Finance Articles

How Safe is Personal Online Banking?

As the use of the Internet continues to expand, more banks and thrifts are using the convenience and ease of the Web to offer products and services, as well as enhance communication with customers. According to the Federal Deposit Insurance Corporation (FDIC), the Internet offers the potential for safe, convenient ways to shop for financial services and conduct banking business ? 24/7. However, to ensure safe banking, customers need to be educated in making good decisions that protect them from costly surprises or even scams.

Protecting Deposits

Whether seeking a traditional bank or online bank that has no physical offices, the FDIC advises to make sure that the institution is legitimate and that deposits are federally insured.

The following are safety guidelines for those considering Internet banking:

Seek key information about the bank posted on its Web site. Read the "About Us" section that describes the institution where a brief history of the bank, the official name and address of the bank's headquarters, and information about its insurance coverage is provided.

Be on the watch for fraudulent Web sites. Keep an eye out for copycat Web sites that use a name or Web address very similar to that of a real financial institution. These sites hope to lure in unsuspecting customers who might provide personal information, such as an account number and password.

Verify the bank's insurance status. Customers should look for the familiar FDIC logo or the words "Member FDIC" or "FDIC Insured" on the Web site. Some banks operating on the Internet are not insured by the FDIC, such as those chartered overseas. Customers who choose to bank with these types of banks should know that the FDIC may not insure deposits.

For insurance purposes, banks may use different names for online and traditional services. This however, does not mean customers are dealing with separate banks. To determine maximum FDIC coverage, deposits at the parent bank are added together with those at the separately named bank Web site and are insured for up to the maximum amount covered for one bank.

Only deposits offered by FDIC-insured institutions are protected by the FDIC. Products such as mutual funds, stocks, annuities, and life insurance policies sold through Web sites or at the bank itself, are not FDIC-insured, are not guaranteed by the bank, and may lose value.

Protecting Privacy

Bank customers 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. As of July 2001, banks are required to provide customers with a copy of their privacy policy, regardless if business is conducted online or offline.

Customers should be advised that banks may want to share information about their customers to help market products specific to needs and interests. Customers who do not wish to participate in information sharing have the right to prevent the bank from sharing personal information with any parties not affiliated with the bank.

Some companies may also track the Web browsing habits of their customers while at the bank's site, to better understand interests. Customers can ask whether a specific bank track browsing habits if these practices pose a concern.

Protecting Transactions

Learning how to safeguard banking information, credit card numbers, Social Security Number, and other personal data is of vital importance when conducting business on the Internet.

Customers who want to ensure their transactions are secure should carefully examine a bank's Web site for information about its security practices, or contact the bank directly. Examples of security features include:

Encryption: the process of scrambling private information to prevent unauthorized access. Some browsers display a small icon on the screen that looks like a "lock" or "key" when customers conduct secure transactions online.

Passwords or PINs: When customers access an account online, a password or personal identification number (PIN) should be required. Passwords or PINs should be unique and changed regularly. Avoid birthdates or numbers or words easily guessed by others.

General security: Virus protection over personal computers and physical access controls should be used and updated regularly.

AmericanMomentumBank.com provides a wide array of personal banking and business banking options and banking solutions tailored to your individual needs. For more information, please visit AmericanMomentumBank.com.

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Adverse Credit Mortgage Investors Seek Help
Major financial institutions which hold billions of pounds in mortgage backed securities have been watching mortgagors default on their home loans in record numbers in recent times Surprisingly these investors have not shored up their defenses against the rogue borrowers enough and as a result have been losing money hand over fist

Give Them What They Really Want This Year: A Smaller Mortgage
Countrywide's Credit Card Rewards Feature Enables Cardmembers to Pay Down Their Mortgages Faster; Rewards Fully Transferable to Friend, Family Member's Countrywide Mortgage - Survey: 71 percent of cardmembers opting to redeem points to pay down their mortgage

Bad Credit Debt Consolidation Mortgage ? At Relatively Low Interest Rate
Are you fed up of giving various payments to different creditors. Looking for a program that can bring down your payments by making you debt free within short period? Avail bad credit debt consolidation mortgage.

Property in Bulgaria - Huge Investment Potential
Bulgaria is a truly magnificent country, located in Eastern Europe with an amazing coastline that stretches over 340km along the Black Sea, with a backdrop of one of the world's most magnificent mountain ranges and the beautiful and historic capital city of Sofia.Today Bulgaria not only offers one of Europe's most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped property and real estate markets.

Ten Important Questions To Ask Your Mortgage Loan Broker
When looking for a mortgage in today?s market you are swapped with information, products and deals. This can make the whole process very daunting and confusing. For this reason it is good to be prepared with a set of questions to ask your mortgage broker, so that you do not get ripped off and you know where you stand.

Bad Credit Loan Mortgage Rate And The Good Lender
"Blessed are the young," says Herbert Hoover, "for they shall inherit the national debt." Debt, in whatever language or guise, is bad. But what if you've incurred debts and find it hard to dig yourself out of them? Does this mean you are forever disqualified from owning a home? Some would say yes. Bad credit loan mortgage rates show otherwise.

Business Commercial Loans - Finance For Business Expansion
In business, there are always the ups and downs. Sometimes you may profit and at other you may face the loss. It is a more like a gamble and only those who can shoulder risk are bound to excel. Finance is also an important factor which supports and takes cares of the various needs and expenses. it is not that lack of finances can stop your business enterprise. There are ample finances available in the form of business commercial loans, which offers monetary assistance so that you are capable of meeting your various needs.

Stinson Morrison Hecker Advises Clients In Corporate Finance Deals Totaling More Than $1 Billion In One Week: Firm Announces Success after Advisin
Stinson Morrison Hecker LLP today announced the firm has advised clients on more than $25 billion in corporate finance transactions during the past 10 months, with more than $1 billion during the third week of October. Eight of these transactions were public offerings where the firm served as issuer's counsel.

Tips on Buying Real Estate for Investment
Many people think that in buying real estate as an investment they can't go wrong, but there are some things to watch out for. One thing is buying real estate that is offered to you through a real estate seminar you may have attended. Don't fall for that 'once in a lifetime opportunity' scam. Real estate is available all the time and if you buy it through them, you'll be lining their pockets much more than your own.

Ansbacher Investment Management to Launch Pure Equity Index Variance Swap Strategy in Q3
Ansbacher Investment Management, Inc. (http://ansbacherusa.com) plans to launch an equity index variance swap strategy in the third quarter of this year to take advantage of the persistent overpricing of broad based equity index volatility.

Management and Investment Group Acquire Supply Chain Business of ChemConnect
Business will continue with existing management, products and services with expanded offerings in a wider spectrum of industries.

Secrets of Mortgage Lending (the eBook) The Inner Workings and Hidden Data of the Mortgage Lending Business
A mortgage broker with over 20 years in the mortgage business has written an impressive eBook titled "Secrets of Mortgage Lending." This is a ground-breaking insider chronicle revealing the hidden data and practices of the mortgage lending industry.

Is It A Good Idea To Pay Points On A Mortgage?
When you go to closing on a mortgage, you have a number of options available to you. One of these is to pay points so that the interest rate can be reduced. Here is what you need to know to help you determine if you should pay points on your mortgage.

Refinance Mortgage Loan: Ignore Those Teaser Rates
If you're enticed to get a refinance mortgage loan because of the incredibly low initial rates, you're actually looking at a teaser. Because most people believe that low rates indicate the best deal, they fall for the trap and find themselves locked in the vicious grip of a loan they cannot afford.