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❓ASK What is one downside of EMI accounts?



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.

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