The Online Banking System really making indolence to the people; due to devoid of moving anywhere from the home; just seating in home without standing in queues in banks and ATMs. Everyone in this world keens to live an easy and fast lifestyle; however in the move of making fast and easy they forget to chase some of the silly instructions and caught under online swindlers. There are some disadvantages of online banking procedure which every user should know and be aware of that while using.
Internet Banking or Online Banking permits customers to make transit money from one account to other or while purchasing products from online sellers. As it seems much easier to process and get access through various purposes at home, without moving anywhere by saving lot of time; that much of disadvantages and risk factors it carries along with. Some of the most common disadvantages are:
- Many people while transiting money online have a common worry about safe transfer of money to the said person in time. Whether the money was transferred in time to specified person or not? There is uncertainty in mind until a confirmation or receipt (of delivery/receiving) acknowledged. While depositing or transferring money at bank is totally risk free and that is bank’s responsibility.
- While using e-banking maximum information is found hidden to the account holder and to read the information and guidelines of any takes a too long; which is really wasting of time unnecessarily. Many bankers do not disclose the transaction details for more than last six months; due to which people facing lot of problem while making their accounts management.
- It was advised and sending mails/newsletters to account holders not to disclose the matters of account and personal details. However, while using internet banking some empty boxes are asking to fill with such details. The user has no idea whether s/he is providing right information at right place or not. There is a lot of quandary in decision making.
- Some bankers are asking Internet Service Provider (ISP) of the system while registering as they highly encrypted with protections. However it is one more chaos because once all the ISPs pilfered by the hacker’s, there is no way to dodge from them.
- While transiting through online banking there is a limitation of daily transfers; afterwards the user has to move the ATM or Bank to complete that.
- Everything praised to technology and dispraised to technology itself. This is because, while making transactions through e-banking due to system downtime or server problem the money gets stuck in middle counter (second party); and it takes more than a day of time to return back or process as opted. Sometimes, due to technical/server problem users unable to process the same for a longtime.
- Resolving an issue is very time taking in case of online banking; whereas in banks the users can directly meet the officers to make the solutions. The same thing in cases of customer support. If you call the customer care you've wait for five to ten minute over call (for which you've to pay) then the call may be connected to their representative; there is no guarantee. There is also a facility of direct chatting with the customer care executives; which is also a dummy.
