Why Your Kid Wants to Open an Account Online

Categories: General Tips

Digital financial accounts (ones that are opened and maintained fully online) are becoming more and more prevalent in today’s environment. Your kids may have shared information about opening a digital account, or you may have friends or family members who are managing the majority of their finances online. If you’re not yet familiar with online finances, know that you aren’t alone and that there are many resources available to help you understand the ins and outs of digital accounts.

Safety & Accessibility

Safety and accessibility are often the top concerns about digital financial accounts. Is the money secure and can it be accessed whenever it’s needed? When looking into digital accounts and institutions that offer them, make sure that the institution is FDIC-insured, just like any brick-and-mortar credit union or bank. In terms of accessibility, do the research to ensure that transfers can happen electronically, and things like loan applications and technical support can be done online.

If you or your child are thinking about opening a new account and are wondering about the “pros” of going digital, there are several positive reasons to consider. 

Convenience

The top reasons are ease and convenience. With so much of life being done via laptop, tablet and mobile phone, it makes sense that people would want the ease and accessibility of using these devices to manage their finances. Being able to securely log into an account from anywhere to check balances, apply for services, transfer funds, and receive help from an online service representative makes digital financial accounts safe, easy and convenient to use. They also offer many of the benefits you recognize from your traditional account such as overdraft protection. 

Better Financial Tracking

Trends are also showing that those who use digital accounts are able to better track and manage their savings and spending than they would without digital access. The accounts are updated in real-time, and checking balances on the go makes it possible to avoid things like overdrawing a checking account or committing to something that isn’t affordable.

If the digital account hesitance is fueled by concerns about needing to talk to an actual person for help, the Summit Virtual Branch may be right for your family. With all of the benefits and ease of digital financial management tools, the Virtual Branch is just like stepping into a full-service local branch, only more convenient. You can talk to a real, live person from wherever you happen to be. 

Instead of planning a trip with your teen to open an account in person, think about digital accounts and the benefits of managing finances from anywhere at any time. If you still have questions, reach out to a Summit representative today.