The Pros And Cons Of Online Banking

The internet today has changed people’s lifestyles considerably and almost all industries are striving to stay in pace with this latest technology which is the first choice for all customers. The need of this medium is in great demand as you can do whatever you like just by sitting in front of the PC or using your smart phone.

Making a free long distance call is a boon while at the same time shopping online is another peace of mind. In a similar way the internet is playing a very active and major role in the banking industry as well, bringing people closer and making trading very easy and comfortable.

Unlike in earlier times where one had to go over to the bank to do transactions, this has become so convenient with online banking a system that is fast gaining momentum among bankers worldwide. However, if you are one of those who still have fears with online banking here are a few pros and cons that can give you a clear mind.

Pros of online banking
1. It works 24 hours non-stop 365 days of the year allowing you to gain access at any time just like you would use your laptop or PC.

2. You have access to your bank account and can do transactions from anywhere in the world.

3. You don’t have to carry large amounts of cash in hand and be prone to theft.

4. You can pay your utility bills like electricity, water, house tax, mobile, credit card, etc. online with no hassle.

5. Money transfers are made so convenient and easy. You simply add the payee to your account and make transfers that will be completed within a few minutes.

6. It is very efficient and fast and definitely very safe to use

7. You have the freedom to handle bank accounts like IRAs, savings, CDs and checking of several banks from one single site.
However, though online banking may seem so efficient and safe there should be some cons as well. Here are a few:

Cons of online banking
1. Trust – most people even after the transaction may feel scared whether they did the right transaction and whether the money had reached the right payee. To develop a sound trust it’s better to take a print out of the transaction page and keep it in a file for further reference.

2. For signing up for an online banking account you may have to produce a photo ID of self and spouse if you plan to have a dual operation of the account.

3. In certain cases the bank sites may not start up at one, but this is very rare.
On the whole, banking online is very effective and safe and most of all extremely convenient for today’s way of living. It does simplify life for everyone.

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