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What are the advantages of online banking?

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Quick Answer

Primary benefits of online banking center on the ability of a customer to complete self-service transactions from home or another external location, according to CBS News. This advantage is especially valuable for people who don't have the time or physical ability to leave home and stand in line.

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What are the advantages of online banking?
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Full Answer

For people with kids or jobs that align with the open hours for the bank, online banking is also convenient. Parents can use the Web at their convenience rather than dragging small children through the bank, reports CBS News.

Another major benefit of online banking is immediate real-time access to banking information and transactions, according to Bankrate. Customers don't have to stop by the bank or an automated teller machine; they can log in to their accounts and review balances at any time.

Online providers also allow customers to transfer money from their accounts to pay bills. Consumers often save several dollars a month on postage materials and stamps by paying bills online, reports CBS News.

Despite concerns about Internet security, online banking offers some security advantages relative to traditional banking processes. Completing transactions online is typically at least as safe as sending checks through the mail. Most banks offer fraud protection and refund cash stolen through online banking, according to CBS News.

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