There are some people that will not use online banking because they think that it is too risky. It is true that there are risks with using it but there are advantages as well. It is a good idea to think about the advantages so that you can decide whether these outweigh the disadvantages.
Can Keep a Better Check on Your Money
If you have online access to your bank accounts it means that you can check the details as often as you wish. This means that you will have constant access to be able to check the balance and see what money is going in and out. This can be really handy if you want to check different things. For example, if you want to know if a payment has gone through or gone out, then you can check from home without having to visit a bank. You can also check things outside of banking hours such as evenings and weekends. It can be quicker than using telephone banking because you will not have to be put on hold and wait, but you can normally get through right away to the online banking system. It can be much easier to budget if you can more easily find out what the balance on your account is.
Easier to do Transactions
It can also be easier to do transactions. If you want to transfer money between accounts or set up direct debits then it can be really easy to do this using your online banking system. If you do not have online access, you will have to telephone and wait on hold to speak to someone to organise it or go into a branch. With local branches closing, this is getting harder for people to do as well.
Great if you Cannot go out
If you cannot leave the house for any reason, perhaps due to illness or disability or caring for a child or other family member then being able to access your bank information remotely can be really useful. It means that you will be able to still be in control of your money without having to worry about finding someone to do it for you or a way to somehow leave the house. It can remove a lot of stress in this situation.
Can be Easier than Finding a Branch
If you live in a small town or village, then you may find that you do not have a branch of the bank that you want to bank with. This means that if you want to be able to do various transactions, then you will need to be able to either have access to online or telephone banking. Telephone banking may have a charge for the call and it could take you longer to get through compared with online banking.
Logging in is Secure
People do worry about logging in but banks do provide secure platforms for this. If you have a fire wall as well, this will protect your further. If you do a large transaction or something unusual, they will often have a facility where they send you a special code to your mobile phone to put in so that they can check that it really is you doing the transaction.
There is a Chance of Being Hacked
There is a small chance that you could be hacked. You may find that your firewall is easy to get through or you do not have one. You could find that the banks systems are hacked and your data is taken that way. You could also find that you accidently get led to a phishing page where you enter your data thinking that the page is genuine and then find that it is actually it is not and scammers have got your bank details and can use it to steal money from you. Although this can seem terrible, you will find that banks will deal with it really well. As soon as they are alerted they will investigate and they will refund the money that has been stolen from you and change your security details too.
So, although there are some risks to mobile banking, just as there are with banking over the phone, there are also lots of advantages. It is up to you to decide whether the advantages outweigh the risks. If you have trouble keeping track of your money or like to frequently check the balance on your account, then you could find that you will be better off online banking so that you can do this more conveniently. You will need to make sure that you have a good firewall to protect you on the computer that you are using and that you are also cautious that you are not being watched when entering your password and other secure details. Make sure that those details are not easy to guess as well.