Rossen Reports: Are online-only banks legit? Get the facts here [Video]

Hi. Yeah, you probably heard me say this before. Your money should always be making you money. That’s why our viewer Cindy wrote in asking me, could you please explain how online banks can issue larger interest on my savings as opposed to brick and mortar banks also? Are these banks safe? I’m concerned because I can’t actually walk into the bank and speak to anyone. How do you avoid fraud? Let’s start with the first part of that question. Online banks have less infrastructure and overhead costs to maintain since they’re online only, they don’t have multiple branch locations they have to pay for so they can use those savings to pay you higher interest rates as for safety, as long as your online bank or whatever bank you’re using online or brick and mortar is insured by the federal deposit insurance corporation. That’s FDIC. You probably heard of …