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Advantage And Disadvantage Of Internet Banking

Advantage And Disadvantage Of Internet Banking

When it comes to Internet banking there are literally no disadvantages. Seriously, sometimes a technology comes along that every single citizen in the world should embrace as part of their daily lives. Just like automobiles and telephones, Internet banking takes everything consumers like about their banking relationships and makes it better while it eliminates everything they hate. No more punching dozens of keys into a phone to conduct a transfer. No more waiting in line for 45 minutes at a bank branch to make a deposit. No more paying two dollars for an extra printed account statement. Internet banking is awesome and everyone should use it.


The convenience alone is reason enough to use Internet banking. Everything a consumer could possibly want to do and more is available in an online interface that can be accessed 24 hours a day, 7 days a week, 365 days a year. No more are consumers relegated to bankers' hours where everyone has to stand in line during their lunch break. Not only that, since Internet banking is just a web page based on programming code, new features are added all the time making it even more convenient.

Electronic Statements

You wouldn't think electronic statements would be that big of an advantage to need its own section, but it is. Monthly statements are provide for free for forever and are just one of the features of electronic statements. If you have a credit card with your bank or a mortgage with your credit union, you get these statements electronically for free as well. They will also send e-mail notifications that your statement is ready for viewing. Electronic statements can also be directly referenced by customer service when contacted by e-mail if you have any questions. This is much easier than bringing in a paper statement to your local branch and waiting in line for who knows how long.

Paying Bills Online

If there is one feature that convinced the unwashed masses to embrace Internet banking it is paying bills online. For a number of years many banks and credit unions charged a few dollars per month for online bill pay. After a while however, they realized that it was a value added option that could be the one singular feature to convert all consumers to Internet banking aficionados. The best part is that many businesses allow electronic wire transfers to make Internet banking payments negating the delay when mailing a check. Even when wire transfers are not an option, your financial institution will cut a check and mail it for you saving the price of a stamp. Pretty awesome huh?

Security Concerns

There is one possible concern to Internet banking but no sane person would ever refer to it as a disadvantage. As with any online account, from your Amazon.com beanie baby purchases to your eBay.com rare Pog acquisitions, steps must be taken to protect your log in and password. Security concerns are not particular to Internet banking and should be applied universally when navigating the Internet. There are no financial institutions which will request your log in name and password by e-mail, this is called a phishing attempt. Also be wary of logging in to your Internet banking account on public unsecured Wi-Fi unless you use the "https://" web address prefix. If you feel your account has been hacked, contact your bank or credit union immediately to protect yourself and your money.