Essay - Online Banking On-line Banking—a Persuasive Argument to Give it a...

Online Banking

On-line banking—a persuasive argument to give it a try!

***** would you prefer to s*****ve your money? In bank that offered you the option of a s*****vings account ***** paid 1.5% in *****terest a month, or *****nother bank that boasted that its savings accounts ***** 4.5% in interest a month? You would choose the second *****, of course, right! Yet many persons are, unwittingly or not, are choosing ***** first *****.

Many banks are currently offering higher interest rates on savings accounts because they are using high rates of ***** to attract customers to bank online. From the bank's perspective, online banking is cheaper—the bank does not have ***** maintain a building or pay tellers, so it can offer higher rates of interest to customers on savings accounts. But customers remain wary. Why are people ***** resistant to online banking? Usually it is because ***** a leg*****im*****te fear—the fear of identity theft. However, with proper precautions, ***** that a person should ideally take whenever he or she explores a new bank, the risks ***** online ***** can be mitigated.

*****, and most importantly, a ***** user should confirm ***** ***** online bank is legitimate and that the ***** insures its deposits according to the laws of the Federal Deposit Insurance Commission, as specified on the FDIC website. The bank should also have proper, password-protected services to keep *****'s *****al information private and secure. But if an online b*****k is insured, ***** is *****, online banking can *****fer a user *****dditional convenience and constant access to their money, twenty four hours a day, as well as ********** promotional interest rate to encourage ***** to take advantage of such new *****fers.

***** ***** requires a certain level of responsibility on the part of the c*****sumer. It ***** wise to monitor ***** funds in ***** accounts, to ensure ***** *****r balance is correct. Also, there ***** fewer face-to-face meetings with persons who ***** give you advice about managing your account. ***** for self-motivated consumers who frequently use the Internet for work ***** pleasure, (and ***** *****n't, nowadays, in the thirtysomething and under set) online banking can truly make your money '***** for you***** by earning a ***** rate of interest.

Works Cited

Tips for Safe ***** Banking." (Jul 2005) FDIC Official Website. Retrieved 4 Apr 2006 at