Is it possible to keep money purely online? An account of some sort that functions like a bank but doesn't require physical receipts,cards,papers,etc?

I would consider cryptocurrencies, but not everyone supports them. It would be nice to have a place to keep the money generated from online activities completely separate from my day-to-day activities.

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    How is this different from a bank? One of the two banks I deal with (ING Direct), I have no bank card, can do all my 'paper'work online including tax receipts, and have never had to go to a physical location. – ChrisInEdmonton Jan 27 '14 at 3:40
  • @ChrisInEdmonton - what happens when you bill pay somebody that isn't in their electronic system? (Like my municipal water board?) Do they mail a paper check? Would that disqualify them? Am I being too literal? You and JRVazquez think I am =) – MrChrister Jan 27 '14 at 3:52
  • I wouldn't use this for paying regular bills, I'd have a regular account for that. I'd use this for crypto exchanges, sending money to games and people online for virtual products(digital art, video games,etc) – ZCoder Jan 27 '14 at 4:09
  • @ZCoder: Based on the comments on your question and answer, I think you need to clarify exactly what services you require to be "all online". For instance, it's not clear whether you would be okay with a traditional bank that has online services, but also happens to offer in-person/mail services, that you personally don't need and won't use. Does it need to be all online, or do you just have a certain set of things you want to be able to do online? – BrenBarn Jan 27 '14 at 4:17
  • What prevents you from creating a separate bank account just for your online activities? – littleadv Jan 27 '14 at 4:21

Technically yes; practically no. You will be limited in the types of activity you can accomplish.

I do much of my daily banking and retirement activity online only. But I still have to keep a local credit union account because there are just too many times in a year when I need to visit a branch.

  • Large cash deposits or cash withdrawals
  • Bank services like money orders or notary public
  • Screwy scenarios where you need a person to make a decision. (Being face to face is important.) My neighbor wrote me a check and was sloppy on the amount line. It was rightfully rejected by online deposit, but a cashier was able to verify me and make sense of the check were a computer couldn't.

All of my online banks can receive and send money electronically, but will fall back to paper. For example, my simple.com account (which is in beta) couldn't transfer funds between banks for free*, so I used their "electronic bill pay" to send myself a check to deposit into another account. They mailed me a paper check. When my ATM card didn't activate with them, I called and spoke to a person.

And when some situation comes up that you do need to speak with a human, even if that is only once every couple of years, then you will realize that online only just isn't a reality yet.

But it sounds like it would be a secondary bank for you. You can probably accomplish what you want. Cut up the ATM card they send and rely on bill pay, money transfers and electronic deposits. You will still have a back up.

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  • *Simple can now transfer money between bank accounts for free, eliminating another paper check reason. – MrChrister Jan 27 '14 at 3:35
  • +1 very well said. I keep my life 99.9% online and have no problems, direct deposits, online statements, money transfers between banks, online payments, debit cards, credit cards, and even those I need to send a check to, just use billpay (I haven't used a check in 15 years) but hey I still need rolls of quarters for laundry ;) nice to have a branch. – GµårÐïåñ Feb 3 '14 at 18:57

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