Investing in Cash
How do I know if a prospective online bank is legitimate?
The FDIC has a bank locator tool that allows you to go online to see if a prospective bank is covered by the FDIC. If the prospective bank does not show up with the exact name and address of the bank in question, do not submit an application. You may also read bank reviews online, and ask family or friends if they have used the bank. Most people will know someone who uses an online bank.