Best Online Bank Accounts With Instant Virtual Debit Cards

Nowadays, bank accounts have become the most safer and reliable way of keeping money. That is why it is important to understand what a bank account is.

A bank account is a financial account kept by a bank or other financial institution in which the bank's and the customer's financial transactions are documented.  The account can easily be created with either a commercial bank or a credit union. 

A bank account can be used in: saving money for future purposes; receiving payments through your account number, sending money; buying goods and services, etc.

This article brings to you the details of online bank accounts and how you can use a virtual debit card on this account. 

Each financial institution establishes the terms and conditions for each type of account it provides, which are categorized into widely recognized categories such as bank accounts, credit card accounts, current accounts, loan accounts, and many others.

A customer may have more than one account. When a customer opens an account, the money committed to the financial institution on deposit is entered in the customer register.

The relationship between a banker and his customer is mainly that of a debtor and a creditor. When a customer opens an account with a bank, and if the account has a credit balance, the bank becomes the debtor and the customer the creditor. In cases of loans, advance accounts, and overdrafts, then the banker (bank) becomes the creditor and the customer the debtor.

Best Online Bank Account With Instant Virtual Debit Card?

After understanding what a bank account is and also the relationship between a bank and its customer, we will now look at what an online bank account with an instant virtual debit card.

Online bank accounts are accounts created with a bank online, while an instant virtual debit card is a virtual card that can be stored in a virtual wallet on your smart phone, tablet, or other devices.

Virtual cards function precisely like traditional bank cards. They just live in your digital wallet on your phone instead of your physical wallet, secured by encryption; they offer a safe and convenient way to pay online and in-store. But has its own unique card number, expiry date, and corporate venture capital (CVC).

Online bank accounts allow a user to conduct financial transactions through the internet. It is also known as an internet bank account. It offers customers almost every service traditionally available through a local branch, including deposits, money transfers, and online bill payments.

The advantage with an online bank account is that the customer is not required to visit a bank branch in order to complete most of their transactions. All that is needed is a device (phone, computer), an internet connection, and a bank card to register. Once resisted, the customer sets up a password to begin using the service.

Things to Consider When Opening an Online Bank Account?

When opening an online bank account with an instant virtual debit card, there are several factors to consider. Because of the numerous fees associated with specific accounts, a bank account can be an avenue for losing your hard-earned money if you are not careful. Before you open either a deposit or a checking account, consider the following factors:

Monthly maintenance fees

Some online bank accounts are subjected to monthly maintenance fees. You should choose an account with no monthly maintenance fees or with low monthly fees. Examples of such are Chime, Blue Federal Credit union, Axos Bank, CIT Bank, American First Credit Union, etc.

Annual fees

The majority of online bank accounts have annual fees. Such fees are typically large sums of money that you can save and use for a variety of purposes. You can find an account that charges $100 per year for their services.

Interest rate

When opening an online bank account, choose one with a low interest rate on loans, and this will help you save a significant amount of money. In comparison to banks, credit unions charge lower interest rates on loans.

APY (Annual Percentage Yield)

When opening a savings account, check the APY to ensure that you earn a high rate of return on your savings. Some checking accounts may offer APY if you have a certain amount of money to keep in it.

Transection costs

You need to know the amount of money that you are being charged per transection. These include withdrawal charges, foreign exchange charges, overdraft fees, etc.

Transaction limits

Look for a bank account with a high transaction limit. Businesses send and receive huge sums of money that require a bank account that has the capacity to accommodate such a large amount of money.

How Can I Apply for an Online Bank Account with an Instant Virtual Debit Card?

Before you open an online bank account, you must first analyze the available bank accounts and determine which one is of greater interest to you. You must assemble all the required information and documents to open a bank account. Which are as follows:

1. A social security number (SSN)
2. A government identification document such as a passport, driver's license, or government-issued identification card.
3. A phone number
4. Physical and email addresses.

Once you have gathered all of the requirements and decided on the best bank  account for your needs, you can apply online. You can either download the relevant bank's application or apply to the bank's website. 

Complete the form and click the box to receive a virtual debit card. After you have completely filled out the form, you click to submit and then wait for verification.

Most banks can verify your information in minutes and tell you whether you qualify or not. Remember that opening a bank account is not a guarantee of success. 

Most online banks will prevent you from opening a bank account if your name is on the Chexsystems. However, you should not be concerned because you can easily open checking accounts with no Chexsystems and no opening deposits.

What is a ChexSystem?

You are wise to have patiently gone through and read about online bank accounts with instant virtual debit cards. Now also under what the chexsystem is be reading below. 

ChexSystem is a company that keeps tracks of bad accounts and credit card users. You could end up in this system based on the following reasons:

1. Closing your account with a negative balance(debtor)
2. Writing checks that bounce (false)
3. Using your account for fraudulent activities ( like scamming) 

You could end up in the ChexSystem if you misuse a checking or saving account. You might also find yourself in this system simply because someone else used your information to open a bank account and then misused it. In such a situation, you can file an identity theft complaint and have your case resolved.

Your information can be stored in the Chexsystem for up to five years after you enter it. You can begin the process of removing your name from the ChexSystem records by settling all outstanding fees with your bank. You can also open a second checking account as you continue being crime-free.

Related articles:

• What Are The Rights Of A Banker/Customer In A Banker-Customer's Contract?
• What Are The Duties Of A Banker/Customer In A Banker-Customer's Contract?

Final Thought on Online Bank Account with Virtual Debit Card

A bank account is a financial account kept by a bank or other financial institution in which the bank's and the customer's financial transactions are documented. The account can easily be created with either a commercial bank or a credit union.

Online bank accounts allow a user to conduct financial transactions through the internet using their phone or other smart devices. Creating a bank account that uses virtual debit cards is essential since it allows you to withdraw funds from your account at any time without necessarily going to a branch bank.