With the growth in ecommerce, it is no wonder that there has been a growth in online banking as well. But what makes for a good online bank, and is it for everyone? This article covers the pros and cons of online banking.
https://www.thebalance.com/pros-and-cons-of-online-banks-1289898
- The main benefit of online banking is
Convenience
High interest rates on savings rates
Friendly customer service
Greater likelihood of being approved for a loan
- When compared to brick-and-mortar banks, online banks
Have surprisingly poor-quality website interface
Have the same website interface as brick-and-mortar banks
Better quality website interface and better mobile apps
Have a slower response time to customer inquiries
- One of the drawbacks of online banks is
That it takes forever for them to respond to customers
They can have credibility issues
They provide lower interest rates on savings accounts
They can be down temporarily due to websites being down
- Of the following services which would be one where a brick-and-mortar bank would be preferred over an online bank?
Opening a savings account
Opening a checking account
Applying for a home loan
Opening a short-term investment account
- Of all the features listed below, which feature far outweighs the others when it comes to the appeal of online banking?
Online banks offer high rates on savings account
Low ATM fees since online banks have plenty of ATM agreements with other banks
Plenty of branches since they work hand in hand with brick-and-mortar branches
Ease of deposits and withdrawals for customers
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