What are the Disadvantages of Online Banking?

[Suba]

Online banking, or digital banking, is a type of banking that can only be accessed online. Unlike conventional banks, banks don't have physical buildings. They simply access the bank through their website or mobile app. Online banks don't need to hire as many employees, resulting in lower costs and the ability to offer higher interest rates than conventional banks.

 

[Springtime]

Here, we call such banks virtual banks. That is, banks without branches. Right now, they are not that popular because people in general still worry about not able to contact anyone if there is any problem. Or, if the internet is down.

 

[eLdavis]

While online banking often has many advantages, one major disadvantage with online banking is the fact that it relies on Internet network, so in a situation where there is no Internet connection or data, you won't be able to do anything with your bank.