Online and mobile banking
Are online banks better than traditional banks?
- Cash deposit
- Easier cash withdrawals
- in person customer service
- Broader range of accounts and products
- Stability of technology
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Online bill pay and recurring payment
- Allows customers to pay their bills electronically
- Recurring bills
- Set up automatic payment each month
- No limit to the number of bill that can enrolled in online bill pay
Pros and cons of online bill pay
| <<Pros<< | <<Cons<< |
|---|---|
| Bills are in one place | Risk of overdrawing account |
| Payments can be automatic | Fraudulent charges missed |
| Environmentally friendly | Processing time |
| secure |
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How to bank safely
- Never use unsecured public wifi
- Don't save logins
- Use passphrase instead of passwords
- Keep up on updates
- Never click on email links
- Check account often from a safe location
- Use a unique username
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Pros and Cons of cashless society
| <<^^Pros^^<< | <<cons<< |
|---|---|
| Simplicity and convenience | Lost privacy |
| cost savings | Security risks |
| Less crime | Technology issues |
| Paper trails | Economic inequality |
| Easier international travel | Ease of overspending |