Boursorama Banque, ING, Fortuneo, Hello Bank, BforBank, Monabanq... There are a growing number of online banks on the market. However, certain preconceived ideas persist and can discourage users.
Myth no. 1: Online banking customers are on their own
False. Just because online banks don't have a branch doesn't mean you can't get in touch with an advisor. Customer service can be reached by chat, e-mail or telephone over extended hours: sometimes up to 10 p.m. on weekdays and up to 4:30 p.m. on Saturdays. Online bank advisors are able to answer users' questions and manage their operations remotely, just like in traditional banks.
Myth no. 2: Online banking is 100% free of charge
No, online banks aren't free, but they're still much cheaper than traditional banks. Account opening, transfers, withdrawals and direct debits are free or virtually free. Bank cards are often offered free of charge, subject to compliance with eligibility and usage conditions. A study by MoneyVox estimates the annual savings from opening a main account with an online bank at 293 euros. According to the same comparison, Boursorama is the cheapest bank, with an annual cost of 26.41 euros.
Myth no. 3: Online banks offer a limited range of products
In addition to opening a bank account and obtaining a payment card, these players offer a wide range of savings products such as securities accounts and life insurance policies. On the other hand, only a few banks (Boursorama and ING in particular) offer consumer credit or mortgages.
Myth no. 4: You can't deposit cash in a 100% online bank
Since these banks have no branches, it would seem difficult to deposit cash there. However, some have found a solution, such as Hello Bank, which uses the branches of its parent company, BNP Paribas, and Monabanq, which does the same with CIC.
Cheques can still be cashed at all online banks. All you have to do is send them by post, with the associated slip downloaded or received by post. To avoid excessively long cashing times, several banks offer online cheque pre-cashing.
Myth no. 5: Online banking is too risky
This is not true, as online banks are subsidiaries of traditional banks and are subject to the same duties and obligations. As a reminder, Boursorama banque is a subsidiary of Société Générale, BforBank of Crédit Agricole and Fortuneo of Crédit Mutuel Arkéa. As a result, online establishments benefit from the know-how and financial stability of the group to which they belong.