By Chris Buchheit on September 30, 2010
.jpg.aspx?width=75&height=75) Have you ever gone to the bank and thought to yourself, “Wouldn’t it just be great if I could do this while typing on a computer? Man, that would just be awesome…”
We walk around with our iPhones and Blackberries, always connected, always with an excuse to get out of awkward social situations by taking random calls. The convenience of technology, believe it or not, does not stop at HDTVs and Pandora.
That’s right. Within the last decade, people have increasingly been doing their banking online.
However, convenient or not, there are always advantages and disadvantages of performing activities like this online. What are the advantages first?
First, the obvious. You can perform all the same types of actions online that you can perform by a trip to the bank. Depending on the website, you can open accounts, close accounts, transfer funds, inquire your balances, and access your records at any time. The best part is, you can do it all from your computer. You do not even have to be social and go outside, or use gasoline.
There are even more, less obvious advantages to online banking. For example, there is less paperwork involved, and your fees end up being cheaper because you do not have to pay for stamps with most online banking sites.
Seems all fine and dandy, right?
Yes and no. If you are careful with your online finances, it can be a real convenience in your life. If you are not, it does not matter with whom you bank.
But what are the disadvantages?
Most obviously, if your computer-language skills are not up to par, you might be getting in over your head. However, you may find that once you figure it out, it is really quite easy.
Another disadvantage is that transactions often take longer to appear on your online account than you might understand at first, which means that you might have less money in your online account than you realize. As a result, if you do not stay up to date on your finances, even when banking online, you run the risk of overdrawing. I would personally suggest still keeping a record on you with your balance and expenditures in your pocket, then subtracting from that amount when you make a purchase. This way, you will always know your balance, and will never run this risk.
The most obvious disadvantage to online banking is that there is always the risk of losing your password to a hacker, who can then wreak havoc on your accounts. However, if you are safe with your passwords, your PIN number and security number, the risk is minimal. Keep that information strictly to yourself.
The point is, online banking can be as safe as it is convenient, so long as you are willing to keep track of your finances – which is always the most important factor in banking at all.
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