Online Banking - Do you still pay your bills by mail or in person, and physically go to your local bank to make deposits or apply for loans and mortgages much like your parents did If not, you are like many adults who have discovered the convenience of online banking, because it allows you the option to bypass time consuming paper based transactions, and manage finances more quickly and efficiently. According to Pew Internet & American Life Project, at www.pewinternet.org, “fifty-three million people, or 44% of internet users and one quarter of all adults, now say they use online banking”, a 47% increase from 2002. This is a phenomenal number. Today, most large banks like US Bank, Bank of American, Wells Fargo, Bank One, and Chase, as well we smaller banks and credit unions offer some form of online banking, also known as electronic banking or home banking.
There are many advantages and only a few disadvantages to online banking. The major advantage, of course, is convenience. They never close and customers can take care of business any time of day or night from the comfort of their home or hotel room, where ever they happen to be. Bank accounts can be accessed and managed from one secure site, transactions are confirmed faster, and most systems are compatible with home money managing programs. The disadvantages to online banking are relatively few, but may be very significant in certain cases. Deposits into accounts must be made by mail unless there is a local branch bank nearby; if it’s a virtual bank, this is the only option
For more information regarding online banking systems, whether you are thinking about or already using it, visit www.fdic.gov, for safe internet banking advice. Making good financial decisions will help you avoid costly surprises or even scams, something no one can afford. Be sure to confirm that an online bank is legitimate, that personal information is kept private and secure, and that deposits are insured, especially if it offers online services only, and no physical location. Understand your rights as a consumer, and learn where to go for more assistance if needed. Verify that the banking institution is ‘fDIC Insured’ or ‘member FDIC’, because if the bank is not a member, your deposits may not be insured. And of course, read the bank’s online banking terms and conditions so there aren’t any surprises in your financial future.
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