Time deposit is a form of time investment that is managed by a bank. Initially, opening a deposit could only be done face-to-face with customer service at selected banks. However, as technology develops, deposits can be opened through an online intermediary platform. Either through mobile banking, internet banking, or websites (depending on the policies of each bank). However, before using this facility, let’s study the advantages and disadvantages online deposit first.
Do not know, then do not love. This adage also applies in choosing a bank to open a savings deposit online. The reason is, the method and application is slightly different from the face-to-face opening. Because, customers do not meet directly with the bank. Therefore, check out the reviews about the advantages and disadvantages of online deposits.
Advantages of Online Deposit
1. Quick and easy opening system
Talking about the advantages and disadvantages of online deposits, then the thing that comes to mind is the ease of the process. Customers do not need to come directly to the intended bank, because everything can be done from anywhere. It’s an easy thing to be missed by young executives, whose lives are rushed by time.
It is enough to fill in the opening deposit form which contains the time period (tenor), nominal money, and the interest payment system. Everything is as easy as turning your palm. This is because the required data is synchronized with the customer’s main account data. So it is highly recommended to open a deposit at the same bank as your regular account.
2. Does not require extra time and effort
The second advantage is that it is free from the demands of extra time and effort. Prior to the online service feature, customers had to come and queue at the destination bank. Still added with the arrangement and signing of a number of opening documents. For some customers, this activity is considered a waste of time.
3. Easy deposit closing process
It’s as easy as opening, it’s that easy to close an online deposit. Simply open the internet or mobile banking application and select the closing feature. Then within the specified time, the funds will go directly to the main account. Meanwhile, the provisions of deductions or administrative costs can be immediately deducted.
B. Disadvantages of Online Deposits
1. Not all banks serve online deposit opening
This article on the advantages and disadvantages of online deposits must be read thoroughly. The reason is, not all banks have served online deposit opening.
2. Prone to virtual data theft
The next drawback is prone to virtual data theft. The forms of cyber crime that usually lurk virtual transactions are phishing, hacking, and technical problems.
3. There are many foreign terms
The most common drawback then is that there are many foreign banking terms, which are not easily understood by ordinary customers. This happens because there are many leapt words from foreign languages.
Thus a review of the advantages and disadvantages of online deposits, hopefully this article is useful for consideration, before opening a deposit account from online.