ANSWERS: 2
  • Advantages: - Banking from home - You can make transfers and other changes while the bank is closed - Most banks (if not all) work through an encrypted channel with your information - You can download a file that holds your account information to easily reconcile your statement with your financial management software (Quickbooks, MS Money, KMyMoney, GnuCash, etc.) - It is easy to view recent transactions and monitor your account - Some e-savings accounts have really high APY rates (because they don't have to cover the costs of maintaining paperwork Disadvantages: - If the bank's server is down, you can't use it - Some places will charge you for online access (many don't, however) - There's always the possibility of a cracker gaining access to your account (although not too likely in most cases, they would most likely have to be gunning directly for YOU, and then you have more serious issues at hand than your bank account being compromised) - Your internet connection must be working in order for you to have access - Many banks don't show you how to use online banking very well, and those are usually the ones with the non-intuitive interface and cluttered design, which makes it pretty easy for you to screw up something Overall, I would recommend online banking. I have had a great experience with it so far, except for one occurrence (it was a smaller bank in New Mexico, which should just about explain it all). I stick to banks in larger cities now (such as New York or Miami), and haven't had a problem yet.
  • Wow, that was really well thought out.

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