Internet banking works in a similar manner to traditional banking, the major difference being the way one is making payments, accessing his account and personal details, and reconciling statements. Rather than visiting the local branch of his bank, the customer uses his computer to complete transactions. Internet and traditional banking have their pros and cons to consider. The choice of online vs. brick-and-mortar banking is often based on one's lifestyle and priorities.
As a major advantage of internet banking, the customer can accomplish multiple tasks in the comfort of his home. Efficiency is what makes online banking attractive to customers: they can pay bills, move money between different accounts, check multiple accounts, and much more. Banking is fast and saves customers valuable time. Transactions are completed in seconds and one can print out the receipts for his personal records. The customer may access his account at any given part of the day, even during weekends and holidays. Moreover, the online account may be accessed from any place around the world, provided that internet connection is available.
Online bank accounts make banking expedient, convenient, and inexpensive. Many banks charge fewer fees for the online banking services they offer. Furthermore, banks have higher interest rates on savings accounts and certificates of deposit, and offer more financial services and products. Customers don't need to buy envelopes and stamps, run to the post office at the last minute, and risk being late on their payments. Monthly bank statements and bills can be accessed electronically. Finally, online banking employs sophisticated tools that help manage one's money and accounts with ease. Despite increased security measures and the availability of anti-virus and anti-spyware programs, identity theft is still a concern. Other threats associated with online banking include phishing and hacking of online accounts.
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