I have a large amount of money that I would like to invest. Are online banks a good idea? What do I need to be careful about with them?
Online banks, that are truly banks under the U.S. regulations, will carry the same protections as any physical bank. You can visit the FDIC's website to review that banks fiscal condition. If you are not a financial analyst, you can ask your CPA to review the banks health and interpret it for you. There is a lot of information for consumers available.
The number one thing is to ensure that the bank is insured by the FDIC and that you learn how to place your funds to maximize your coverage. That link above includes a link to EDIE where you can learn more about insuring your deposits.
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Online banks, that are truly banks under the U.S. regulations, will carry the same protections as any physical bank. You can visit the 