Net Banking is widely used by the people around the globe. It means transfer of funds from one account to another through electronic means. Most of the people get confused with the two terms online and internet and they think that these two terms are different but the fact is this that you cannot go online without the internet so online banking and internet both are same.
This is a safe and secure way to transfer your funds within a couple of minutes. You can prevail this facility 24/7/365 days.
Everything has its positive and negative aspects and you just need to consider those things which are as follows:
Pros
- It is very convenient. You don’t have to step out of your door to transfer your money but you just need to be online and your transaction is just only a click away.
- You can choose one site which you feel is safe and with that site you can maintain all your accounts.
- It is open 24/7 a day.
- You get alerts periodically about your accounts details if you are using net banking.
- This facility saves time and is equally quicker as ATM’s.
Cons
- Healthy and sound relationships with institutions are lacking. As before customers go directly to the institution for any queries and those institutions also used to answer their queries with many solutions and alternatives to their problems. And your needs are also sported by the employees of the bank. But presently because of the online banking it has become tough to maintain sound relations.
- No doubt that the accounts of the institutions are well secured by FDIC, but instead of your protected account your system could be hacked by any unwanted malware activities. As no system is fully protected.
- Without internet your transactions will fail.
- Registering online may take time.
- The sites of the banks are upgraded time to time and maybe in some cases you will be needed to re-enter your account information.
Therefore as every coin has two sides of it similarly net banking also has merits and demerits which cannot be ignored.
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