THE PROS AND CONS OF INTERNET BANKING: A SHORT REVIEW
Authors: Ioannis KOSKOSAS
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Bank fees often strike fear in the heart of the average banking customer. According to a survey by Bank-rate, a company that reports on banks and banking, customers continue to get smashed with higher fees, ranging from ATM charges to minimum-balance fees. In addition, some customers are even charged a commission fee just to speak to a real live bank teller! In a recent checking account pricing study, it was found that interest-bearing checking account customers charged the worst. The average interest charging checking account earns only 0.27 percent interest while account holders pay $10.86 on average in monthly fees. This review in internet banking seeks to show an alternative to banking through “bricks and mortar” and provide an understanding of the pros and cons of going online. Many traditional banks offer some online services, but the very cheapest choices some will find are internet-only banks, which operate specifically online. Customers can get the same services online that are used to from traditional banks, such as checking and savings accounts, CDs, and other financial products and services. Those who are interested in paying lower fees for better customer service, they should investigate internet banking.