Online Banking: Pro’s & Con’s

With the advancing technology in today’s society, a significant amount of daily activities are moving towards an online medium. Banking is definitely one of these activities. Almost all banks across America offer the option to bank online.

My dad still writes all his transactions down in his ledger. He keeps track of everything he spends, withdraws and deposits into his bank account. He has always tried to get me to do the same thing, but I told him that I didn’t see the point when the website does it for me. With the ability to bank online through PNC, all my transactions are documented on my account when I log in to their website.

That being said, there are both pro’s and con’s to online banking. Chron Small Business wrote an article examining the risks and advantages of online banking and makes some great points when examining online banking.

Some of the risks that come with online banking include identity theft and phishing. You are at a much higher risk for identity theft when using online banking because all that information is available for hackers. A simple user ID and password will not keep your account and personal information as safe and an institution with a state-of-the-art security system. Phishing is when hackers create emails that are sent to people who use online banking. The email contains a link that, when clicked on, appears to be the homepage of your bank. In actuality, this link steals your log in information, giving criminals access to you online banking account.


Online banking does more bad than good though. According to an article wrote in Business Insider as to why online banking is better than traditional banking, all the risks of online banking can be proved invalid.

Business Insider makes the point that, even traditional banks store your account information in an online database. So what’s to say the hacker doesn’t get into the bank’s database in order to gain access to many accounts, not just yours? Basically, as long as you’re smart about it an always log into you account on a secure and trusted wifi, and never share your account information, the risk of getting your information stolen is equal in both situations. And if for some reason your account does get hacked, any account through an FDIC backed bank will cover you losses up to $250,000.

Some of the advantages of online banking include smaller fees. Most online banks offer free checking, along with smaller depositors because their monthly balances typically aren’t as high as traditional banks.

24/7 access is of high convenience for online bankers. With online banking, you have access to your account 24/7, 365 days a year, can pay your bills and eDeposite money online at any time you wish, and have constant access to online customer service. This is a way for banks to accommodate to everyone’s busy schedules.


The convenience and accessibility that online banking offers is accommodating with the changing and advancing society of today. Technology is running our society and every smart business is changing to adapt to that.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s