Further, with 24/7 access to your account over the internet, you can handle many banking tasks from almost anywhere. Being able to send electronic checks from your internet account, move part of your paycheck to your savings or money market account, and pay bills, all from your laptop in an Internet cafe, makes banking quick and painless, rather than an ordeal.

Many who are reluctant to make the switch to an online bank account cite concerns over security as a primary reason. In particular, they worry that getting their banks statements online rather than by mail may expose them to identity theft. The truth is the opposite is true. You're much more likely to fall victim to identity theft from someone raiding your mailbox or garbage than getting ahold of your online bank statement. Online bank documents are strongly encrypted, and highly difficult to crack. Anyone can get into your trash can, however. In short, Online Bank accounts are actually more secure, not less.

Online banks have been growing rapidly in market share in recent years, and some of the bigger banks, such as Washington Mutual, have responded by offering online bank accounts of their own. While some limit access to branches for online account holders, others allow you to take full advantage of their local branch and ATM networks, which is a great deal for those who prefer to at least have the option to do their banking in person.

So are the days of the local bank branch numbered? It's hard to say for sure, but one thing is certain - online bank accounts are here to stay, and are bound to continue to grow in prevalence. If you haven't considered switching to an online bank account, you should. The benefits are too good to be ignored.

Sean Owen is an attorney, and the editor of http://www.rankbanks.com, a site dedicates to reviews and information on Online Banks.