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Online Banking: 10 disadvantages you must know

Updated on May 07, 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.

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    • Lady_E profile image

      Elena 7 years ago from London, UK

      Thanks for sharing.

    • world of the wise profile image
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      world of the wise 7 years ago from World of the wise

      thanks my friend, i really appreciate you

    • bingskee profile image

      bingskee 7 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 image
      Author

      world of the wise 7 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 image
      Author

      world of the wise 7 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 image
      Author

      world of the wise 7 years ago from World of the wise

      thanx for the comment bingskee

      though i think the benefits seem to be more

    • profile image

      anz 7 years ago

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

    • profile image

      nur farhah 6 years ago

      thanks for the information..i really appreciate it!

    • profile image

      SIH 5 years ago

      useful information for my research...

    • profile image

      komal sharma 5 years ago

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

    • profile image

      ravikanh 4 years ago

      thanks for sharing

    • profile image

      Fatma 4 years ago

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

    • profile image

      Bernadette Gillespie 4 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.

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      raul 4 years ago

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

    • profile image

      4 years ago

      very helpful thanks

    • profile image

      chidu 3 years ago

      Good information ...thanks

    • profile image

      Megha 24 months ago

      Thank you

    • profile image

      PizzaKing 23 months ago

      Pizza

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