Archive for the ‘Online Banking Disadvantages’ Category
Online Banking Disadvantages
Online banking disadvantages are few, most are caused by the human being being human. People do not seem to adapt to change well. Anytime a new service comes along it means change and change is something we are not to thrilled with as a rule. The traditional brick-and-mortar banks are fast adopting internet banking and there are banks that have no bricks and are strictly internet banks.
As with anything there are always advantages and disadvantages. As to online banking I can’t really find any disadvantages other than the one of changing your habits. I made the transition from paper banking to electronic banking very easily. You may rest assured I am no young electronic genius but a proud senior citizen. All of the disadvantages I found, I easily overcame.
One disadvantage I have heard people mention is the perceived start up time. This of course is all in the way you look at it. In order to register for an online banking account, you will have to provide identification and maybe even sign a form at your local bank branch. In addition, if you and your partner wish to manage accounts together online, then one of you may have to sign a durable power of attorney before the bank will allow you to open an online banking account. In the last instance that I opened a new account at my bank it took both my wife and I no more than a total of twenty five (25) minutes and we had a new account complete with the online banking function ready to go. It really depends on a bank. If it is a big hassle maybe you should change banks because it shouldn’t be a hassle. The convenience and the time you will save in the future is well worth it. Another point once you have set up an account all of your other accounts and new ones are added automatically to your online account.
The learning curve to to setup the account and the site navigation is also seen by some as a disadvantage. It can be at times a little frustrating depending on the site but a little persistence will payoff big time in the end. All of the banks I have dealt with will now give hands on demonstrations to you personally. They also give step by step telephone assistance. The best thing you can do to expedite the process is read the tutorials that are readily available on most online banking sites. You can also click on the demo button that will show you what the pages will display when you sign in to your online banking account. If you are a senior make sure to check with local senior centers and organizations for help and classes if you need to.
In the last couple of years that I have been doing online banking the web sites have been updated to be easier and less time consuming. They have made giant strides and they are still trying to improve. Remember they want this service to succeed because it is important to everyone concerned and it gives them a better bottom line and can cut your service fees.
The biggest published disadvantage is that customers are having a hard time overcoming the trust factor of online banking. If you aren’t internet savvy or have had bad experiences with internet money transactions, you may always wonder if your transaction went through. Or you might wonder if you pressed the transfer button once or twice. Additionally, you may wonder if the bank will recognize this error and correct it. I have always found that banks really do try as hard as the rest of us. They are made up of people just like us and they like to do a good job too. I have found fewer errors and problems with online banking than I had with paper banking. All in all it is the best way to bank that I have found so far.
