The advantages of online banking are all too frequently dismissed by many without full investigation in light of the scaremongering which unfortunately goes on in relation to fraud associated with the practice. All too often, news of one incident of fraud in relation to online banking spreads like wildfire and many who use online banking cease doing do as a result, or others who were contemplating doing so refrain. This is of course a common facet of human nature and behaviour but the reality is that genuine instances of online banking fraud are so infrequent that the advantages of online banking outweigh these risks countless times over.
The advantages of online banking have to begin with convenience. Very often, circumstances may mean that it is extremely difficult for one to find the time to visit one’s bank branch during opening hours or even an ATM. Online banking not only affords one access to one’s bank accounts from anywhere one can obtain PC access, it allows same – more often than not – twenty-four hours a day, seven days a week. This means that regardless of the hours which one works or is otherwise engaged in personal commitments, one can check one’s banking details at a time of one’s own convenience.
The convenience advantage of online banking does not end with removing the requirement to visit one’s bank. A great many banks allow bills to be paid via online banking and by doing so, the need for one to send payment by post or visit the premises of companies to which one owes money can very effectively be removed. This means that a great deal of time can be saved by utilising online banking tools and, in theory, money as well in what may otherwise represent postage, telephone or transport costs.
Conversely in relation to the perceived risk of fraud and subsequent loss with online banking, one of the advantages of online banking can in fact be the security it affords. Making payments or transferring funds in this fashion eliminates the need for one to carry cash in many circumstances or make payment by any other physical means. It is very often also the case that one’s bank will have in place an arrangement where any losses incurred through operating their online banking system will be governed and protected by an indemnity scheme.
The advantages of online banking will vary from individual to individual, depending upon one’s banking needs and preferences. Whatever one’s circumstances may be, however, online banking, the features and benefits which it affords and the protection it may very well incorporate should always be investigated in full, that an informed decision regarding whether to use the service or not may be made.