Online Banking Notes

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Online Banking Parker McMurry

1/18/17

Consumer Economics

I. Online Banking

1. Online Banking and Bill Pay

a. Who: Some still prefer face to face interaction but millions do some or all banking online.

b. Why: It is convenient and efficient and many times it is a free service.

c. What can you do: You can make transactions and access your banking account from anywhere with an internet connection.

2. Banking Services

a. Access to Account Balances and Activity: Quickly and easily view recent activity and account balance

b. Balance Alerts: You can set up to where you get notifications about how much or how little remains in your account via email or pop ups when you first login.

c. Transfer Funds: easily transfer money between accounts

d. E-Statements: Keeps your info private and secure and allows you to view your statements online

e. Automatic Payments: Allows you to schedule to pay your bills automatically instead of writing checks you just pick a date for the money to be withdrawn.

3. Mobile Banking

a. Where: Mobile banking allows you to access your account anywhere on a cell phone or PDA.

b. Why: it is an easier way to stay up to date on payments, transactions, and makes it easy to check your balance from anywhere

4. Benefits of Using Online Banking

a. Saves Time: When you log on you have 24/7 access to your account as opposed to going to the bank when they are open and waiting to be helped

b. Saves Money: Many online banking services are free. If you use online bill pay, you save the money it would cost to buy checks and stamps.

c. Safe and Secure: Your bank will tell you what to look for in order to insure good security. You can login under "https://" to be more secure. Make sure you bank is FDIC insured. And Never share your login information.

d. Build Credit: A checking account is a good way to increase your credit score and build credit

5. Security and Privacy Tips

a. Create a Unique Password: make consist of both letters and numbers and change it often

b. Always Sign Out: Always log out of your account and clear browser history

c. Change your Password: After using a public computer change your password

d. Don't Save Info: Do not share or save credit card info, account info, on any private or public computer

e. Don't Fall for Scams: don't "click here" or follow a link to verify information because its a scam. Your bank doesn't need you to verify information

6. Examples of Online Banking

a. Every Bank is Different: Most banks do offer online banking and some even offer apps but all banking systems are different