Advantages and Disadvatnges of E-Banking

Topics: Bank, Online banking, Authentication Pages: 2 (512 words) Published: December 25, 2009
The Good and the Bad of Online Banking
With the onset of the Internet technology, there are a lot of things that you can take advantage of. You can do your shopping online, do business transactions, and even do your banking. Online banking has set a revolution in how business is done. Not only would you benefit from personal banking but doing your business transactions online proved to be very beneficial too and can save you a lot of time and money. But just like in all things, online banking has its advantages and disadvantages. If you are thinking twice about online banking, here are some pros and cons that you might want to consider. The Good:

24/7 availability
You can access your bank account online any time of the day, even on holidays. You can check and monitor your transactions with just a few clicks of the mouse even in the wee hours of the morning. Accessibility

Whenever there is Internet access, you can always check your bank transactions. This is best for business travelers and those who are in far away areas. Such accessibility is very beneficial when in comes to emergencies and you need to access your account. Speedy transactions

One of the advantages of online banking is that you can save a lot of time. No longer would you have to wait in line for your queue in banks or in ATM machines. Confirmation and execution of your transaction can be done in a matter of second. Multitasking

Not only can you monitor your bank transactions online, but you can also manage other types of account like IRA, securities and CDs. If you are an investor you can also take advantage of financial tools like stock quotes, rate alerts and other managing programs. The Bad:

Registration process
If you want to enroll you in online banking, you may have to devote some time doing so. You need to go to your local branch and fill out an application form. You also need to provide them with valid identification cards. Approval may take 3 days to 7 days. Difficulty in using...
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