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BBB Says Use Caution Using Online Banking, Cryptocurrencies

Electronic financial transactions have become commonplace in recent years, even to the point of some banking institutions going completely online. Combined with the rising popularity of cryptocurrency, there are many options in which to invest online, but an investigator advises caution before making any moves. Better Business Bureau Investigator Don O’Brien says he’s not convinced cryptocurrency is all it’s cracked up to be.

 

 

As for online-only financial institutions, they offer account services and money management strictly online, often primarily through a mobile app. They do not have brick-and-mortar branches, though most participate in large ATM networks. O’Brien suggests you research the bank or credit union thoroughly, rather than making a rash decision based on an account opening incentive. Consider how much you will use online services vs. branch services. And make sure the bank or credit union is insured.

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