Online deposits: where is a catch?

The concept of “online deposit” is a relatively new one in the use of advanced web users, but, as experience has shown, it is to be. Those who have “tried” this service, note the following advantages of online investing: it’s convenient and time-saving; it offers more attractive rates than traditional bank deposits, and personal deposited finances are at free disposal of investors. However, there are still some nuances. Do online deposits in the banking system have the right to be considered an alternative element of diversification for investors? The answer to this and many other pressing issues are given in today’s article…

Online deposit bank service suggests two scenarios:

a) The customer submits an application online and visits bank office to register documents;

b) If the customer uses online banking service, he/she enters the site and selects the deposit plan. Then he/she completes the deposit and receives a package of documents in electronic form (without stamps). Final stage is money transfer to deposit account. A visit to the bank is not required in this case.

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Let’s find out why the person, who is not the client of the bank yet, cannot choose the option B? The fact is that an employee of the bank shall identify the identity of the client in accordance with source documents when connecting the internet banking option. After that client data are added to the database and it is not necessary to visit the bank for verification purposes anymore.

Even if you are not a client of the bank yet, by filling the online application before visiting the bank you save your time. As a rule, the bank manager will contact you and assign a specific time of the meeting. You also solve another problem, namely the endless queues in banks.

The use and the outlook of online bank deposits

The number of people being interested in “investing from home” tends to increase and that is a clear thing. The prospect of this trend is caused by the ability to optimize customer services and client support as well as the integration of additional spectrum of means to attract new customers.

Tangible benefits – kindly provided by banking institutions for signing online deposit – should be also noted. For example, yearly bonuses for making deposits are not sponsored from the bank treasury. The bank can afford it by saving money on the deposit agreement administration.

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Where is a catch and what should everyone expect?

There are not as many restraining factors in making online deposits popular. Online banking together with online deposit is widely used by bank institutions, simplifying life of their customers. However, mistrustful citizens consider online deposits a not reliable enough means of personal savings accumulation. Perhaps, they may be right. If you register online deposit without visiting the bank, you will not get the stamped agreement. Of course, in case an emergency situation happens, you can get a statement from the electronic transaction log, but still some doubts remain.

Here is one more big question: are online deposits secured? Surely, the financial institutions are concerned with safety of the input/output data, and all the information exchanged by the client and the bank is encrypted on the server. During the procedure of funds transfer the client receives one-time password by SMS service. So, even if the scammers have access to the user’s system, they will not be able to clean out user’s balance. It is advisable not to use other PC for conducting online deposit.

Let’s move up to the final and the most up-to-date catch, namely additional customer fees. The bank saves its human resources with every online deposit deal and the customer is supposed to pay some fees: paid online banking service, interest charge for account servicing.

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As any other published material on GIO pages, this article is not a hidden PR-action or a call for action. Anyhow, bank institutions are one of money diversification instruments. By the way, it is a relatively safe instrument compared to HYIP sphere (inflation consequences are insufficient, chances of deposit loss are moderate). As for other nuances concerning classical online deposits safety, there is no written completion of the deal. Anyway, all money transactions are always actions at your own risk. HYIP investors know it for sure.

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