In the digital age, many services that were once handled in person can now be handled over the internet. You can order your food shopping to your door, rent films and television series and even do all of your banking online.
Online banking has come a long way in just a few short years, there are now banks that are completely online, and even traditional banks are moving many of their services to being internet-based.
While many people have fully embraced online banking and enjoy it for the convenience and choice it offers, there are still many others that are reluctant to do their banking activities online. This may be because they place more trust in the traditional high street bank, lack technological knowledge or because they believe some of the myths that are often spread about banking online.
Here are some of the most commonly heard myths that surround online banking and the truth behind them:
Online banks don’t have as many perks as traditional banks do
There is sometimes the belief that online banks do not have the same perks that traditional more established banks offer, but this is often not the case. For example, online banks offer a range of additional benefits which can include incentives like no fees or lower fees for spending money abroad.
Cash back on certain groups of purchases are another common offering. This might include household bills or retail shopping. You might also find online bank accounts with linked savings accounts that have competitive interest rates. Some also have nice rewards like railcards, retail discounts and similar offers.
You can use online comparison sites to find online banks that have the very best perks and rewards for their customers.
There is a 3 – 5 day processing time for withdrawing winnings online
Many people still believe it takes between three to five working days to get a refund or withdraw from an online account, such as a gaming account. While this was true a number of years ago, online businesses quickly improved their service and made withdrawals seamless. An instant withdrawal casino in Canada isn’t hard to find, meaning players can make regular deposits without the worry of being without the cash for a long period, even if they win.
You will now find that many online casino gaming sites are able to facilitate these fast transactions, just check the different transaction methods and terms and conditions before you sign up and start to play.
You need to be technologically savvy to use online banking
The idea of doing your banking online might feel a little intimidating for someone that doesn’t use the internet in their day-to-day life at present, however it really doesn’t have to be a scary process. All you need to get started is access to some sort of device, such as a smartphone, tablet or computer, with an internet connection.
Online banking websites are often laid out in a way that is easy to follow and understand, text is clear and concise and explains the process you need to follow. Once you have got access to your account and used it for the first time, you will see just how simple online banking can be.
For those with no experience using these devices or the internet, it is quite easy to access adult education short courses and your local library or learning centre. Alternatively, you can ask a trusted friend or relative for help.
There is no human customer service anymore when banking online
Artificial intelligence or AI has been making headlines in recent years and many believe it is replacing traditional customer support services. However, while some online banking providers might use AI to help answer simple, common queries, it is always still possible to contact a human customer representative if you need to.
This might be over the phone or through a live online chat. When visiting a traditional land-based bank, you might be able to see someone face-to-face but could end up waiting a long time in a queue. And while you might also be in a queue on the phone, at least you can wait in the comfort of your own home.
They aren’t as convenient as a traditional bank
Some people may think that an online bank isn’t convenient and finding what you need is a bit of a ‘faff’. However, online banking gives you 24/7 access to your balance and the ability to send and receive money wherever you are provided you have an internet connection.
Online banking has so many benefits and different uses. Whether you are withdrawing winnings from an online gaming account or sending your friend half of the bill from lunch, handling your money online can be must faster and easier than relying on more traditional banking methods.