Are Online Banks Safe?
March 19, 2024
If they’re FDIC-insured, online banks are as safe as traditional brick-and-mortar banks in many ways.
You can also take steps as a consumer to ensure your account is as protected as possible when banking online, whether you bank with a brick-and-mortar or an online bank, also called a direct or digital bank.
Online banking opens us up to different vulnerabilities than we might be exposed to with traditional in-person banking. Additionally, online-only banks bring new features to the industry that can lead to consumer mistrust.
However, online banks can be just as safe as traditional ones. Before opening an account with any bank, ensure the bank is FDIC insured, check what security measures they use, and enact security measures to keep your information safe.
Here's what you need to know to safely use an online bank.
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