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Banking Advantages of Internet banking

According to www.online-sciences.com, the banks that offer Internet banking are open for business transactions anywhere a client may be as long as there is Internet connection, apart from the periods of website maintenance. The services are available 24 hours everyday.

If the Internet connection is unavailable, the customer services are provided round the clock via the telephone, where the actual time account balances and the information are availed. This hastens the banking processes.

The online banking allows the automatic funding of accounts from the long-established bank accounts via the electronic funds transfers. And the client can monitor his spending via a virtual wallet through certain banks and the applications and enable the payments.

The speed of transaction is faster relative to the use of the ATMs or the customary banking. The online banking allows for easier updating and maintaining of direct accounts. The time for changing mailing address is greatly reduced; ordering of additional checks is availed with the provision of actual time interest rates.banking

The accounts can be automatically funded from a traditional bank account via the electronic transfer. Most direct banks offer unlimited transfers at no cost, including those destined for outside financial institutions. They will also accept the direct deposits and withdrawals that you authorise such as payroll deposits and automatic bill payment.

The online accounts are easy to set up and require no more information than a traditional bank account. Many offer the options of inputting your data online or downloading the forms and mailing them in.

If you run into a problem, you have option of calling or emailing the bank directly. One advantage of using online checks is that the payee’s information is retained, which eliminates having to re-enter the information during the subsequent checks.

The online banking is also environmentally friendly. The electronic transmissions require no paper; so, they reduce the vehicle traffic and they are virtually pollution-free. They also eliminate the need for the buildings and the office equipment. It is available all the time. You can perform your tasks from anywhere and at any time, even at night when the bank has closed or on holidays. The only thing you need to have is an active Internet connection.

It is fast and efficient; the funds get transferred from one account to the other very fast. A customer can also manage several accounts easily through the Internet banking.

You can control your transactions and the account balance all the time. This facility also keeps your account safe; you can monitor your account at anytime; you can know about any fraudulent activity or threat to your account before it can cause your account severe damage.

Disadvantages of Internet banking

The complex encryption software is used to protect the account information, according to www.online-sciences.com. There are no perfect systems. Therefore, the accounts are prone to the hacking attacks, phishing,  malware and other illegal activities.

The online banking is generally secure, but it is not always secure. The identity theft is running rampant, and the banks are by no means immune. And when your information is compromised, it can take months or even years to correct the damage. It can cost you thousands of naira.

The customer service can be below the quality that you are used to. Some people take comfort in being able to talk to another human being face-to-face if they experience a problem. Although most major banks employ a dedicated customer service department specifically for online users, going through the dreaded telephone menu can still be quite irritating to many.

Not all the online transactions are immediate; the online banking is subject to the same business day parameters as the traditional banking. Therefore, printing out and keeping the receipts is still very important, even when banking online.

Identity theft is a significant concern but some online banks take this risk more seriously than others. Before opening an online account, thoroughly investigate the bank’s security policies and protections to ensure they meet your expectations. The security is the biggest concern surrounding internet banks, with the consumers worrying that hackers will get into their accounts and spend their money.

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