Disadvantages of Internet Banking

Disadvantages of Internet Banking

Online banking has become very popular in the recent years, as it is quick and easy. However, there are disadvantages of internet banking as well, some of which are mentioned below.
The emergence of the internet has opened a wide variety of avenues and information to the common man, which he can access from a comfortable home setting. Along with the facilities, like shopping, booking tickets, etc., the internet has also become a mode for banking. Online banking was introduced a very long time ago, and since then, there has been no looking back. Now, one does not have to wait in a long line at the bank or at some shopping center or boutique. Online banking gives a person facilities to view account statements, make money transfers from one account to the other, and also to pay bills like electricity, phone, etc. The best thing about online banking is that it is fast and is available to a person in any part of the world, anytime he or she needs it.

In today's busy world, when people do not have much time even for personal work, online banking appears as a boon. People who use online banking services believe that as their accounts can be accessed by user name and password that only they know, their money is in safe hands. Whatever information they need about their bank account is only a click away. However, like all good things, even online banking has certain negativeness.

Downsides of E-banking

Lack of Trust

The reason that not many people have started using e-banking is because they do not trust the services of the bank through the net. Some human beings prefer to trust others like them and may have some difficulty in trusting a machine, especially in the matters of money. They may always have a doubt about whether their money is safe, while being processed through e-banking.

Online Fraud

A few cases of forgery have been reported in online banking. There are some fraud or proxy websites, which can hack information (user name and password) entered by a person for some transaction, and later misuse it. In such cases, people lose their money without knowledge, and by the time they get the bill, huge loses may have been incurred.

Time Constraint

Another disadvantage of e-banking is that it may take some time to get the internet account started, as it requires a lot of paperwork. Some people avoid using e-banking services, because they find it difficult to understand how it works. Also, the fact that a wrong click can cause monetary losses may be a deterrent. E-banking can also pose a problem, if the network is down in one's area. This may cause difficulty, if the person has to do an important transaction.

Service

One very common disadvantage of online banking is when a person has some problem or query. In a normal bank, if one faces some problem, one can go to some employee of the bank to solve it. However, in the case of e-banking, one will find oneself making endless calls to the customer service department. There have been cases, where the person is put on hold or has been passed around from one person to another.

Although, e-banking has certain downsides, one can avail of its customer-friendly services, if one is a little careful. One should never give away one's password to any unknown person and to make the experience of e-banking a smooth process, one must use sites that are familiar and reliable.