When you’re working with an online bank, you don’t need to head down to the local branch to put money into your account or take cash out of it – so long as you have access to your funds, you can move them wherever you want. So how do you put money into an online bank account? Keep reading to find out.
Opening an Online Bank Account for Business
Now that you have your business license, finding a good credit union or bank to open a business checking account for your LLC is essential. Here are some tips for how to go about opening a business checking account online.
What are the requirements for opening an account digitally?
- A valid government-issued ID (i.e., driver’s license, passport, or military ID)
- A birth certificate, a marriage license, or divorce decree.
- A valid Social Security number or Individual Taxpayer Identification Number (ITIN)
- A verifiable residential address
To avoid paying more taxes than necessary when using e-banking services, it is important to remember that they are typically treated as regular income.
Best Methods for Depositing Funds Into an Online Account
After gathering the necessary documents, deposit funds into your new digital checking account. Here are the most common methods:
Local Bank or Credit Union
If there’s a nearby branch of your favorite financial institution, it’s pretty simple to go in and deposit funds directly from your checking or savings account. That said, if there isn’t a physical branch near you or if you don’t have a local bank or credit union, transferring your funds can take longer than an electronic transfer.
Remote Deposit Checking (RDC)
One of my favorite features of banking online is a remote deposit. This allows me to take a picture of a check with my smartphone and deposit it electronically without ever going to a branch or depositing it in person. I even use it as proof that I have been paid for work because there is no way anyone could fake that.
Deposit Taking ATM
The easiest way to deposit checks at your local branch is by bringing them directly to a teller. If you can’t get to a branch, other options are available: You can make deposits using an Automated Teller Machine (ATM) for a small fee.
Mailing a Money Order
If you can’t locate a local branch, find one in your area and visit it in person. Make sure to bring along two forms of identification. You can even walk in and mail a check at most post offices, though you should call ahead to make sure they offer that service. Money orders aren’t available everywhere—they may not be offered at post offices outside major metropolitan areas, for example—so be prepared with backup options if they’re not an option where you live.
Existing Bank Account
So can you open an account online, and fund it with a different account? Yes. According to the experts at SoFi, “If the institution requires you to make an initial deposit, you will need debit card information or the routing and account number from another bank account you own.”
Keeping your finances in order doesn’t have to be complicated. For example, if you know what steps to take, keeping track of your accounts is a piece of cake.