Online Banking – A Guide to Banking on the Internet

The Pros and Cons of Online Banking


Online banking offers the ultimate convenience for those who prefer to manage their money from the comfort of home. But is it 100% perfect for everyone? Not necessarily.


If you’re new to Internet banking, then it’s important to understand how it works, what you can do with it, and what the potential risks are. Below, we cover some of the key advantages and disadvantages, so that you can make a more informed decision about whether this convenience is right for you.



  • Real-time account access

    Internet or Online Banking

    Are you still driving to the bank or ATM, just to make sure you have enough money in your account to make a big purchase? With online banking, you can check your balances right from home – instantly – from anywhere with an Internet connection, including your cell phone.

  • Pay bills

    Most banks enable you to pay nearly any bill from your onli

    ne account. This can be a very convenient way to pay your utilities, cell phone bill, mortgage, and other expenses, all in one place.

  • Open & manage additional accounts

    Thinking about investing in stocks, bonds or a CD? How about opening a credit card account or high-yield savings account? Many of these accounts can be opened in just minutes online – and you can manage everything from your computer, 24/7.

  • It’s free (usually)

    Most banks do not charge a penny for you to enroll in online banking. In fact, some may even reward you for switching to “paperless statements,” because this ultimately saves them money.


  • Security

    Even with all the advancements in online security, Internet banking is perhaps still not as safe as simply going to the bank for your transactions. That’s not necessarily because the banks’ websites are unsafe – but because of other malware or viruses that can already exist on your computer and compromise your security.

  • No friendly smiles

    Banking online is designed to be quick, simple and straightforward. There is no direct interaction with customer service, unless you call, email or chat. If you’d rather have a friendly bank representative to talk to, every time you make a transaction, then perhaps you’re better off going to the bank after all.


Final Thoughts

Keep in mind that every bank offers its own unique benefits. Ask your bank for information about their online banking to see which features and services they provide, so you can decide if it’s right for you.

In the world of Internet Banking in which we can access many features can be achieved simply by using computer and the internet. Given the modern and technologically advanced world that we live in, our banking should be able to be done in a modern and advanced way. Internet Banking provides us with exactly that; the opportunity to do our normal banking without ever leaving our PC.


—————- is an independent resource that is committed to providing consumers with helpful, unbiased advice on banking and making financial decisions online.