It is a convenient way to manage your account from any location using Online Checking Account With Virtual Debit Card. Most checking accounts are already linked to a virtual debit card, as it comes with an online banking app. They can be used to do almost everything a physical debit card does, like making online purchases. The only downside is that you can’t use the virtual card to withdraw from an ATM. If both your virtual debit card and physical debit card belong to the same account, they will have different 16-digit card numbers. So you can have both virtual and physical debit cards for the same account.
Online Checking Account With Virtual Debit Card – What Is A Virtual Debit Card
A virtual debit card is a digital form of a physical debit card. Commonly used to make online purchases, a virtual card has everything a physical card has, CVV number, expiring date, 16-digit card number, name of the cardholder, and the type of debit card. With a virtual debit card, you can carry it around all the time without worrying about theft or loss. It can be used through the mobile application of the bank. But a virtual debit card can’t be used to withdraw at an ATM or in stores. It is strictly for online transactions.
Pros & Cons
- Pros
- Online Checking Account With Virtual Debit Card Lowers the Fees:
With a lack of maintenance and overhead cost, the fees paid are lower than those associated with making direct deposits, paying with a debit card, and transferring funds.
- Deposit Checks Online
Most banks have apps that can replicate their services, and depositing checks online has been made possible.
- Log into your banking app.
- Take photos of both sides of the check.
- Confirm transaction details and send them to your bank.
- Finally, patiently wait for the check to be approved by the bank.
- Online Transfer
With online transfers, money can be sent instantaneously without having to wait for days to complete the transactions. It’s good for urgent situations, where you need to transfer money to a client.
- Cons
- Security And Identity Theft
Although safe and secure, online banks can still be hacked, leading to identity theft and stolen funds. That’s why it’s advisable to keep your login credentials safe and avoid uncertain networks. Tips to avoid being hacked:
- Use a strong and unique password.
- Don’t log into your online banking app when connected to a public Wi-Fi.
- Take caution when reading your emails.
- Opt-in for two-factor authentication.
- Always have updated anti-virus software.
- No ATM Services Of Their Own
With the services being online, Internet banks don’t have an ATM so they rely on clients to use their ATM services. Although the ATM services are free, the number of free ATM transactions you can make is limited.
- More Limited Services
You can’t get some services from online banks, services traditional banks provide, like insurance. These services are only needed for financial and legal transactions.
- How To Get A Virtual Debit Card
Most internet banks come with a virtual debit card. But if your banking app doesn’t have it, just follow these steps:
- Download the desired bank app or go to the website and log in.
- In the cards section, search for “virtual card” and click on it.
- Fill out the form provided.
- Select the account you want to be debited from, then choose “link the account”.
- Then verify with an OTP sent to the mobile number linked to your bank account.
Conclusion
Nobody enjoys standing in long queues for hours at the bank or coping with the inconvenience of bank hours, but with the existence of an online banking system, everything has been made easy. From paying bills to depositing checks from the comfort of your home.
FAQs
- Is Getting A Virtual Debit Card Free?
Some banks may charge for every virtual debit card created or a monthly fee is paid. But for most banks, it can be free of charge.
- How To Acquire A Free Virtual Card Without A Bank Account?
The best way to get a free virtual card without a bank account is by using a PayPal virtual card, but this service can only be accessed by people in the U.S.A. Some other methods are by using Neteller, Skrill, Curve, and Ezzocard.
- Best Free Online Checking Accounts?
Listed below are some of the best free online checking accounts that offer lower fees and higher interest rates:
- Discover Bank Cashback Debit.
- So-Fi Checking and Savings.
- Alliant Credit Union High-Rate Checking.
- Monifi Spend Balance.
- Lending Clubs Rewards Checking.
These are just a few banks with 5.0-star ratings.
