Disadvantages Of Online Banking

Knowing the history of online banking can be incredibly useful, especially since it will allow us to have more respect for the little things that we take for granted. Internet banking has been around for quite a few years now, but has really now became the prominent part of our life over the past year or so in particular. Internet banking offers an array of different advantages to the user including account check, transfer of money from one account to another, check history, secure interactive messaging with staff, bill payments and much more.

1.1 Background to the study

The increasingly competitive environment in the financial service market has resulted in pressure to develop and utilise alternative delivery channels. The most recent delivery

Customers access E-banking services using an intelligent electronic device, such as a Personal Computer (PC).

Online banking is fairly established practice in our saturated world. Many people are making use of the unique and convenient options that online banking services provide.

Some of the online banking features and services include:

1. You can view a summary of your account and transaction history.

2. You can view or print your account statements and balances.

3. Set up online payments and direct deposit

Internet banking is 24hour service so you are no longer tied to the branch’s hours. On top of that you don’t have to take the time to travel to the branch and wait in the inevitable lines, thus giving you more time to do what you want.

• MOBILITY:

Online banking can be done from anywhere, as long as you have an internet connection. Even if you are away for business or vacation, you can still take care of banking needs. Some banks such as Bank of America have been created mobile applications that make banking easier for those with a Smartphone like the Apple iphone or the blackberry.

• HIGHER INTEREST RATES:

Again, due to lack of costs associated with running an online bank, higher interest rates are often offered for their accounts. For higher interest rates, you would usually need to bank with a completely online account.

• DIRECT DEPOSITS:

With any incoming money, such as your salary, you can arrange for it to be directly deposited in to your bank account by the company sending the money. This is actually a double benefit, as you don’t have to take the time to deposit the check, plus the money goes into your account faster allowing you to earn interest that much