Many banks these days have started to offer their clients the option of banking online. The convenience of online banking draws many people to sign up for an account. Nevertheless, banking online has both advantages and disadvantages. If you are contemplating opening an online account, you have to weigh the pros and cons before you proceed.
The advantages of online banking include banking anywhere. You can access your account from any web browser, at the office, on the road with your laptop or notebook or at your desktop. It is available 24/7 so you need not worry about working hours. Transferring money is pretty easy. Furthermore, banking online is secure because it is secured by FDIC the same as traditional banks. The website has some security policies that safeguard your account. With online banking, the interest rates are higher compared to conventional banks, and there are minimal fees. You can also get access to other bank products such as mortgages, checking accounts and investment products.
Some of the disadvantages of banking online is the absence of an ATM for savings account alone. ATM is only available when you open an online checking account and link it to the savings account. If you need money, you may wait for a couple of days. With online banking, there is no room for carelessness. It would not be a good idea to have a visitor use your computer and snoop around, especially if you have all your passwords in your browser. The best thing you have to do is to memorize your password and clear cookies from your browser.