Online banking comes with some disadvantages like security risks, limitations in the transaction amount, service downtime due to technical problems, etc. It can be a challenge for a new customer to use online banking for the very first time, and that why some customers prefer face to face transactions with a bank teller. Below are some of the cons of using e-banking.
01. Security risks
Security is a major concern when it comes to internet banking. All banks and financial institutions have set up security measures on their websites to prevent fraud, phishing, and identity theft. However, websites are not immune to hacking and cybercrime. Most hackers usually target websites to swipe clients’ account details, and this eventually leads to theft of funds through unauthorized transactions.
02. Transaction amount limitation
Online banking comes with limitations in the transaction amount, and this makes it difficult for clients, especially business owners, to deposit large amounts of money online. There are limits set by online banking systems, and when you reach the limit, you will have to visit a bank branch to deposit the funds.
03. Technical problems
For you to use i-banking, you must be connected to the internet and also have a computer or any other device that connects to the internet. Online banking will not be useful if you cannot access the internet. Also, in case the server of your bank is down or under repair, it may be hard to know if a transaction went through.
04. No cash transaction
Another drawback is related to withdrawing your money. You cannot withdraw money directly via the internet, so you have to visit your bank’s location if you want to have cash in your pocket.