Is Online Banking A Good Thing Or Bad Thing - 1524 Words

Is online banking a good thing or a bad thing? Online banking is now a part of almost all the banks in the developed world, and even banks in developing countries, and in tax haven countries, are getting online. They are reacting to market demand, and since demand is so high, it is fair to say that online banking is currently a good thing and that it is probably here to stay unless there is a large security breach that shatters people’s confidence in online banking. Here are the pros and cons of online banking. Pro - It Is A Convenient Way To Check Your Balance Being able to hop online and see your balance is very convenient and is certainly better than having to wait for an email statement or paper statement. It is also better than†¦show more content†¦For example, you may have to dig out online statements and send them over, or may have to scan your ID so you can send it over. There are often far more steps involved when signing up online and opening your account online. Pro - There Is A High Degree of Ubiquity If you have a problem with your account or your money, and even if you abroad, you are able to hop online and deal with it yourself in some cases. This is possible because there are some banks, companies and financial institutions that give you online tools to deal with your own problems. The fact the account is accessible via the Internet means your current location doesn’t have a negative effect (in some cases), and you are subsequently able to access your account and fix things as you wish. Con - Support Is Harder To Get If you sign up in a branch, then you can ask questions in the moment and have the process explained to you. If you apply online, then you may have to call their customer service department to get answers, plus they may ask you questions on the website that you do not know the answer to, which means you have to contact their support team or check their FAQ section. Pro - Transaction Speeds Tend To Be Faster When things happen as a result of your actions online, you are not the one that actually â€Å"Actions† the transaction, but you are the one that sends the instruction. This