The Advantages And Disadvantages Of Online Banking

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Online banking which also is referred to as internet Banking or electronic Banking (eBank), connects the consumers to the bank 's internet site through a browser as the means of conducting and managing various banking activities. It is noteworthy to mention that the banks are not restricted to exist exclusively online or to have a physical site; rather they can be any of the two or the combination of both. There are banks that have no physical sites, e.g. Telebank in Arlington, Virginia, while some banks like Bank of America, exist both online and also have physical sites. Some of these activities are as follows:
• Make different payments, e.g. pay your bills
• View account statements and while making inquiries, monitor your account balances
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Advantages:
1- Due to the online banking low operating expenses, they offer low transaction charges on the banking services to their customers in opposed to the physical site banks. You can do practically most of the things you normally do when you visit the branch. For example, you can pay bills and transfer funds.
2- It is by far the less expensive option. Online bill payment eliminates the costs of postal stamps and ordering checks (in case you get charged for printing checks), altogether. There are obviously fewer trips to the bank which could be rather costly, in terms of, time, gas, driving hazards and car depreciation.
3- It is screaming fast and you are not limited to the bank business hours. You can bank whenever and wherever you want, round a clock. All you need is a PC, tablet or a cell phone which is called Mobile Banking and all of this only with an Internet access.
4- Applying for a loan could be potentially less time consuming and much easier and frankly, you can get approved much faster. However, some types of loans may still require some
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4- The consumers could potentially lose all of their deposit if the bank could not stay solvent and is not FDIC insured. Before using a banking site that you aren 't familiar with, check to make sure that their deposits are indeed insured under the Federal Deposit Insurance Corporation (FDIC), which each depositor is insured to at least $25.000 per insured bank.
5- For customers who prefer or take comfort in face-to-face interactions with the bank personnel, the customer service can be below the quality that you 're used to. Although most major banks employ a dedicated customer service department specifically for online users, but going through the dreaded telephone voice menu can still be quite irritating to many. Again, some customers are considerably better than others, but some are

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