The Federal Reserve Bank of Georgia is trying to make online banking easier for people who aren’t familiar with how to open an account.
The company is trying out a new way to get people online to help ease some of the confusion around the process of opening a bank account.
WSJ’s Emily Bazelon explains.
WSJDELAVE The Federal Service Banks are trying to get more people online, to help people get access to their savings and to pay bills, officials said.
They’re doing this with a new service, which the Fed hopes will give more people an easier way to use their accounts online.
The service, called Savings Accounts Online, works by showing users a virtual banking interface and a screen showing the account balances and the money they have available to spend.
Once the user opens the account, the bank can create a debit card to pay for a bank-issued account, a check, or even an overdraft to fund their future spending.
If a customer decides to use the Savings Accounts online, the account is automatically linked to a bank, so they can get their money out quickly.
If the account holder is a student or the account isn’t open at all, the customer can log into their online banking account and see the balance and the amount available to buy and spend on the site.
It’s not yet clear how much money the Savings Account will be worth, but some say that with a modest $20 balance, a $100 overdraft can pay for the next month of school.
The Federal Deposit Insurance Corporation says that $20 deposit can get a savings account worth $1,000 a month for a person earning $25,000.
That’s still a lot of money to save, but the savings accounts could make it easier to keep an eye on your bills and pay them off in case of an emergency.