Online banking is officially here to stay. Over the last ten years, online banks are the only banks to show consistent and significant growth in new customers. More and more people are moving their savings accounts, checking accounts, and credit cards to new banks without a physical location. But why?

One reason is that because they don’t have the costs associated with physical branches, they are able to pass on those savings to their customers. For the most part, online banks work to eliminate or minimize common banking fees, like the ATM fees most traditional banks charge you for accessing your money.

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