- People can sign in and check their bacnk account everyday, unlike travelling to a bank to check.
- There is no paper being used when online banking as everything is done on as computer.
- Logging in is easy and safe because it had to be as a banking site as it holds personal information.
- Allows you to do your banking from the office or home computer which is easier and more effiecient and which can be applied instantly.
- If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
- You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
- Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
- Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money.
Disadvantages:
- Can be hacked by interent users who can get hold of personal information.
- Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.
- Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby.
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