Banking and Savings Most Popular Articles

  • cash payment
    5 Strategies to Pay for College Today
    Military.com|
    To help streamline your college banking and find the cash to pay for an education in today's economy, here are five methods and...
  • UsingATMs
    Top Five Military Banks and Credit Unions
    Military.com|
    If you're in the military or are a veteran and are looking for a bank, this list is for you.
  • ATM
    10 Best Military Banks of 2015
    Military.com|
    A study investigated more than 30 military banks and credit unions, and came up with this top 10 list.
  • 70 ways to save money
    70 Easy Ways to Save Money
    Jeff Rose
    Here are 70 ways you can save money in the four biggest budget categories: food, transportation, housing, and health.
  • Pros and Cons of Online Banking
    Military.com
    Consumers view online banking as a quick way to pay bills and check their finances. However there are a few drawbacks to online...

Pros and Cons of Online Banking

When people use the Internet they expect convenience, speed and efficiency. The same expectations apply to online banking. Consumers view online banking as a quick way to pay bills and check their finances. However there are a few drawbacks to online banking if it's used incorrectly. The following are Bankrate.com's list of online banking pros and cons and how you can avoid any unnecessary pitfalls:

Pros:

  • Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away. 
  • Ubiquity: If a money problem arises while you're out of state or out of the country, you can log on instantly to your online bank and take care of business -- 24/7. 
  • Transaction speed: Online banking sites generally execute and confirm transactions at or quicker than ATM processing speeds. 
  • Efficiency: You can access and manage all of your accounts, including Individual Retirement Accounts, CDs, even securities, from one secure site. 
  • Effectiveness: Many online banking sites offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs.

Cons:

  • It may take time to get started: If you're new to online banking, it might take time to register for your bank's online program. Or, it may be easier to physically fill out a form at your local branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together. 
  • Learning curve: Some banking sites can be difficult to navigate. Plan to invest some time and/or read the tutorials in order to become comfortable in your own virtual lobby. 
  • Banking site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information. 
  • Trust: Trusting an online banking system is an issue for two main reasons: identity theft and operator error. If you use a non-secure wireless Internet connection, it might not be a good idea to use online banking. It's too easy for a savvy ID thief to view your personal information. In regards to operator error, some users worry that they might have pushed the transfer button too much, or not enough. The best solution to this problem is to always print the transaction receipt and keep it with your bank records until it shows up on your personal site and/or your bank statement.

Online banking is designed to be convenient for you. If you run into any problems with while banking online, contact your local branch to sort out any errors.

For more information visit Military.com's Banking and Savings Center.

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

Featured VA Loan Articles

  • VA Loan Closing Costs: An Added Benefit
    Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrow...
  • White suburban home.
    IRRRL Facts for Veterans
    Military.com
    IRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.
  • US Map Showing High Cost Counties
    VA Loan Limits for High-Cost Counties 2017
    Military.com
    The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...
  • Get the FAQs on VA Home Loans
    We've answered 16 of the most frequently asked VA Loan Benefit questions. View them now to get a quick understanding of your be...
  • Top 3 VA Home Loan Tips
    There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down, in some cases u...
© 2016 Military Advantage