Online accounts and traditional accounts
The dispute between traditional accounts and online accounts continues unabated, with a decisive prevalence of seconds over the former: economic convenience, practicality, time savings and ever increasing security seem to be the basis of the advantage offered by virtual accounts compared to the traditional ratio banking, which risks – in the absence of innovations – to quickly become obsolete.
Online accounts: what do they have more than traditional accounts?
What constitutes the strength of online accounts is their convenience. While on the traditional accounts the creditor rate is equal to a negligible minimum, and, on the contrary, often the fees are rather expensive compared to the services offered, the virtual accounts are presented as very low-cost ratios with rather interesting and competitive returns.
This double advantage in terms of profitability and cost has caused a rapid shift in the number of banking customers with medium- low level financial requirements to the onlinw accounts, able to remunerate stocks at levels very often similar to those of short-term Government bonds term.
Online accounts: what do they have the same as traditional accounts?
As in the case of the “traditional” accounts offered by the banks physically present on the territory, the online accounts have a series of services able to satisfy the banking and financial needs of most of the customers.
In addition to the registration of the accounts on the account, on which it is often possible to credit transfers (while for some products of account remains the impossibility of making checks payments), the online account provides a range of transactional payment services able to allow a wide usability of the service at the ATM and credit card circuits.
Very often, moreover, contrary to what happens with most traditional accounts, these instruments are granted free of charge and without the provision of commissions per transaction, which go to weigh on the account holder.
Online accounts: what do they have less than traditional accounts?
What the online account is lacking is precisely what has apparently been its strong point for a long time: physical contact with the branch. Until all is well, in other words, the online account seems to be able to guarantee a long life to the virtuality of the relationship between bank and customer.
But when there is a need for explanations or clarifications, then the online account often shows serious flaws. Not all remote communication services by e-mail and telephone are in fact up to expectations, with the consequence that customers with medium-high level financial needs are still unable to do without the advice offered by the “old ”Banking in the branch.
Online accounts and deposit accounts
Finally, be careful not to confuse a real online current account with a deposit account , often with high remuneration. The first is a relationship similar to the account traditionally offered by the bank under the house. The second is a piggy bank with higher rates and lower possibilities in terms of services.