Electronic banking helps you to become more of a banker, running your accounts like a small business that you control every day.
Once you get started, you will be hooked. Soon enough, you will be checking your bank account as often as your e-mail.
Many of the benefits of doing your banking through the electronic platform are obvious, according to https://www.cibc.com.
You don’t have to wait in line.
You don’t have to plan your day around the bank’s hours.
You can look at your balance whenever you want, not just when you get a statement.
There are some hidden benefits too, because as a young bank customer, you are just learning how to manage your money and observe your spending patterns.
Electronic banking allows you to watch your money on a daily basis if you want to. By keeping close tabs on your funds, you will always be aware of what is happening in your bank account.
For those experienced spenders, this option is far more appealing than the sudden discovery that you are broke.
It is also helpful to watch how much interest you are gathering on investments and savings, or what service charges you have incurred.
These are some of the features you will be familiar with through the electronic banking means:
You can view balances: Checking your balance does not require much work. You simply select account balance and take a look at your balance and past transactions. If you have more than one account, you can also do transfers between accounts.
Pay bills: To pay your bills online, you just need to add to your account the names of the companies you wish to pay bills to. In the Pay Bills section, select “add payees,” search for the name of the company and fill in the account number for each company. You can also sign up for the e-bills service from e-post, a service that sends you a bill by email instead of a printed one by regular mail.
Transfer funds: When you select “Transfer Funds,” you will be asked where to transfer the money to and from, when, and the amount.
Set up recurring bill payments or transfers: If you make a regular payment every month, it may be convenient to set up an automatic withdrawal from your account.
Monitor investments: If you have any investments, you can keep an eye on those stocks or mutual funds here.
You can receive transfers from other people’s accounts, or set up transfers from your account to someone else’s. The recipient will get an e-mail notifying them of the transaction.
E-banking allows you to sample the available services, like viewing your balance or paying bills.
Once you register, you will have the choice of doing just basic banking and viewing your balance or doing more involved transactions like bill payments and transfers. The choice is yours. It really depends on how you like to bank.
Disadvantages of Internet banking
Though there are many advantages of Internet banking, but nothing comes without disadvantages and everything has its pros and cons; same is with Internet banking.
https://toughnickel.com reports that it also has some disadvantages, which must be taken care of. The disadvantages of online banking include the following:
Understanding the usage of Internet banking may be difficult for a beginner at the first go. Though there are some sites, which offer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new may face some difficulty.
You cannot have access to online banking if you don’t have an Internet connection; thus without Internet access, it may not be useful.
Security of transactions is a big issue. Your account information may get hacked by unauthorised people over the Internet.
Password security is a must. After receiving your password, do change it and memorise it; otherwise, your account may be misused by someone who gets to know your password inadvertently.
You cannot use it in case the bank’s server is down.
Another issue is that sometimes it becomes difficult to note whether your transaction is successful or not. It may be due to the loss of net connectivity in between, or due to a slow connection, or the bank’s server is down.
Internet banking has definitely made life easy for users by providing online access to various banking services.
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