Are You Ready for Online Banking

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Are You Ready forOnline Banking?

• By Donna Sawyer

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About Me

• Senior at VWC
• Married
• Born in Norfolk, VA
• Have 1 Dog, Oscar
• Collect Lighthouses

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Introduction to Online Banking

• Access account information, review bills, pay
  bills, transfer funds
• Apply for credit, mortgage or auto loans
• Find out if a check has cleared
• Compare rates and prices
• 24 hour access to your bank accounts

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Benefits of Online Banking

• For Banks
• Cuts payroll costs
• Extends to new markets
• Flexibility
• Image of Company

• For Consumers
• Saves time/Money
• Flexible
• Can log on from almost anywhere
• Convenient
• Transaction Speed

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Disadvantages of Online Banking

• Building trust with consumers to use online
  banking
• Laws and software issues to support online
  banking to ensure accountability
• Security
• Learning Curve
• Bank Mergers
• Site Changes

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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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Privacy Policies

• Most financial institutions have policies about
  what information they collect, how they use this
  information, and whom they will share it with..
• You do have the right to inform your financial
  institution that you do not want your information
  to be shared-OPT OUT

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Protecting Your Privacy

• Check out bank website for security practices or
  contact the bank directly
• Encryption
• Passwords or PIN s

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Still Not Sure?

• Most banks provide a demo on their website for
  new users to see what the online banking services
  provide
• Start by using one service at a time

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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