Disadvantages of online banking

[Jamoflondon]

Well like I said earlier about online banking, the main difference between it and regular banks is the fact that they do not have office buildings, so in this case, it simply means that you can’t reach them directly one on one if it happens that you have a complaint to make or you have issues with your account and you want it to be rectified. I faced a similar issue sometimes last year and I was on it dealing with it for weeks before I could get it solved.

This is some of the disadvantages that one might encounter if you happen to be a member of any online banking app both here in Africa and developed countries.

1. Banking issues are not easily solved
2. The limits are smaller than the regular banks

1. Banking issues are not easily solved: Like is said that I once had a problem with one of this online banks called kuda and it was not easy for my to rectify because there was no office I could go to complain except for the one in lagos. So it made it a bigger issue for me.

2. The limits are smaller than the regular banks: what I mean by this is that amount of money you can save on banks like that are usually with limits unlike the regular banks where you can save any amount of money as long as you are running a standard account.

 

[eldavis]

You have a point there though, like I remember some time back one of my account was blocked for no reason, I tried contacting them to find out what was wrong but I could not even get in touch with them cause I can't even access access my account it self. I had to open another account then contact them through that account and the delay for a reply was just too long. If they had an offline office, I won't even stress myself trying to contact them, sending emails with no reply. I would have just go to the office and get an answer that very day. Though the issue was resolved but it took too much time.

 

[Sotherefore]

Well I do not have the need for online banking now because to me I just consider it as it is not necessary in my life now , probably I may need it in the future . but for now I do not really have the time for it... I make use of my offline bank to receive most of my earning directly from P2P to my bank account and I widraw it to use for what purpose I am intereste to used .

Online bank are not really good for me to save my money because I just consider it as unreliable , even though they have never scam anyone before but I personally do not trust it to save huge sum of money..

Even with offline bank I do not really save my money there but most of my money goes to cryptocurrency and the little money I will need on daily and weekly basis will be withdrawn to my bank account and those ones are the one that I used on daily basis... I do not really use bank to save my money nowadays because I just consider it as a waste of time and resources when there are investment that can be able to give you a high return profit. Cryptocurrency.

 

[Caramelle]

I prefer to bank with a brick-and-mortar bank because whatever happens or whenever an issue arises, I can always go to a branch to have it resolved quickly. These brick-and-mortar banks also offer online baking features so I don't really see the need to try purely online banks. My e-wallet where I receive my PayPal earnings has a partnership with an online bank. It would have been more convenient to transfer the funds from the e-wallet to the online bank but I am not confident about using purely online banks at this point. This is just my personal view and I don't mean to discourage other freelancers from keeping their funds in an online bank. I know for a fact that their biggest attraction is the higher interest rates they are offering to their account holders. Given the low interests rates being paid by traditional banks, many find it more profitable to keep their money in an online bank. In my country, there is no limit to the amount of money you can keep in online banks. Lately, however, they have raised the minimum amount for the funds to earn interest. You now have to maintain an average daily balance of $100 to earn interest.​

 

[Holicent]

Online banking has many advantages. It can save you time and money, and it can help you manage your money more effectively. But there are some disadvantages that you should be aware of before you start using online banking.

Online banking may also have security risks. Your personal information could be accessed by hackers or other criminals if your computer is infected with malware or viruses.

One of the biggest disadvantages of online banking is that it can make it harder to keep up with your finances and track your spending habits. Financial institutions often require customers to sign up for automatic bill payments so they don't miss any payments while they're away from home or busy working on other tasks at their jobs. This may not be ideal if you have a lot of financial obligations like rent or mortgage payments or bills from utilities like electricity and water. You may also find yourself making more frequent trips to the bank because you need to update your account balances again because of automatic bill payments being processed through your account automatically each month.

 

[Augusta]

Everything that has a good side will also have the back side and online banking is one of such things. There are numerous advantages of using online banking butb it also has its bad sides which are disadvantages and one of disadvantage of online banking is the issue of fraud

They're lot of fraudulent people online and you have to be very careful when you're doing any financial transactions online with your banking details. Even in the playstore there are some fake financial institution apps that that are being created by fraudsters and when you use or when you download them to use with your correct banking details you mighf find your account cleared if you're not very careful

Another disadvantage of online banking is that financial transaction issues are not actually solved you will be always be referred to your bank physically to get the problem resolved So you would need to visit your bank.

 

[niche]

In some countries, if people who are not well connected use internet banking find themselves cheated and exploited with powerful officials falsely claiming that their relatives and friends, own the bank account, to get government jobs faking bank account. The relatives and friends do no computer work, yet since powerful government officials are extremely greedy, they get away with their banking fraud for more than a decade without being questioned. So though offline banking is more time consuming, people from powerless communities prefer it instead of having the greedy powerful government employees fake ownership of their bank account, hard earned money.

 

[LoukiaCharilaou]

I totally agree with everything you mention in your thread. Nevertheless, I prefer online banking because it saves me time and the most important of all for me is that I do all transactions from the comfort of my own home.