- \n
- Convenience<\/em> \u2014 other than times when technical maintenance is being done, internet banks are open 24 hours a day, 365 days a year.<\/li>\n
- Better rates<\/em> \u2014 the lack of significant infrastructure and overhead costs allow internet banks to pay higher interest rates on savings and charge lower mortgage and loan rates.<\/li>\n
- Services<\/em> \u2014 internet banks typically have more robust online services that offer a comprehensive set of features that may not be found on the websites of traditional banks.<\/li>\n
- Mobility<\/em> \u2014 online banking now includes mobile capabilities, with new applications continually being created to expand and improve this capability.<\/li>\n
- Transfers<\/em> \u2014 accounts can be set up to automatically fund from a traditional bank account via electronic transfer, usually at no cost.<\/li>\n
- Ease of use<\/em> \u2014 online accounts are easy to set up and require no more information than a traditional bank account.<\/li>\n<\/ul>\n
Drawbacks<\/strong>:<\/p>\n
- \n
- Lack of a bank relationship<\/em> \u2014 a traditional bank provides the opportunity to develop a personal relationship with that bank.<\/li>\n
- Transaction issues<\/em> \u2014 sometimes a face-to-face meeting is required to complete complex transactions and address complicated problems; a traditional bank can host meetings and call in experts to solve a specific issue. Additionally, international transactions may be more difficult (or impossible) with some internet banks.<\/li>\n
- Services not offered<\/em> \u2014 some internet banks may not offer all the comprehensive financial services (such as insurance and brokerage accounts) that traditional banks offer.<\/li>\n
- Security<\/em> \u2014 sophisticated encryption software is designed to protect your account information, but no system is perfect; online accounts are subject to phishing, hacker attacks, malware and other unauthorized activity.<\/li>\n<\/ul>\n
- Transaction issues<\/em> \u2014 sometimes a face-to-face meeting is required to complete complex transactions and address complicated problems; a traditional bank can host meetings and call in experts to solve a specific issue. Additionally, international transactions may be more difficult (or impossible) with some internet banks.<\/li>\n
- Better rates<\/em> \u2014 the lack of significant infrastructure and overhead costs allow internet banks to pay higher interest rates on savings and charge lower mortgage and loan rates.<\/li>\n
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