4 Disadvantges of Online Bank Accounts

Online bank accounts have become very common in recent years. Certain banks have started to do all of their business online. If you are considering going to an online bank account, there are a few drawbacks that you will need to be aware of. Here are a few of the disadvantages of online bank accounts.

1. Deposit Method

One of the biggest problems with online bank accounts is that they are difficult to deposit money into. With a traditional bank account, you can simply go to your bank and hand them a check or cash. They will typically post the money to your account within a very short period of time. When you are working with an online bank, you are not going to have this option. You are either going to have to mail them a check or you are going to have to deposit the money into one bank account and then transfer it to your online bank. Either way, this is going to be inconvenient for you and can impact your life.

2. Speed of Deposit

Another problem with online bank accounts is that they will slow down the speed at which you can put money into your account. When you have to mail a check to your bank before they can deposit it, this is going to take some time. You are going to have to worry about the check reaching the bank safely and then they will have to take the time to post the check. In many cases, this is going to take over a week before you can have access to the money in your account. If you need the money in your account quickly, this is not going to be very helpful to you.

3. Customer Service

Another potential problem with online bank account is that it can be difficult to get help when you need it. With a traditional bank, you can simply go down to the branch and talk to a manager if you have a problem. With an online bank, this is not going to be the case. You are going to have to call them or e-mail them and hope that you get a response. If they are busy, you could sit on hold for a long period of time. While some banks are good with customer service online, others tend to really struggle.

4. Security

Even though online banks when you to believe that your account is safe, there is a chance that you are always going to feel unsafe about your online account. Computer hackers have been known to hack into all types of accounts online. When you have an online account, there is a chance that someone could potentially break into it from another computer. Someone might gain access to your password and transfer the money to another account. While the chances of this are remote with a good bank, there is always a chance. 

Check your 3 Credit Scores here for Free.

blog comments powered by Disqus