With internet, there are a lot of things you can do online. The possibilities are endless and the banking industry has certainly utilized these through internet banking and online banks. It could not be denied that there are many benefits to an online bank, but it also has its downsides that people should be aware.
With an online bank, it could take a while to start up and may be hard to learn at first. There are also some requirements such as photo identification, signing a form at one of their local branches and many more which could be a hassle. Most people find it difficult to rely on the security of online banking transactions for fear of a possible identity theft. Moreover, with online banking, you could not make deposits or withdraw money from your online account unless you go to a local branch. Another downside to online banks is the occasional problem if the website is down either due to technical problems or scheduled maintenance.
If you think that an online bank is right for you, make sure to review all offers of other online banks before you choose one. Every bank has different benefits and fees that could make a huge difference for your banking needs.