Online bank accounts can be a boon as well as a bane. We all know how online banking saves our precious time and costs but there are quite a few reasons that show why online banking can be avoided as well.
What are the negatives?
1. New Account- Opening a new online account is still a tedious task such as depositing documents and proofs. There is also the problem of “time out”, as complained by customers. In such a case, the whole process has to start over again. Therefore, it is better to bank with those banks in which you already have account.
2. Technical Difficulties- Electrical things can develop snags and often they are when you need support most. Websites and phone lines may get jammed. Therefore, it is better to keep an account open in any local bank or credit union so that you are not rendered penniless in times of need.
3. Customer Satisfaction- When you deal with banks physically, then you get to know the employees, which in return ensure a two-way relationship between the bank and the customer. But in online banking, they are just voices, trained voices, communicating with you and whether they understand your problem is a different issue. There are problems which can’t be solved over phone and therefore, knowing the staff of a bank becomes profitable.
4. Speed Of Clearance- Whether it is the necessity of clearing of checks or for depositing money in account, it takes a long time whereas the internet is supposed to process things faster. Internet banking is good for checking account balance or for transferring money and other than that, it is better going to a bank personally.
5. How To Spend? - Online banking does not give access to money instantly. I mean online banking does not give you money, it is done by ATMs. The PC or laptop cannot be carried everywhere. Online accounts are better for paying outstanding bills and other things.
Post a Comment