Online Banking: The Arguments Against

01.28.07 | Online Banking | 0 Comments | by junger

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As is fairly obvious, I'm a pretty big fan of online banking, whether it's online savings accounts or even something like banking bill pay.

But it's only fair to discuss both sides — hey, people even want to know if there are reasons not to open an online savings account — so here are the arguments against online banking, courtesy of's Banking section.

1. Customer Service With Online Bank Accounts

One reason to avoid online banks is that you may run into bad customer service. With a brick-and-mortar bank, you'll likely have some familiarity with the staff. At a small credit union, the staff might know you well.

Why does this matter? It's easier to get good service if you know the staff and they know you. You can pick and choose who you deal with. However, if your online bank account offers any phone service, you have to take your chances with the "1-800 Lottery".

You might get somebody helpful and knowledgeable, or you might not.

2. Online Bank Accounts and Speed of Clearing

The internet is supposed to make things faster. However, you might have to wait a long time for checks to clear. You certainly can't ask for a cashier's check if you

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