Online banking is becoming more popular for people who lead a busy life. It’s cheaper, it’s easier, and it saves time. I have online banking myself and it has both its advantages and disadvantages. An advantage of online banking that convinced me to sign up is that it’s free. There isn’t any monthly fee to maintain an account as there are with traditional banks who want $10-$15 monthly to have a standard account. I’m able to access my account whenever I’d like from my computer or my mobile device which saves me a trip to the bank, using a mobile device for online banking also can allow you to be notified of any transactions on your account or simply if you have a low balance. Lastly, online banks tend to have higher interest rates since traditional banks have to spend money on running their branches and other similar expenses.
Some disadvantages of online banking would be that it takes longer to open an account, various connection issues, and no bank relationship. From experience when opening my account it took at least 1week to be able to use my money, I had to sign and mail out a signature card, wait for my debit card and checks. One thing about having e-banking is that in order to use it you have to be online or at least have a fast enough connection otherwise you can’t access your money, and sometimes there’s other connection issues that prevent you from accessing your money, like if the website is under maintenance. Lastly some people prefer to have a relationship with the bank so to say, they prefer to handle problems face to face rather than resolving the issue by calling or emailing. Personally online banking is more convenient for me despite the disadvantages but some people prefer traditional banking or a mix of the two.