WHAT ARE DRAWBACKS OF ONLINE BANKING?Blogger User October 28, 2019 0 COMMENTS
These days we can access any banking services online while sitting in our home or our offices. Some of the online services provided by banks are viewing account statements, transferring funds, and paying bills. Most of the banks also offer their services and latest products over the internet. Computers, laptops, or smartphones with a secure internet connection can be used for online money transfer. While during online banking, there is no need to visit the bank in person for withdrawal or to send money globally. As it has many benefits, but there are also some drawbacks associated with online banking.
Online banking is not easy at first
Even though making an online account is easy, but it might not be easy to operate at first. Some sites offer demos on how you can access your online bank account, but not all banks offer this opportunity. So it is difficult to use for a person who is new to technology.
No internet, no access to account
Online banking is all about a secure and good internet connection. If you do not have internet access, then you cannot access your bank account, which is a drawback.
When you activate online banking for your account, you receive a password. You have to change that password immediately; otherwise, there are chances that your account is misused. Password security is a must for keeping your account secure.
A lot of notifications
There are chances that you might get overly marketed. You may receive a lot of notifications and become annoyed. It is said that you can turn them off. Constant emails and updates can also be annoying for you. But again if you are not a technology person, it would be difficult for you and you will need some help.
Banks charge high transfer fees
Let’s take an example that you are going to sell a property in one country and buying another property in another country. Let’s say transfer money is about $300000, and you need to move it from Sydney to San Francisco. You will be surprised to hear that they charge about 13%. Banks charge at least 7% on average. So we can say that for $300,000, you pay $10,500.
You can send money online securely by internet banking as most of the banking sites made secure. But the fact is that no bank website is safe from hacking and cybercrime. Hackers usually target a bank website or swiping account information. So even if your bank claims that its online site is secure, there is still a need to be careful while using online banking.
Nothing is perfect, so there are always some drawbacks. But you can avoid these problems if you prefer ACE Money Transfer Services to send money to Nigeria and other countries. It is completely safe, easy to use, and you can transfer funds immediately. Moreover, it also has a convenient mobile application. Give it a try, and you won’t regret it.