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The Pros And Cons Of Internet Banking: A Short Review

Author

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  • Ioannis KOSKOSAS

    () (University of Western Macedonia, Kozani, Greece)

Abstract

Bank fees often strike fear in the heart of the average banking customer. According to a survey by Bank-rate, a company that reports on banks and banking, customers continue to get smashed with higher fees, ranging from ATM charges to minimum-balance fees. In addition, some customers are even charged a commission fee just to speak to a real live bank teller! In a recent checking account pricing study, it was found that interest-bearing checking account customers charged the worst. The average interest charging checking account earns only 0.27 percent interest while account holders pay $10.86 on average in monthly fees. This review in internet banking seeks to show an alternative to banking through “bricks and mortar” and provide an understanding of the pros and cons of going online. Many traditional banks offer some online services, but the very cheapest choices some will find are internet-only banks, which operate specifically online. Customers can get the same services online that are used to from traditional banks, such as checking and savings accounts, CDs, and other financial products and services. Those who are interested in paying lower fees for better customer service, they should investigate internet banking.

Suggested Citation

  • Ioannis KOSKOSAS, 2011. "The Pros And Cons Of Internet Banking: A Short Review," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 1(1), pages 49-58, December.
  • Handle: RePEc:rom:bemann:v:1:y:2011:i:1:p:49-58
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    File URL: http://beman.ase.ro/no11/4.pdf
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    References listed on IDEAS

    as
    1. Kindleberger,, 1982. "Financial Crises," Cambridge Books, Cambridge University Press, number 9780521243803, May.
    2. Jonathan Eaton & Mark Gersovitz & Joseph E. Stiglitz, 1991. "The Pure Theory of Country Risk," NBER Chapters,in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 391-435 National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Internet banking; E-commerce; Financial engineering; Online economic review;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General

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