Introduction
Online banking is also known as Internet banking or web banking. This is a service that allows bank people to conduct financial transactions online. Nowadays, people have numerous obligations throughout the day and banks understand that. Practically every bank has a mobile app. These apps offer customers almost every service they have in the traditional branch. That includes paying bills, deposits, and transfers.
In the following lines, students will see the advantages and disadvantages of using mobile banking. They will also see why they should consider using credit cards.
Benefits of online banking for students
Saving time
Students usually don’t have much time for everyday activities because of academic obligations. There are numerous essays and projects they should do. Visiting a traditional bank entails staying in line and depending on someone. Bank employees must work slowly and carefully to prevent potential mistakes. When you use mobile banking, you get your work done faster. Besides mobile banking, there are essay-writing services that can help students. They can use an essay writing help and focus on other assignments they need to do. Nowadays, students can find help online and save their precious time.
Access to account 24/7
Students are often under pressure. They worry about a lot of things, such as the teacher’s comments for students' writing. They don’t have the energy to go to the traditional bank. Maybe the most significant advantage of using online banking is the ability to access your account. That means at any time, wherever you are. Visiting a bank branch is pointless when you have online banking. On the mobile app, you can check statements and account balances, transfer funds, and pay the bills in a second.
Useful features
Mobile banking will show you numerous interesting and useful features. Besides checking account balances, you can use peer-to-peer payment. That means you can send money to someone in a minute. Some mobile banking apps can discover near ATMs. For introverted students, there is a great option that offers a chat with a live representative. That reduces the chances of getting an anxiety attack by speaking in person in a branch.
Security
Nowadays, you can set multi factor authentication to your banking app or online bank account. Most of the mobile apps ask you to use biometric authentication to log in. That includes your fingerprint or face recognition. They also ask for additional verification if you log in from an unknown device.
Lower fees
Students are usually on a tight budget. They should pay attention to small expenses. Because a dozen small expenses can be gathered into a big one. Traditional banks usually have high fees. Sometimes, they even charge for paper, stamps, checks, and envelopes. However, online banks often have lower fees. For example, you don’t have to pay ATM fees or overdraft costs.
Benefits of using credit cards
Personal safety
When we talk about safety, it is never safe to carry a significant sum of cash. You could lose money, or someone could steal it from you. In these cases, there are small chances to return it. However, you can always cancel credit cards in such unpleasant circumstances. Using credit cards and mobile banking is a very secure option you should consider.
Refund option
When you use credit cards, you can request a refund in case you are unsatisfied with the product. Sometimes, the product you get is faulty or different from the pictures you saw in the commercial. Sometimes, it just doesn’t arrive. In these and similar situations, you can request a chargeback from your credit card company.
Traveling and shopping abroad
As a student, you probably travel a lot. You should know that credit cards work in any currency. On your next trip abroad, you won’t spend time looking for an exchange office. Don’t worry about conversion fees. Many credit cards waive fees for international purchases. That is great for overseas online shopping or holidays.
Potential downsides of using online banking
Dependence of internet
You should know that you can’t use mobile banking when you are offline. Sometimes you don’t have access to Wi-Fi, or you are out of mobile data. Then you have to go to the branch to do what you need. However, there are usually several automated teller machines on a college campus. You won’t be out of cash if you are offline.
Technical issues
If you use online banking, you can face technical problems. Banks often develop mobile banking software. Sometimes the system crashes and you can’t access your account. In this case, you should patiently wait for the system recovery. However, you should visit the nearest branch if you are in a rush.
No personal connection
Knowing bank staff can help you get a loan. It is also useful when you have to make changes to your banking arrangements. Also, if your financial circumstances change, the bank manager will understand it. They can change the terms of your account. Online banking is an ideal option when you want to avoid personal contact. Yet, you should know that you can get some benefits from meeting your banker personally.
Conclusion
Online banking is one of the most valuable achievements of our society. It helps people all around the world, especially students who have tons of academic obligations. Mobile banking saves time. Students can access their accounts any time they want anywhere. Mobile apps have useful features, such as instant payment. They also have multi factor authentication for advanced security. Often, mobile banking charges lower fees than traditional banks.
It is safer for students to use credit cards. They can cancel cards in the case of theft. They can also use them abroad. For all these reasons, students should consider using mobile banking as soon as possible.
