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Online Banking- Why online banking

Why online banking?

We have a lot of benefits rights at our fingertips due to the internet. We get to enjoy various entertainment options and do online shopping apart from researching and other good stuff. A lot of us now manage our bank accounts and payments online due to it being more convenient than personally going to a bank or standing in the queue to pay the bills. Let’s go through some of the advantages and disadvantages of online banking.

Advantages

  • Online banking is usually safe, but it must be ensured that the website being accessed must have a valid security certificate.Most of the online banks
  • protect their websites from the cyber thieves, who are on the look out to steal somebody else’s financial and personal details.
  • One can access the website round the clock, while the physical banks have a fixed closing timing. It is just like using the ATM machine; online banking is also a convenient alternate to people who have different issues that inhibit them from going to the bank, such as a tough office schedule, health issues, etc.
  • An online account is not just accessed anytime of the day, but anywhere in the world as well. People who are on a vacation or a business trip can keep an eye on their bank account no matter where they go.
  • On a pay day, there are long queues at the bank counters. Online banking can rid one of from waiting too long for their turn as it is quite faster to access the account via online.
  • A lot of perks and services are only provided to the users online, as one can conveniently apply for loans or review their interest rates and investments all under one roof, which might not be so convenient when doing banking offline.

Disadvantages

  • As was mentioned earlier that online banking is usually a secure way of dealing with one’s bank account, but there are certain safety issues such as identity theft. Due to identity theft, people suffer a huge financial loss. As soon as one’s personal and financial information is leaked out, it takes a lot of time to cover the loss.
  • Not all the banks have a physical building and can only be operated online. Therefore, one must ensure to do a background check on the bank, which they intend to trust with their money. One must also ensure that the bank’s deposits are insured by the federal government so that even if the bank suffers a loss, there is a way to get your hard earned money back.
  • All the transactions done online are not so fast all the time as online banking can also go through the rush hours, which a traditional bank experiences on a regular basis.Hence, one must keep the receipts with them even if it involves online banking.

Conclusion

Although online banking has its pros as well as cons, we should ensure to secure our personal and financial details. There is no doubt about the convenience one can have with the help of online banking and if done carefully, it can prove to be a beneficial tool to each individual.

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