On Line Bank Account: Convenient But Check Security Measures

2007-03-08 10:33:40

( Automobiles )



You probably want to open an on line bank account but are too wary about security issues. Although online banking has been around for the last decade, many consumers still prefer the security of banks with physical presence and such banking options as branches, automated teller machines (ATMs) and phone services.

Traditional banks (those with branch offices and tellers) and virtual banks (which exist only online and have no or only few branches) both accept on line bank accounts. So you can open an on line bank account with any of these, since online banking means that you use the Internet to transact business with your bank’s computer.

You have to log on with your personal identification code and password to access your on line bank account, see which transactions have cleared and generally maintain your account anytime of the day. Other benefits you get when you have on line bank accounts are the ability to transfer money, pay bills and loans on line. Some banks let you download transactions to make records-keeping easier.

Although online banking does not replace the use of ATM to obtain cash or deposit money, it can save both time and postage when you make on line payment for your bills. There is also the potential to earn higher interest rates and pay lower fees since banks spend less on Internet transactions than full-service teller transactions.

You have to check some important safety and security measures with your bank before you open an on line bank account. Make sure that the on line bank account is federally insured. Secure written guarantees to protect you from losses in case of online fraud. Your on line bank’s site must offer 128-bit encryption, a firewall to protect data from hackers and automatic lockout if you enter your password wrong more than three or four times.


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