Post by geriatrix on Apr 19, 2016 11:53:38 GMT
Pro:
Paying bills, whether it is paying through your checking or saving account, a money market account or even from your home equity line of credit, the capacity to pay most or all of your bills online is something that we just cannot live without. Most creditors even allow for automated recurring payments so that consumers don't risk forgetting to pay a bill and being penalised.
Most banks not only offer their customers the convenience of online banking, they also feature mobile-friendly websites that allow customers to do their banking on the go. The apps the banks are offering are being implemented with more and more features all the time in an effort to expand on the convenience that is afforded smartphone users.
Online banking for the most part is as easy as using any other interactive website. With a few clicks and keystrokes, even the most inexperienced internet user can be up and running on their online bank account in no time. Most banks even offer 24-hour live customer service or email customer service capability.
Con:
Security is arguably the most significant drawback to online banking. The new millennium is the age of the computer hacker and identity theft is one of the most widespread social diseases. As such, despite every bank's best effort to keep its website secure, unfortunately nothing is foolproof and there is always at least a slight risk that someone somewhere will hack into your account and gain access to sensitive information.
Even though online banking is light years more convenient than its traditional counterpart, there are just certain aspects of banking that need to be done in person rather than from behind a computer or cell phone monitor. Depositing cash, making certain types of international transactions, and other service issues can be challenging to address via email or even real-time customer service chat capability. With some service issues, it behooves the customer to make a trip to the bank and get their needs met face-to-face.
For users that struggle with making impulse purchases or avoiding the necessity of formulating a budget, instant access to an account's balance can breed irresponsibility. It's easy to fall into the "I still have money in my account" trap, but this is detrimental for long and short term financial planning when users think that a positive balance means there's still money to spend, when really it means not all of the deductions are reflected on the account.
Read more: www.nasdaq.com/article/the-pros-and-cons-of-online-banking-cm386361#ixzz46GxQLTsc
Paying bills, whether it is paying through your checking or saving account, a money market account or even from your home equity line of credit, the capacity to pay most or all of your bills online is something that we just cannot live without. Most creditors even allow for automated recurring payments so that consumers don't risk forgetting to pay a bill and being penalised.
Most banks not only offer their customers the convenience of online banking, they also feature mobile-friendly websites that allow customers to do their banking on the go. The apps the banks are offering are being implemented with more and more features all the time in an effort to expand on the convenience that is afforded smartphone users.
Online banking for the most part is as easy as using any other interactive website. With a few clicks and keystrokes, even the most inexperienced internet user can be up and running on their online bank account in no time. Most banks even offer 24-hour live customer service or email customer service capability.
Con:
Security is arguably the most significant drawback to online banking. The new millennium is the age of the computer hacker and identity theft is one of the most widespread social diseases. As such, despite every bank's best effort to keep its website secure, unfortunately nothing is foolproof and there is always at least a slight risk that someone somewhere will hack into your account and gain access to sensitive information.
Even though online banking is light years more convenient than its traditional counterpart, there are just certain aspects of banking that need to be done in person rather than from behind a computer or cell phone monitor. Depositing cash, making certain types of international transactions, and other service issues can be challenging to address via email or even real-time customer service chat capability. With some service issues, it behooves the customer to make a trip to the bank and get their needs met face-to-face.
For users that struggle with making impulse purchases or avoiding the necessity of formulating a budget, instant access to an account's balance can breed irresponsibility. It's easy to fall into the "I still have money in my account" trap, but this is detrimental for long and short term financial planning when users think that a positive balance means there's still money to spend, when really it means not all of the deductions are reflected on the account.
Read more: www.nasdaq.com/article/the-pros-and-cons-of-online-banking-cm386361#ixzz46GxQLTsc
