The Big Negative with Online Checking
One of the biggest barriers to entry for people considering an online checking account for exclusive use is the inability to drive up to the bank and make a quick deposit. Online only checking accounts are becoming more and more popular though, and they’re also expanding the way they will take deposits. I thought it would be helpful to provide a list of the online banks and their methods for accepting deposits. I think you’ll be surprised.
How I Do Online Checking Deposits
Personally, I still make all my check and cash deposits at Bank of America. I then transfer my funds to my online checking account. My paychecks I just have sent to the online bank via direct deposit. I’m now self-employed, and when I received a personal check to deposit I use Capital One 360‘s new mobile deposit feature, Checkmate. The other two methods, transfer and direct deposit, are available at all the banks listed below. As well as traditional wire transfers.
Deposit Options at Online Checking Accounts
I’ve tried to list them in order of having more convenient ways to make deposits.
FNBO Direct Online BillPay Account – With FNBO Direct, you can make deposits by mail, but they don’t provide the prepaid envelope. Their deposit address is FNBO Direct, PO Box 3707, Omaha, NE 68103-0707.
Ally Interest Checking – Ally Bank provides postage paid envelopes so you can mail in your checks for deposit. I assume this is after you request the envelopes. Ally also has a deposit by scanner feature available for those so inclined.
PerkStreet Financial – PerkStreet provides postage paid envelopes when you open your account. You can also order more free envelopes at any time. PerkStreet also allows you to mail your check deposits for free at UPS and Mailboxes Etc locations. This is a next day delivery.
EverBank FreeNet Checking – EverBank has several ways to make deposits. They have the postage paid envelope option. In addition, you can make deposits by ATM. I did a quick search on the ATM locator and it looks like they are tied in with local credit unions to make this possible. I wasn’t impressed with the number of locations in my area. But it’s great that they even have this. Lastly, and most impressively, with EverBank you can make electronic deposits using your home or office scanner. All you need to do is enroll in their online check deposit system and you’ll be able to sign in and upload your check scans. Pretty cool.
How to Get Fewer Checks to Deposit
This may seem obvious, but you can minimize the physical checks you receive by signing up for direct deposit with each of your income sources. Don’t want to bother with direct deposit? Consider signing up with PayPal and receiving payments that way.