Are You Ready for Online Banking

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Are You Ready forOnline Banking?

• By Luke Erickson and Jim Schaffer

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Why Bank Online?

• Access account information
• Review bills, pay bills, transfer funds
• Apply for credit, mortgage or auto loans
• Find out if a check has cleared
• Swiftly compare rates and prices
• 24 hour access to your bank accounts
• All without leaving your comfortable chair!

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Online-Account Access

• Each bank designs its own Internet website.
• What you see on
• your screen and how
• you use an online
• banking system
• differs among banks.

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Sample Online Banking Screen
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Making Decisions About Online Accounts

• When selecting an online bank the most convenient
  choice is the bank you currently use.
• You should also shop other online banks for
  prices and services.
• www.checkingfinder.com
• www.savingsaccounts.com
• Select the system that best meets your needs, is
  easiest to use, and does so at the least cost.

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Access your existing account online

• Go directly to your banks official website.

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Using Online Accounts

• Online banking simplifies the banking process,
  yet is very similar to using a regular checking
  or savings account.

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Using Online Billpay

• You must identify sources of deposits to the
  account and decide who will be paid online.
• You will also have to determine the dates on
  which bills are due and the usual amount of the
  bill if it changes from month to month.

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Enter Sign On Information
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Search for an Electronic Payee
Manually Add a Payee
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Select the Bills You Want to Pay
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Enter an Amount and Schedule a Payment Date
You Can Also Schedule Repeated Payments
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Disadvantages of Online Banking

• Learning Curve
• Like riding a bike. Its hard at first, but it
  becomes very easy once youve learned.
• Bank Mergers
• Site Changes
• Security
• Fraud
• Phishing
• Spyware

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Identity Theft Happens

• Identity theft is one of the main concerns with
  online banking.
• ID theft
• Personal information is used to impersonate you
• Social security number
• Credit card number
• Bank account number

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POP QUIZ!

• What is the best thing to do with spam?
• 1. Read it and order whatever they are selling.
• 2. Reply to the sender and tell them to stop
  sending you emails.
• 3. Yell at it and smack your computer.
• 4. Forward it to the Federal Trade Commission.
• 5. Eat it.

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• Spam
• Do not reply to spam email even to remove your
  name.
• Forward spam email to the Federal Trade
  Commission (FTC) spam_at_uce.gov
• Use an e-mail filter/firewalls to reduce spam
  other risks viruses, hackers, etc.

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Secure sight?

• A normal website begins with
• http//
• A secure website begins with
• https//
• (Notice the s. This means it is secure.)
• Another sign is to look for the padlock icon at
  the bottom of your browser, like so

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Choosing a password

• Dont use personal information
• like a birthday or childs name.
• Mix different character types
• Letters, numbers and symbols cat.67
• The longer the better
• kittycat.67
• Make it different from common English
• kiykat.67

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Security Tips for Consumers

• DO
• Make sure that you are on the correct website
• Make sure that you choose a password that will
  not easily be decoded
• Check monthly checking and credit card statements
  carefully each month
• Report errors or problems promptly
• Be sure to Log Out of website when finished

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Security Tips for Consumers

• DO NOT
• Disclose personal information such as credit card
  or social security numbers unless you are 100
  sure who you are dealing with
• Have other browsers open while you are banking
  online
• Download or open files that were sent from
  strangers because this could infect your computer
  and capture sensitive information without you
  even knowing.

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For More Information

• FDIC Consumer Rights Webpage
• http//www.fdic.gov/consumers/consumer/rights
  /index.html
• What is Online Banking?
• http//www.bankrate.com/brm.olbstep2.asp
• Online Banking Security
• http//www.bankbranchonline.com/security.html
• FDIC Regulations
• http//www.federalreserve.gov/regulations