| Stay secure online banking | |
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The banks online banking sites are created with a number of high security measures implemented: |
| All about banking online | |
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As you would expect, with the interent continually growing and becoming an important part in peoples lives and the need for people to be able to do things at their convienence online banking is becoming more and more popular amongst the UK public. Odviously the benefits of online banking are that you can do it at your own convienence, and not 9-5 when the bank on the highstreet is open. You no longer need to see someone or go down to the branch in the rain to sort out paying a bill or transfering money, or even the simple task of having to queue at the cash machine to check your balance, 24 hours a day, 7 days a week! Naturally many people have fears over the security with online banking, but with all the latest technology and encryption that are specially designed for online transactions, such as online shopping and banking, your details are kept safe and secure and you have no need to worry. The banks themselves understand these concerns and for added peace of mind some (if not all) will cover any cost of computer crime towards your account so you need not worry about losing your money! |
It's a simple fact: Times are hard. Credit card debt is at an all-time high, while millions of Americans live without a safety net of savings. Mortgages are a mess, the gas pump leaves you gasping, and you can't even escape to the movies without paying a ridiculous $5 for popcorn. But you don't need to wave a magic wand and win the lottery or even give yourself a big raise. One thing you can do is start managing your money online. It's pretty simple. My wife and I have been banking online for years. Once you learn the tricks -- how to use the tools and resources -- you can save and even make more money. You could say you owe it to yourself.
Get Started
Sign up with your current bank (most have an online component). Or check out larger banks like Chase and Bank of America; they have easy-to-follow demonstrations on their websites. Avoid banks that charge for online banking or that limit the number of bills you can pay for free.
Basics: Online banking saves you time and saves you late fees -- which in turn helps safeguard your credit rating. To pay your bills, enter the names and addresses of payees. Many companies will already be listed, so you'll just need to type in your account number.
Automatic Payments: You can manually request payments, which gives you the most flexibility, but it's best to set up automatic payments, especially for the mortgage and car. Don't dismiss smaller accounts, though. We pay our son's cello teacher automatically, for instance. In either case, just select a payment date (and an end date).
Bonus: My wife and I got a quarter-point shaved off our mortgage interest rate by signing up for auto payments, and our home insurer waived the installment billing fee.
Other Options: For bills that vary month to month (your phone bill, credit cards, utilities), set up "e-bill" payments and request minimum or full payment. Your bank will alert you by e-mail that your bill will be paid, telling you when the transaction will go through and the amount to be sent. You can always view your statement electronically on the bank's website.
| TRADITIONAL BANKS | ||
| Bank of America | 0.2% 0.2 | 0-.05% 0-.05 |
| Chase | 0.2-2.25 0.2-2.25 | 0.05-0.65 0.05-0.65 |
| Citibank | 0.7 4.5 | 0.25 0.25 |
| HSBC | 0.15 4.25 | 0.05-0.1 2.5 |
| Washington Mutual | 0.25 4.75 | 0.1 0.1 |
| ONLINE ONLY | ||
| 2% | 3.4% | |
| 4.55 | N/A | |
| 5.05 | 3.60 | |
| 4.1 | 3.15 | |
| N/A | 4 | |
| 4.25 | 3.4 | |
Very. It may seem counterintuitive, but banking online is safer than using your mailbox, a major source of identity theft. Most important: Make sure your bank has "zero liability" protection. It means the bank will cover you for any Internet fraud on your account, provided you've taken basic security steps like enabling the firewall on your computer. (On Windows XP, it's under the Windows Security Center in the Control Panel. On Vista, click on Security under the Control Panel. On a Mac, it's in the Sharing tab under System Preferences.)
Tips for Banking Safely
• Use a current browser: Firefox 2, Safari 3 or Internet Explorer 6 or 7.
• Enable the function that automatically looks for security updates. On Windows XP and Vista, the Automatic Update tab is under System in the Control Panel. On the Mac, it's under Software Update in System Preferences.
• Don't use the same password for all accounts and sites. A combo of letters, numbers and symbols best safeguards your bank data.
• Install software that protects your computer from viruses (which can corrupt your files) and spyware (which can surreptitiously transmit your data to another computer). Three user-friendly choices: Symantec's Norton Internet Security 2008, Kaspersky's Internet Security 7.0 and McAfee's Internet Security Suite. All cost $70 to $80.
Banking on the Run
Cell phone, or mobile, banking makes sense for people on the go who want to quickly pay a bill, check a balance or transfer funds. Baer Tierkel, a software developer in Amherst, Massachusetts, monitors his accounts with his cell phone while shopping. "Before I started tracking and categorizing my spending this way, I never knew where my money was going. Once I saw I was spending too much at my dry cleaner, I found a less expensive one. I'm saving $15 a week."
You'll need a cell phone with Internet and data access; ask your carrier about fees. And you'll want a bank that guarantees "total security."
The three main technologies: text messaging, downloadable applications and a wireless browser. All have pros and cons, but Citibank and Bank of America work on a wide range of phones and carriers.
| CATEGORY | BEFORE (monthly) | ONLINE (monthly) | YEARLY SAVINGS |
| Savings | $10,000 @ 0.7% APY | $10,000 @ 4.5% APY | $380 |
| Checking Service Fee Checks Overdraft Fees (4@$29 each) Late Fees (1@$38 each) |
$15 $3 $116/year
$38/year |
Free N/A N/A
N/A |
$180 $36 $116
$38 |
| Mortgage (autopay) | $1,200 | $1,170 | $360 |
| Groceries (with cash-back card) | $400 | $388 | $144 |
| Tax Preparer | $115/year | Free | $115 |
| Pay Bills | $4.92 (stamps) | Free | $59 |
| Home Insurance (autopay) | $2 billing fee | Waived | $24 |
| Dry Cleaner | $120 | $60 | $720 |
| Restaurants | $25 | $10 for $25 certificate | $180 |
| $0 | $20.83 | $250 | |
| BOTTOM LINE | $2,602 | ||
The banks themselves take every step they can to keep online banking safe, but naturally the user also has their own set of responsibilities in the process to make sure they don't make it easy for anyone the chance of doing an harm!
Online banking in short is using a computer to connect to the internet and then interact with your own bank account throught your computer and the internet.