Each depositor insured to at least $250,000 per insured bank

Convenience: You can shop for financial products any time from anywhere you have an Internet connection.

More competition: You may be able to find a better price or a product that more closely meets your needs.

Easy comparison shopping: "With a few clicks of the mouse you can easily find and compare different products and rates," said Aurelia Cardamone, a Senior Technology Specialist in the FDIC's Division of Supervision and Consumer Protection. "Some consumer Web sites aggregate consumer feedback about financial institutions and their products."

The potential for lower fees: Some banks may waive certain fees for online customers, such as those for ATM withdrawals, to attract more users.

No face-to-face contact: You won't be sitting down with a bank representative who can explain key terms or guide you in deciding which product best suits your needs. "It also may be more difficult to investigate a problem since you can't always go down to the branch," Cardamone said.

Some transactions may be more cumbersome or take longer: You may have to rely on the mail to sign important documents, make deposits or conduct other business.

Exposure to Internet risks: Your computer needs a firewall and updated virus and anti-spyware protection to keep your personal information from being stolen by hackers. Be sure you are dealing with a legitimate Web site, and never provide bank account numbers and other personal information in response to an unsolicited e-mail. Also remember that crooks use fake e-mails and Web sites to trick consumers into divulging personal information. For tips on guarding against fake Web sites and fraudulent e-mails, see the brochure You Can Fight Identity Theft on the FDIC Web site at www.fdic.gov/consumers/consumer/fighttheft/index.html.