Pros And Cons Of Online Banking


The vast majority of people who have one or more bank accounts will use online banking. Most people who do so will testify to the convenience of being able to access their account at any time. There are many advantages to using online banking compared to having to go through the bother of doing in-bank transactions. However, it is not all positive. Here we look at the pros and cons.


The number one benefit is convenience. We are not constrained to carrying out banking transactions only when the banks are open. We no longer have to build our lunch breaks around getting time to drop into our local bank where we could have to wait in the line for ages.

Next comes accessibility. We can carry out our banking no matter where we are. We no longer even need a computer to access our accounts. The phenomenal explosion in mobile technology now means we can use our smartphones to access our accounts.

Online banking is easy for people who have basic keyboard skills. It may take people who are a bit less computer literate somewhat longer to get used to it, but anybody with average intelligence is not going to struggle very much.


While online banking is safe, there are security risks if people do not exercise caution. Banks do their utmost to prevent fraudulent transactions, but the weak link in the chain is the customer. People who are not security conscious can find their accounts getting cleaned out.

They often fall victim to scams. One of the most common types is phishing. People receive emails inviting them to click on a link to log into their account because there is some issue that must be dealt with urgently. The link sends them to a site that looks just like their bank’s website, but it’s fake. When they type in their account details and PIN number, the fraudsters can clean out their account.

People need to be alert to this type of scam, according to a Lansing, MI spokesperson for Case Credit Union, a provider of quality online banking services. People should always check that they are connected to a secure site (indicated by an initial https// in the address bar). Additionally, people should never give their PIN number or other details if somebody calls claiming to be from the bank.

Online banking has become so popular because its pros far outweigh its cons. Provided people remain on guard against scams, they will have no problems with online banking.