Just within the last several years, the Internet has emerged as a highly convenient way to conduct banking business, as well as shop for financial services. As the use of the Internet continues to expand, more banks are using the web to offer products and services or enhance its communication with existing customers.

However, according to the Federal Deposit Insurance Corporation (FDIC), safe online banking involves making wise choices – decisions that will help users avoid costly surprises or even scams.

Whether selecting a traditional bank or an online bank with no physical office, users should make sure a bank is legitimate and that deposits are federally insured. The following are tips for consumers considering banking over the Internet:

Read key information about the bank posted on its Web site. Peruse the “About Us” section on the bank’s Web site where a brief history of the bank, its official name, address, and its insurance coverage from the FDIC is featured.

Protect yourself from fraudulent Web site. Be careful to avoid copycat Web sites that use a name or Web address similar to, but not the same as, that of a real financial institution. Their intent is to lure potential customers in giving personal information, such as your account number and password. Making sure you have typed the correct Web site address of your bank before conducting a transaction.

Verify the bank’s insurance status. To verify a bank’s insurance status, look for the familiar FDIC logo or the words “Member FDIC” or “FDIC Insured” on the Web site. Internet users may also check the FDIC’s online database of FDIC-insured institutions.

Due to insurance purposes, a bank may use different names for its online and traditional services. Your deposits at the parent bank are added together with those at the Web site and insured for up to the maximum amount covered for one bank.
Only deposits offered by the FDIC-insured institutions are protected by the FDIC. Nondeposit investments and insurance products, such as mutual funds, stocks, annuities, and life insurance policies sold through Web sites or at a bank are not FDIC-insured, are not guaranteed by the bank, and can lose value.

Quite often banks that are chartered overseas are not FDIC insured. If you choose to use a bank chartered overseas, it is important to note that the FDIC may not insure your deposits.

Consumers often want to know how their personal information is used by their bank and whether it is shared with affiliates of the bank or other parties. Beginning in July 2001, banks are required to provide customers with a copy of their privacy policy, regardless of whether you are conducting business online or offline. Here, customers can learn what information the bank uses regarding its customers and whether it shares this with other companies.

It’s important to remember that the Internet is a public network. So, it’s important to learn how to safeguard banking information, credit card numbers, Social Security Number and other personal data. Look at the bank’s Web site for information about its security practices, or contact the bank. Also, be informed about the Website’s security features including:

1. Encryption: the process of scrambling private information to prevent unauthorized access.

2. Passwords or personal identification numbers (PINs): Used when accessing an account online. Choose a password unique to you and consider changing it regularly.

3. General Security: Security provided by your personal computer such as virus protection and physical access controls should be used and updated regularly.

Considered an added convenience to customers, some banks may offer links to merchants, retail stores, travel agents and other sites. Keep in mind that nonofficial Web sites linked to your banks’ site are not FDIC-insured. These company’s products and services may not be insured by the FDIC and your bank may not guarantee the products and services. Make sure you are comfortable with the reputation of a company before making a transaction and never provide a credit card or debit card number unless you initiate the transaction.

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It’s important that you choose your bank account according to your needs. But sometimes its gets really tough for a person to open a bank account. The reason being that the bank demands two forms of ID, a utility bill and may be even a reference and you don’t have time for it.

Let not yourself be intimidated. You have got a solution- open an Online Bank Account. Do you know what is it? How can you have it? Is it safe to have a bank account online? Hold your curiosity! We have your answers.

Online banking (Internet Banking) can be said as the mode of banking where bank services like transaction, payments, etc are executed over the internet through a bank’s secure website. If you have a bank account online, you can avail the bank services even if you are not in town. Above all, online bank account helps you to avail services outside bank hours. So it’s evident that the customer availing online bank account is increasing day by day.

Are you getting worried about its safety and security?

Did you ever ponder why the number of customers having online bank account is increasing day by day? Certainly because these online banks offer facilities that enjoys the best security system. They bring their best effort to protect financial and personal information of their clients. The online bank service utilizes the advanced encryption and security software to ensure you the safety and protect your account from the hackers.

This also allows you to enjoy number of services:

1. It helps you to access your account online free via internet from the privacy of your home at day or night.

2. Depending on the type of online account you have, you are permitted to transfer your money between your accounts.

3. You can also pay your bills directly from your account. (Depending on type of online account you have; it may require some fees as well.)

4. They allow you to view your balances and also check the outstanding cheques or debts.

5. You can also download your account statement.

6. You can also process any number of online account creation or alteration.

Some guidelines to open such accounts are:

1. Choose an institution. Check what type of account you want, whether a saving account, free checking Account, etc.

2. Get to the Online bank’s website.

3. Pick up the product that matches your needs.

4. Then provide the bank with the necessary information like your name, birthday. Sometimes even Driver’s License number or Government ID.

5. Agree to abide by the rules. Also accept the responsibility for certain actions.

6. Print, sign and mail the document to the bank.

As these steps are done, you get your account open in the online bank. After a few transactions you will agree that the online bank provides you better control over your finance. Moreover opening a bank account online is easy, effective and is equipped with the services that matches your present needs.

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Help answer the question aboutonline bank