ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Online Banking: 10 disadvantages you must know

Updated on May 7, 2015

The world has come from far and we are every day digging into the unknown, what was unthinkable then is now a practice. Today, you can bank right from the comfort of you home and multitudes of benefits come with it. However, though internet banking is such a good and desirable innocent, it has some disadvantages as listed;

Setting up an account may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. Some banks even ask for photos

Legal issues: If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together.

Learning difficulties: Banking sites can be difficult to navigate at first. Getting acquitted with the banking sites software may require some time to read the tutorials in order to become comfortable in your virtual lobby.

Site changes and upgrades: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information.

Customer service: There is no personal contact with any of the staff, and if talk to any staff through the telephone, you have guarantee you are talking to the best person available


online banking has some disadvatages
online banking has some disadvatages

Internet account: You need to get an account with an Internet Service Provider (ISP) which may be another hectic experience

Security concern: Even though online banking sites are heavily encrypted, with the developing technology, it’s hard to rule out the "hackers" who may access your bank accounts

Switching banks: This can be more cumbersome online than in person

Money usage: You can’t spend your money from the online bank account as you wish, in the end; you will need to go to an ATM to withdraw money for usage.

Technical breakdowns: As with all technologies, online banking websites sometimes go down. If this happen when you closed your local bank or credit card accounts, you will definitely go penniless.

However, even though online banking has some disadvantages, the advantages with no doubt outweigh. It is there for important for every one to prepare for the unknown with an online bank account.

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      PizzaKing 

      3 years ago

      Pizza

    • profile image

      Megha 

      3 years ago

      Thank you

    • profile image

      chidu 

      4 years ago

      Good information ...thanks

    • profile image

      5 years ago

      very helpful thanks

    • profile image

      raul 

      5 years ago

      thx 2 all............

    • profile image

      Bernadette Gillespie 

      6 years ago

      I am an ICT a level stuent and I would like to ask permission to use your information in my work about the disadvantages of banking onlnie. It will be used for educational purposes only and your website will be referenced. Thanks.

    • profile image

      Fatma 

      6 years ago

      This information has really been helpful as i am preparing for my ict exams thanx for sharing!

    • profile image

      ravikanh 

      6 years ago

      thanks for sharing

    • profile image

      komal sharma 

      6 years ago

      internet banking have many benifits for us but in some cases it would be harmfull for us .

    • profile image

      SIH 

      7 years ago

      useful information for my research...

    • profile image

      nur farhah 

      8 years ago

      thanks for the information..i really appreciate it!

    • profile image

      anz 

      9 years ago

      we must do online transaction carefully... thanks so much ... i like your avatar...world of the wise

    • world of the wise profile imageAUTHOR

      world of the wise 

      9 years ago from World of the wise

      thanx for the comment bingskee

      though i think the benefits seem to be more

    • world of the wise profile imageAUTHOR

      world of the wise 

      9 years ago from World of the wise

      thanx for the comment bingskee

      though i think the benefits seem to be more

    • world of the wise profile imageAUTHOR

      world of the wise 

      9 years ago from World of the wise

      thanx for the comment bingskee

      though i think the benefits seem to be more

    • bingskee profile image

      bingskee 

      9 years ago from Quezon City, Philippines

      that is why i do not opt to do bank transactions on line.. i have this fear.

    • world of the wise profile imageAUTHOR

      world of the wise 

      9 years ago from World of the wise

      thanks my friend, i really appreciate you

    • Lady_E profile image

      Elena 

      9 years ago from London, UK

      Thanks for sharing.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)