The advantages are many.
For the online banking customer, the convenience factor rates high. No longer does a person waiting on the bank statement to arrive in the mail to verify account balances. One can balance every day just by logging into your account. In addition to checking balances and transactions, one can capture differences in the account immediately and quickly with them. The best part is that this can happen anywhere! As long as one has internet access, you can practice online banking.
Since the bills are paid online, the need for writing checks, making shipping and placing the payment in the mail is eliminated. Once the amount is entered and the beneficiary is checked, the money is automatically deducted from the choice of the payer's account.
Since the cost to the bank is minimal, the cost to the consumer in many cases is also minimal. Although there is usually a fee for online banking, can be extremely low. Those who participate in online banking can all agree that it is worth every penny. Not that you spend all Saturday morning to stand in a crowded bank line is justified for most. It may even pay for them selves since costs, such as shipping and ATM costs are reduced.
Online banking also eliminates paper waste, which is a plus, not only for those who already have the paper work to deal with, but also for the environment.
Of course there are also disadvantages.
Safety is always a problem with Internet transactions. Although the information is encrypted, and the chance of your account hacked are slim, it happens. Banks pay big bucks for high-tech firewalls to install. The chances are that your money is in good hands.
You're also missing the personal service. No smiley counter or representative will give you a receipt. Instead, except for what is printed in your account, all the paperwork is up to you. Always print copies of important transactions.
If you deposit cash or checks, you will still need to spend time at the ATM. unless a payment to you is directly deposited, this is what you always have to manually handle.
However, the advantages far greater than the risks. The convenience of online banking is a perk well worth the cost. What would you rather do, stand in a long line on a weekend morning or handle your transactions in the comfort of your own home?