These days, most banks have begun to offer clients online banking options. The ease and convenience of banking online attracts many people to open an online account. However, online banking also has its pros and cons. If you are thinking of opening an online account, make sure to weigh the pros and cons first.
One of the pros of banking online is the accessibility anytime and anywhere. You could access your account from any web browser at home, office or on the road using a laptop or notebook. Banking is available 24/7 so you have no worries regarding banking hours. Transferring funds is very easy and it is secure since it is secured by the FDIC the same as a physical bank. Most online bank websites have security policies to safeguard each and every account. Interest rates of online banking are higher than conventional banks and the fees are minimal. You can also enjoy access to other products like checking accounts, mortgages and investment products.
One of the cons of online banking is the absence of an ATM for a savings account only since ATM is only available when you have an online checking account and link it to a savings account. If you need money, you may have to wait for a couple of days to get it. Furthermore, there is no room for carelessness for online banking so it is not a good idea to have a visitor use your computer or snoop around, particularly if your passwords are in your browser. The best thing that you can do is to memorize your passwords and clear your browser cookies.