Advantages of Online Banking

The Difference Between Online Banking and Online Banks

These days, you can do online banking with almost any brick-and-mortar bank or credit union, although features and services will undoubtedly vary from one financial institution to another.

Of course, online banks have no brick-and-mortar branches. They’re online-only, except for the ATM networks they use, all transactions with them are online. 

Okay, that’s the difference between online banks and online banking, but the reality is, that difference is getting smaller and smaller. The online features of brick-and-mortar banks do rival anything that online-only banks have.

Still, some folks are wondering if we will not need brick-and-mortar banks someday. We’re probably a long way from that. People still need services only brick-and-mortar banks can provide, like businesses depositing coins and currency. You can’t do that online.

The Effects of Online Banking

There are still 77,500 bank branches in the U.S., which sounds like a lot, but it’s 12,500 fewer than five years ago. As more and more people do their banking online, traditional banks need fewer branches. You’ve probably noticed some of them closing in your area. We’ll probably always need brick-and-mortar banks—just fewer of them.

So, with both online banks and online banking, it doesn’t matter where the bank is, and it also doesn’t matter where you are. You can do almost everything that needs to be done on your computer or smartphone. Now that’s convenient. Don’t ever use public Wi-Fi for your banking or any financial transaction. It’s too easy for hackers to steal your personal information.

Now, there’s another massive advantage of online banking that few people think about. It doesn’t matter where the financial institution is; you can select any bank or credit union for your banking needs.

You may have chosen a particular bank because they have many branches or even one branch conveniently located along your way home from work. Direct deposit long ago removed the need to stop and deposit a paycheck, but now you can deposit any check with your smartphone.

Is there much of a difference between banks? Aren’t they all pretty much the same? 

Actually, no.

Wouldn’t it be great to know that your financial institution supports Christian values making a positive change in the world and providing excellent service? Wouldn’t you want it to prioritize people over profit? Profit is not bad, but it can’t be the only priority.

Stewardship is about 100% of what God gives us, not just the 10% in the offering plate. What if you could find and support faith-based institutions to help Christ's followers live and give more abundantly? 

Online banking can give you faith-aligned options once you choose an institution that aligns with your values. There are many great faith-aligned banks and credit unions available today. One example is Christian Community Credit Union, an underwriter of this program. 

Christian Community Credit Union (CCCU)

CCCU offers online banking that can be accessed from anywhere in the country. It’s a great example of how our banking decisions can positively impact the kingdom. CCCU has donated over $6 million to ministry and mission projects in the U.S. and worldwide. 

And they’re using banking to leverage the money their members deposit with them to help construct new church buildings, expand ministries, and help Christian business owners thrive.

If you’re looking for a faith-based banking solution that aligns with your beliefs and values, I’d encourage you to consider Christian Community Credit Union. 

Plus, each account is insured for up to $250,000 by ASI. You can find out more at JoinChristianCommunity.com. That’s JoinChristianCommunity.com.

On Today’s Program, Rob Answers Listener Questions:

• My daughter was recently in an accident which resulted in a lawsuit of $250,000. She is 50 years old, has no savings plan, and is in a quandary currently. She’s supposed to meet with the lawyers next week and has been told that they will instruct her to take this money as an annuity, which we know nothing about. How would you instruct her going forward? 
• My mom passed away in 2021 and left money in a trust for each of her children, but she made me the trustee of that trust. One of my brothers has always struggled financially so his portion is left with special considerations to be given annually, no more than a certain amount so that it will last in case he needs it. Sadly, it’s created some relational stress because he continually asks for more than my mom wants me to give