Internet Banking: For and Against
June 30th, 2007 at 12:01 am (Uncategorized)
The Advantages of the Internet Banking
• Easy and convenient banking. Remember yourself standing in bank queues? Or trying in vain to get an appointment with some junior manager for an overdraft? If your bank is the internet one, you never worry about that.
• Higher interest rates. While having no building to rent, no staff to be paid, the internet bank do not apply any overheads and bank charges. This means better interest rates for you.
• Instantaneous transfer of funds. On-line you can transfer funds from one internet account to another easy, immediate and without charge. Likewise, you can use the on-line transfer facility to transfer funds to and from any other bank account, free of charge.
• Opening an account is as simple as its handling. All you have to do is to complete the on-line application form and sign and post relevant documents. Once the documents are received, your account is fully active.
The Disadvantages of the Banking with the Internet Bank
• Lack of security. Despite the fact that the most advanced and secure systems are used to protect your funds, a number of sophisticated security layers and even advanced encryption technology, you still never could be 100% sure that some wunderkind hacker would not break the code. On-line your money is impossible to touch and that fact makes you doubt their existence.
• No exact person to complaint. If something happens: a delay in transferring the funds or in accruing interests, there will be no such a person for you to blow off the steam. You can only write a complaint letter and wait for a positive solving of the issue.
• Cheques are not accepted. Note that most internet banks do not process cheques, considering the handling of them too slow for the Internet.