Internet banking, or as of late mobile banking, is a prevalent platform to avail of banking services. Facilities like payment of bills, fund transfer between multiple accounts, account statement viewing, etc., get carried out online.
The availability of convenience in online banking is principally diminishing the role of traditional banks like columbia bank edison. However, internet banking comes with its specific set of pros and cons, which are as follows.
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Merits of internet banking
- As long as an internet connection is available, banking services are virtually at your disposal all year-round.
- Fund transfer becomes effortless from a long-established account into a recent one. Additionally, the facility of e-wallets allows regular monitoring of the savings account.
- There is no need to stand in long queues at an ATM waiting to make a cash withdrawal. Internet banking offers quick transaction services, also making it straightforward to update and maintain all personal financial records.
- Setting up an online account is simple with internet banking, with a plethora of options than a traditional account setting. Also, the banking information gets encrypted and stored for convenience sake, saving the trouble of having to enter all data again.
Demerits of internet banking
- Online banking is subject to similar parameters by which a traditional bank gets limited in terms of business days. It implies that all transactions may not happen immediately, and keeping receipts of acknowledgment is essential even with online banking.
- Although internet banking is secure, it is prone to hacking and malware software. Online storage of customer information gets encrypted, which may offer some defense against hacking.
- Customer service is always an issue with internet banking. The presence of dedicated customer service departments is serving to bridge the gap, albeit languidly valid.
Without a doubt, internet banking proves more economical than traditional banking in multiple aspects. It is your responsibility to ensure all precautions and investigate in-depth before delving into the realm of internet banking.