Disadvantages of Internet Banking

The emergence of Internet has opened a wide variety of avenues and information to the common man, which he can access from the comfortable home setting. Along with the facilities like shopping, booking tickets, etc, Internet has also become a mode for banking. Internet banking was introduced in the early 80s and from that time it has been introduced, many people have started availing to its facilities. Now, one does not have to wait in long queues at the bank nor to pay bills at some shopping center or boutique. Internet banking gives a person facilities to view account statements, make money transfers from one account to the other, and also to pay bills like electricity, phone, etc. The best thing about Internet banking is that it is fast and is available to a person in any part of the world, at anytime he or she needs it.

In today's busy world, when people do not have much time even for personal work, Internet banking appears as a boon. People who use online banking services believe that as their accounts can be accessed by user name and password that only they know, their money is in safe hands. Whatever information they need about their bank account is only a click away. However, like all good things, even Internet banking has certain disadvantages.

Disadvantages of Internet banking

The reason that not many people have started using Internet banking is because they do not trust the services of the bank through the net. Some human beings prefer to trust others like them and may have some difficulty in trusting a machine, especially in the matters of money. They may always have a doubt about whether their money is safe, while being processed through Internet banking.

In addition to this, a few cases of forgery have been reported in online banking. There are some fraud or proxy websites, which can hack information (user name and password) entered by a person for some transaction, and later misuse it. In such cases, people lose their money without knowing and by the time, they get the bill, huge loses may have been incurred.

Another disadvantage of Internet banking is that it may take some time, to get the Internet account started, as it requires a lot of paper work. Some people avoid using Internet banking services because they find it difficult to understand how it works. Also, the fact that a wrong click can cause monetary losses may be a deterrent. Internet banking can also pose a problem, if the network is down in one's area. This may cause difficulty, if the person has to do an important transaction.

One very common disadvantage of online banking is when a person has some problem or query. In a normal bank, if one faces some problem, one can go to some employee of the bank to solve it. However, in the case of Internet banking, one will find oneself making endless calls to the customer service department. There have been cases, where the person is put on hold or has been passed around from one person to another.

Although, Internet banking has certain disadvantages, one can avail of its customer-friendly services, if one is a little careful. One should never give away one's password to any unknown person and to make the experience of Internet banking a smooth process, one must use sites that are familiar and reliable.