What are the advantages and disadvantages of an online account?

What are the advantages and disadvantages of an online account?
0 comments, 07/07/2014, by , in Personal Finance

In the era of Web 2.0, more and more people choose the Internet for their financial transactions, since they can access their current accounts online. The ability to use your own bank account directly from your home PC has enticed many users, if only to avoid the queues at the counters. But is everything fine with that practice? Read on to see how choosing an online bank account needs you to evaluate its advantages and disadvantages.

First of all, let us consider the advantages. As mentioned previously, the current account can be accessed online directly from your private computer. Operations such as bank statements and reading movements will be reduced to the simplicity of a consultation of a web page. Even the payment of subsidies, newsletters and phone cards are simplified in a few clicks.

All it takes is a few clicks

All it takes is a few clicks

The major advantage is certainly dictated by the costs. Almost all of the online bank accounts has no annual fee and does not include fees or transfers. There are accounts online that take even the stamp duty. The withdrawal from the ATM of your bank, moreover, is always free. The last advantage is the ability to do transactions online on many different websites. Due to the encryption of your online account, you can pay on any e-commerce site directly by entering your card information, or by starting the operation directly from the front page of your online bank account.

These operations, however, can also reveal the negative face of online bank accounts, or disadvantages. Although more and more banks provide advanced security system, when you make a purchase online the danger of phishing (computer fraud) is always around the corner. Everything that is free on the web can have a high cost at the counter. If for any reason an online account holder is forced to perform operations directly in the bank, he will have pay commissions that may not be that cheap. The same may happen with card withdrawals, if carried out by ATM not belonging to the bank of reference.

Finally, the major disadvantage of an online bank account has to do with your own computer skills: an older person that is not that familiar with the recent technology, for example, might have trouble with a checking account online, as he will not be able to realize it if there is anything wrong with the website he is visiting or the purchase he wants to make.

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