Although it is true that having an online bank account allows you to enjoy several benefits, there are still some disadvantages associated with it. If you are trying to decide whether or not Internet banking is for you, then aside from knowing its advantages, you should also be aware of the down sides that you may encounter. Below are some of the negative things that you may experience while handling your finances with an online bank account.
Security is one of the aspects with which an online bank account has a disadvantage. Anti-social elements along with hackers are just some of the enemies of internet banking. Unethical hackers are capable of breaking into a user’s account and use their money. An online bank account is particularly vulnerable to such a threat because confidential details are just protected by a user name along with a password. To avert this, majority of financial institutions tighten the security of their network. However, there are still some instances when some users have been exposed to confidential financial information by accident. Such an incident happened way back in 2004, when a severe flaw in security enabled clients of a certain bank institution to get access over the account details of other customers.
Another disadvantage of having an online bank account is you can only use it if you have an Internet connection. Also, it is also more preferable if you have a computer or a smartphone. Since there is no Internet connection everywhere in the world, accessibility may still be a problem sometimes. Also, if you are in the middle of an online transaction and the Internet connection suddenly breaks down, you might experience some problems. In addition, if you perform your transactions in cyber cafes, forgetting to log off might allow another person to take advantage of your account.
Inability to provide customer care services is yet another disadvantage of having an online bank account. With traditional banking, it is much easier to reach customer care service. However, the story is different with online banking. Although they may provide numbers of customer service staff, there are times when it is not easy to reach them for the fact that there may be too many clients trying to call. Also, by the time that you get to have someone on the line, there’s a possibility that you might find a representative who is knowledgeable or one who cannot help you at all.
Now that you are already aware of the possible disadvantages that you might experience with online banking, you can now decide whether it is for you or not.