Online bank account - learn about its advantages and disadvantages

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The proliferation of bank accounts has certainly made money trading easier and safer. Currently, basic savings and checking accounts are used for most transactions - so it is not surprising that the providers of these popular banking tools are trying to improve them even further. The result of these efforts are, above all, online bank accounts - more and more often used by bank customers. Is it worth deciding to handle your finances in such a way?

Account (not) entirely online

Before considering the pros and cons of online bank accounts, it's worth noting that the account is unequal. There are two types of an online account.

The first is a classic savings and checking account (ROR), which can be accessed both at the branch and by phone or via the Internet. The basis here is the account service via a bank branch - the ROR must be set up in a branch, by a bank employee, while the user may wish to make his account available via the Internet. In practice, subsequent transactions are made on the ROR via the Internet - but if the user wants to contact a consultant at a bank branch, he or she has the full right to do so.

The second type of account is the so-called direct account, existing only in the virtual world. Currently, many banks - not only strictly online - promote this type of service as an alternative to the classic settlement account. Still, this option has not gained an advantage, perhaps because the account is virtual, but the money being settled is as real as possible. Therefore, a large number of users feel more confident knowing that their account - in addition to the online option - also exists in a stable, tangible bank branch.

A plus bank account ...

The popularity of online bank accounts is not unfounded. These tools have a lot of advantages, but you do not need to be a specialist to notice them.

First of all, online accounts provide their users with a lot of convenience. If access to the Internet is synonymous with access to a bank account, for most people it means the ability to log into their account at any time and anywhere.Thanks to this, the bank's client can perform operations or check the financial status even in the middle of the night, on a national holiday or an infectious disease . At the same time, the proliferation of advanced smartphones allows access to the web anywhere.

In everyday life, this universal account access means that the customer no longer has to waste time arriving at the facility, waiting in line, being served by a consultant, and getting from the facility to the next destination. What's more, various types of "automatisms" are also convenient - on the bank account you can set up automatic transfer orders (eg for monthly payments or to your own savings account) or make a fixed payment with the recipient's data entered.

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When it comes to automatic operations, it is worth paying attention to the fact that a virtual bank account does not limit the owner only to basic settlement and settlement transactions. By using the ROR online, the taxpayer may set up new accounts, e.g. savings accounts, or use the bank's investment offer - i.e. decide on a deposit, without having to go to the bank. As you can see, a bank account saves a lot of time.

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And while we're talking about savings, don't forget that an online account also saves you money. The Internet gives the bank customer a lot of independence, and thus does not involve so many stationary employees in the service. Virtual transactions also do not require the maintenance of branches. Therefore, the costs of servicing your own account are much lower than with the traditional method. Most often it manifests itself in lower bank fees for maintaining an account, payment card, etc., and sometimes the bank account is completely free in this respect.

Constant access to the account guarantees not only the possibility of making settlements on an ongoing basis, but also constant monitoring of the state of your finances. As part of online services, the user has unlimited access to the history of his account, thanks to which he can control his budget as well as categories of expenses and revenues. Some banks also offer an additional tool for keeping an individual budget directly on a bank account - for example, you can use the function of automatic analysis and grouping expenses into different categories, thanks to which the cross-section of expenses from the entire period becomes clearer and much more readable.

And finally, the last but not least advantage - quite the opposite. Bank accounts are really safe these days. As mentioned at the beginning, many people are concerned about the virtual management of real money. However, it should be remembered that banking "branches" are subordinate - like any other regional branch - to the headquarters of real, real banks. Therefore, the funds and operations carried out on the accounts are also regulated by the same legal regulations and are subject to exactly the same protection as cash deposited directly at the bank's cash desk. What's more - not only financiers work in banks, but also a wide group of specialists in the field of programming and internet security.A manifestation of their work and ideas are, for example, code cards, used in online operations, requirements as to the number and types of characters in the password, or the fact that notifications from the account are never sent to the customer via e-mail (this is how the counterfeit fraudsters under the bank).

… And downside

Since the advantages of online accounts have already been discussed, it is worth having a look at the catalog of shortcomings for the full picture of this tool. Unfortunately, virtual accounts are not without them.

The first disadvantage concerns fees - this time, however, it concerns fees for access to traditional institutions. The fact that the online account is charged with a small commission for its maintenance is often compensated by increased fees during land-based settlements. This problem concerns especially such accounts, which are by definition virtual, and in the case of which clients occasionally use the services of a consultant.

And since it is not always possible to contact the consultant, the problem may be more difficult access to the funds accumulated on the account. Many banks have upper limits for cash withdrawals from ATMs, requiring the user to appear in person at a bank branch for security reasons. However, in a situation where the account is only virtual and the bank does not offer stationary service, customers may have some trouble with withdrawing the accumulated savings in a large amount.

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You can not deceive yourself about the recipients to whom the online banking offer is addressed. It is primarily about younger users who are for you with the Internet and technological innovations. however, in the case of older customers and those less familiar with virtual solutions, such a solution is unlikely to work. Especially that in the case of many people (and not only the elderly), papers are still very important. Users are not always able to trust online billing and confirmation - they feel more confident when they receive a signed and stamped document, physical and tangible.

Another disadvantage is - paradoxically - ensuring security. However, it is not about security certificates on the part of the service provider, but - on the part of the user himself. Most often, online banking regulations recommend changing your password frequently, not from name to surname and back again. A well-created password should consist of letters of various case, numbers and special characters, and not necessarily in the form of words and dates. However, building such a protection and remembering it is quite laborious, especially if we would like to make modifications, e.g. once a month. It goes without saying that such requirements can be a deterrent.

An online bank account therefore has a wide range of advantages, but also several disadvantages. However, it is a good alternative to a traditional account, especially for people who use the Internet on a daily basis. In such a situation, limiting your access to your own finances, without opting for virtual access, is probably not the best idea.

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