Banking

Why spend your lunch hour standing in long bank lines, or manually updating your checkbook, when your can track your finance online? Paying bill, transferring money, and viewing transactions electronically is what online banking is all about, and it’s never been easier.

GETTING STARTED

First, visit your current bank’s website and find out whether it offers online banking. The chances are that varieties of features are already provided. Think about the type of banking you do most frequently—business, personal, loan management, or investments – and select a service that suits your needs best. While some banks offer free services online, others, like Citibank (àbuat hyperlink www.citibank.com), charge a monthly fee. Some also require that you install their software.

Can’t find your bank’s site? Check out the Financial Institutions and Branch Office Data (http://www2.fdic.gov/structur/search) and click on search offices for details of banks, credit unions, or any kind of financial site.

In addition to your PC, all you need to get started is a modem and web access. In a few cases, you’ll need bank-specific software, too.

Million of people already bank online. Make sure your bank offers all services you need. The best bank websites go beyond bill-paying and balance updates to let you check your credit card accounts, link banking and brokerage accounts, make trades, and get free stock quotes. Some update account information in real time, and not overnight.

SAFETY AND SERVICE

Is web banking safe? The general consensus is “Yes”. All banks use the industry standard Secure Socket Layer (SSL) encryption in the interactive section of their sites. For even tighter security, use either Navigator 4.0 or Explorer 4.0 or later versions, which are capable of 128-bit encryption. Check the padlock symbol on your Taskbar. If you get a message saying the browser can’t communicate with the site, don’t do business there. Be sure to grill banks on customer service: How quickly do they respond to e-mail? How do you reach a live person? If you find that your bills have not been paid, how will the bank respond to your query?

The biggest security breaches come after setting up super-secure encrypted and password-protected banking accounts, when the people enter their security information into computer and walk away from the desk to have lunch or run an errand. To keep your banking details safe, make sure you always log off whenever you are away from your PC.

Make sure your bank has enough live support. Accidentally sent someone the wrong amount, or discovered that checks have not been going out when they should? Make sure that you keep backups of all your banking information. Filing paper copies away doesn’t hurt either.