The Benefits of Online Banking
✔ Higher Interest Rates:Online banking services can offer higher interest rates than traditional banking services because they don’t have to spend on maintaining many physical office locations/branches. Plus, a lot of the operational cost is reduced since there are few ordering checks or using ATMs.
✔ Reduced Fees: There is little associated cost related to monthly maintenance fees and other fees with online banking.
✔ Higher Security: Online banking ensures the security of every transaction through OTP and PIN verification. So, there is less likelihood of your information getting stolen unless you share your PIN with others.
The Potential Risks of Online Banking
✔Online Safety: Concerns regarding online banking rise when people feel like their financial information may be stolen by third parties or scammers.
✔ Identity Theft with Phishing: Phishing scams are common with online banking that fake company logos and graphics, and ask people for their banking information by pretending to be a legitimate bank.
✔ No Physical Contact: There is little to no face-to-face interaction with the customer support of the online banking institution. Their headquarters could be miles away from where you live.
✔ Varying Regulations: Depositing cash may be difficult with the online banking system on some occasions. Every online banking service may have its own policies for depositing to online casinos and sports betting apps. Some may not accept cash, while some may rely on third-party services.
✔ Tagged With Other Devices: Most online banking services are dependent on mobile phones or emails for transactions.
For this reason, all payment channels warn and teach online banking users to only provide their banking information to trustable sources. Just so you know, your bank will never ask for your personal information because they already have that on their database.
Not to mention, these are all potential downsides which happen very rarely if you are using a reputable online banking service and being smart about your online security.
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