Online or internet banking allows people to do bank transactions in the convenience of their home using a computer and an internet connection. There are many features to online banking including wire transfers, bill payments and many more. The high technology has made it possible to bank at home twenty-four hours a day and seven days a week.
Nevertheless, online banking also has cons or disadvantages. Before you decide to open an online account, it is necessary to be aware of some of the cons of banking online. While most online banks offer plenty of services, there are instances when it does not have everything you need, which could vary from bank to bank. Security is one of the main issues about online banking, thus, there will be many questions when you set up your account and this could be time-consuming.
Another disadvantage is the lack of human element and there is no technical support team that you can talk to. People belonging to the older generation may find it hard to use online banking since it is meant for technology savvy people, thus many older people prefer banking the old-fashioned way. Furthermore, cyber scams may try to access your account and get their hands on your money without your knowing it. While online banking is a great facility that helps you save time and effort, you should be careful when it comes to protecting yourself from cyber frauds.