, and enroll in direct deposit. In addition, many reloadable cards come with FDIC protection and fraud protection.
Tips About Checking Accounts and Reloadable Debit Cards
Free and basic checking accounts share many of the same qualities. Free checking accounts are really just basic checking accounts that do not charge a monthly service fee. Most free and basic accounts do not earn interest on balances and do not come with advanced account features. Read on...
Mobile Check Deposit is an application that allows you to take pictures of checks with your smartphone or tablet and deposit the funds into your bank accounts. If your bank offers mobile check deposit, you can avoid visiting a branch to deposit checks. Read more...
Most checking accounts come with free debit cards. These cards allow you to make purchases and withdraw money from ATMs. These ATMs ("Automatic Teller Machines") allow you to check your balance, withdraw and deposit money, and transfer money between your accounts. Read more...