Are there pitfalls to online banking? Source: Money Guide

With easy access to the internet, anyone can have access to a multitude of things – we can get quick advice or more information of things, buy and sell things online, limitless choice of entertainment and even banking services, all at the tip of your fingers! It is all cyberspace, after all, so is conducting your banking business online wise?

A benefit to online banking is that such transactions are generally very secure, but how would you know if the website has a valid security certificate to keep cyber-thieves away?

Another benefit of banking online is that it is very convenient. You don’t have to stand in long lines, waste your time, you can even make transactions at night, and from anywhere in the world! A click here and there, and voila! You can instantly apply for loans, open fixed deposits, send money, pay bills, and make transfers from one account to another. There are many benefits to online banking. However, there are just as many pitfalls.

Identity theft is a rising concern. Everything is generally secure, but once your information gets into the wrong hands, it may take years to correct the damage, not to mention the financial loss it may bring to you as well.

Almost all banks have a physical location and if you need to talk to someone in person, you can visit the nearest branch. Before you give your information to a bank that operates 100% in cyberspace, make sure you verify them.

Finally, not all transactions happen instantly. Banking services are subjected to working days, so if you make a transaction on a Sunday, then you should be aware that the money will reach the destination only on the next working day. It’s a good idea to check your accounts often and question any unauthorized or questionable activity. Make sure you save your online receipts and print them in the event something untoward does happen.

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