Advantage and Disadvantage of Online Banking

Before, we got used to visiting the bank branches if we have a transaction to make such as deposit, withdrawal and account application. It is kind of hassle since you need to wait for your turn especially if there’s a long queue. Good thing because there’s a new way to make it very convenient for us when transacting with our bank. Onling banking is available to use. So if you wanted to experience a no hassle transaction with your bank switch to online banking now. But before that, go and check the advantage and disadvantage of online banking first.

Advantage and Disadvantage of Online Banking

Advantages:

  • No need to visit the bank directly
  • Paperless transaction
  • Digital Processing when having a transaction
  • Easy Banking
  • Easy to transfer money
  • 24 hours customer service
  • Save more money when using online banking due to high-interest savings

Disadvantages:

  • You can’t deposit your on hand money when you’re using online banking
  • You can’t ask for support quickly, unlike when you visit the bank
  • Prone to hackers

Many bank account owners wanted to try and use online banking. However, they are afraid because there are so many hackers nowadays. But if you’re one of them, here are some tips on how to keep safe and protect your information when using online banking:

  • Choose a strong password
  • Sign-up for banking alerts
  • Enable two-factor authentication
  • Do not use public wifi
  • Be aware of the phishing scam
  • Double check before downloading a financial applications
  • Always log out after use

You may use the tips that were mentioned above to keep your online banking account safe. It is very important to be careful when using online banking, but there’s no need to be scared because almost all of the online banking now has security features.

READ: How to secure your online bank account

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