Should I Use M & I Online Banking?

Prior to, if you still remember, I have talked on the subject of online saving account. These days, I will discuss of a quite similar thing which is m and i online banking. Actually, it will be quite a common trend nowadays to try banking activities online except for some countries like Malaysia (my place country), m and i online banking is just not been used widely. Might be, the banking system there isn’t strongly developed yet. Although, I expect m and i online banking that they are widely used in Malaysia throughout maybe 5 years time.

Okay, enough with numerous background of online banks and loans in Malaysia. Let us look at why we should or ought not use m and i online banking.

Advantages

By m and i online banking, almost every transaction may be possible from home. This is good as it saves lots of our time. Now, we do not have to go down to a bank to accomplish a transaction like copying money from current to saving account. Before, this transaction only can be performed at the bank considering ATM machine cannot work with this.

By having web based banking, we can monitor our balance easily. This gives u . s . more control over each of our budgeting plan (see that post about controlling most important expenses). For example, I can now what amount of should I spend for the rest of the month by looking inside the online statement. So, I don’t have to have to wait for monthly bank statement which sometimes certainly not posted at all (I feel currently using National Traditional bank as my primary bank and possess not received my bank statements the past 2 months).

Disadvantages

Many banks charge online depositing under service charge. With regard to my National Bank on the web banking, they charge everyone about $1. 00 a month even if they said that I are not charged as I am a major international student (Damn! I loathe National Bank).

And the biggest issue about m and i online banking is security of your account. Since you are doing all your transactions online, you information could very well be traced by other undesirable people. And by using your information like your m and i online banking details, your money can be transferred far from your account in a few moments!

So, what am I wanting to say here?

Pretty much, m and i online banking is really useful in lots of ways but all at once, the risk is in some cases quite high. So, undertake some research about ones own bank. You must know the amount of security they offer meant for m and i online banking. Ask your pals about their experience with the particular bank. And consider searching for other’s review online. For the New Zealand online deposit system, I would say that Raboplus (operates below the Rabobank) and ASB continue to the best. So, not surprisingly, the choice is you. Make it wisely.