In this generation, we all have at least one bank account in the bank where we want to open our account to save our income or profit. And with time banking systems and technologies have been changed for the betterment and to make customers easy access to their saved money. And there are online banking which is not connected with the bank and we called them e-wallet.
Before we use to carry cheques and exchange from the bank, after that we introduced ATM cards that we have to go to ATM and enter the PIN and make transection, and now we can make our transection through our Mobile(cell-phone) login to our bank mobile application and even log in to e-wallet where we have the small amount which helps us to make a transaction while shopping.
But when it comes to online banking, we always have several questions (For Ex: can we make online transection safely, can we trust online banking, what are the pros and cons of online banking, and many more).
Today in this article we will make you clear on the topic “Is Online Banking Safe,” and what are the pros and cons of online banking. So, stay with us and read the full article mentioned below.
What is an Online Bank?
Online banking means making your all the monetary transaction through your mobile application online. You just need an account on the specific application to make an online payment.
We can get the mobile application of the specific bank you have an account on, download the application from your store and signup your account linking to your bank account, and log in to your account and start making online payments. Electronic wallets can be also called online banking because we deposit some of the amounts in the account and use it when we need to pay [For example, Qr-pay or direct account transaction while shopping, buying groceries, ticket, etc.]
Rather than going to the bank to exchange cheques and visit ATM to withdraw money, you can simply unlock your mobile, log in to your online banking account and pay.
But do you think online banking is safe? Don’t worry below we have mentioned the answer to this question.
Is Online Banking Safe Enough to Use?
Yes, of course, online banking is safe enough to use because online banking has to be authorized by the government and is insured by the FDIC. And the securities don’t belong to the bank or the application but it’s your role as well to protect your account.
Since you can easily access your account using a username and password or single touch on the fingerprint sensor so it’s your responsibility to create a strong password, don’t share your password with anyone, and don’t let your device to anyone.
Unless you make it easy for others to hack your username and password your online banking is safe to use. So, always be aware of it.
Things to keep your online banking safe:
- Create a unique Username and Strong password.
- Don’t share your username and password.
- Don’t follow the unnecessary link and email your receive related to your banking account.
- Be alert of Scams.
- Don’t forget to log out after you make a transaction.
- Never “Remember password,” on the application for your easiness instead take time to enter your username and password.
What are the Advantages and Disadvantages of Online Banking?
Everything has pros and cons similarly online banking has pros and cons of using it, but for some people, pros can be cons and vice-versa it depends on you. So below is the list of pros and cons of online banking.
Pros of Online Banking
Firstly, let’s talk about the Pros/advantages of using online banking. Below is the list of advantages of using online banking.
- You don’t have to go to the bank or ATM each time you need to make a transaction, you can do it easily with your mobile application.
- While going shopping you don’t have to carry too much exchange money, you can pay through your phone by scanning the QR.
- You can easily check your history of transactions and the total amount within the application.
- If you face any problem regarding online banking, you can easily coordinate with customer service online, you don’t have to visit the bank.
- After every single transaction your get notification and invoice history on your device.
- Online banks don’t charge maintenance fees or account fees, it’s free.
- Some online bank offers high APYs nationwide.
So these are the advantage of using online banking. Let’s have a look at what are the disadvantage of online banking.
Cons of Online Banking
Now, let’s talk about the Cons/Disadvantages of using online banking. Below is the list of Disadvantages of using online banking.
- When the system occurs an error, you won’t be able to make a transaction from your mobile, you have to pay cash.
- If you are out of internet connection or data is not working properly, there might be some issues while making a transaction.
- Since it’s online, you might feel some security issue.
- You have to be alert and protect your account by yourself otherwise others may misuse your account if hacked.
- We cant do face-to-face meetings with the bankers. So there will be a lack of proper conversation that we make through email.
- E-Wallet application doesnt have ATM, so you have to operate your other bank account to make a transaction.
So these are the basic disadvantages that you can feel while using online banking.
How to Get Help From an Online Bank?
You can easily get help from an online bank. If you want to get information or coordinate with the bankers, you can send a mail like a letter and mentioned everything you want to ask and after they see your mail, they will answer your questions. Still, some privacy won’t be disclosed online, you have to go to the bank.
So from the About us section, you can email them or contact them on the number they have mentioned under Contacts Us and get help from an online bank about your queries.
Lastly, if you are planning to create an account on online banking and you don’t know what to do and you are confused about it then don’t worry here in this article we have mentioned all the important information that you should know about online banking with its advantages and disadvantages.
We hope it’s clear to understand for you and make a decision. Besdies if you have any queries or suggestions regarding this article then you can leave us a comment in the comment section below.
And for more helpful guidance on banks and finances, you can go to the Finance section from our official website Online Help Guide.