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❓ASK What is one downside of EMI accounts?

B

Blaka

Guest
EMI accounts, like any financial product, do have their downsides. One drawback is that they can be pricier compared to traditional bank accounts. It's worth noting that certain services may also come with extra charges from certain providers. Moreover, not all EMI providers are the same, so it's crucial to conduct thorough research and select a trustworthy provider that offers the specific features you require.
 
The only disadvantage with EMIs is that the customer support is online. Unlike traditional banks that you get to meet face to face with a customer rep. Online customers support creates a kind of strain in addressing customers complains entirely as on site customer care would have done.
 
If people take on multiple obligations from electronic money institutions at the same time without taking their total financial capacity into consideration, this can result in debt accumulation. Due to this, they may find that a sizable amount of their monthly income is allocated to repayments, leaving little money for other needs.
 
One downside of EMI accounts is the lack of deposit insurance, such as FDIC coverage in the United States. Unlike traditional bank accounts, EMI accounts typically do not offer government-backed protection, meaning users risk losing their funds if the institution fails. This can undermine trust and limit adoption among risk-averse customers.
 
The lack of regulation that separates EMIs from banks is one of the main hazards associated with using them for banking. Accordingly, using an EMI to bank could make deposits less secure. Plus, customer service departments at EMIs are usually smaller.
 
Even if you have the money available, you may not be able to pay off the loan early under certain EMI plans because of limitations like no prepayment options. If you are not able to make the monthly payments, this could result in long-term debt and hardship.
 
These are very serious downsides that are good additional knowledge and the value in the above made posts is immense we should be careful with such accounts and better use normal banking services indeed actually for our needs mostly indeed actually so that we are safe always
 
I think One possible downside of EMI accounts is that they may not be insured by government deposit insurance schemes, unlike traditional bank accounts. This means that in the event of the company's insolvency or bankruptcy,
 
Traditional bank unlike Electronic money institution have standard and government backed branch.
You don't get visual assistance in terms of having issues with their platform.
But the traditional bank system offers face to face assistance
 
That is correct you won't be able to find much benefits of these emi based accounts while government solutions have the backing these type of accounts have no backing at all and that is indeed one of the risk with such accounts actually indeed being honest mostly
 

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