Banking on line
Many banks have introduced online banking services in recent
years.
These systems offer a high level of convenience to bank
customers, allowing them to perform many banking functions from the privacy of
their homes via the Internet.
Most online banking systems offer the ability to get account
information, pay bills, make transfers between accounts, stop payment on checks
and view current and previous statements.
If you've not yet enrolled in an online banking program but
are considering doing so, the following information may be of assistance.
Selection
If you bank at a small bank or savings and loan, you may
want to switch to a larger institution for your online banking needs.
Online banking systems are complex and expensive to
implement and maintain, and smaller banks generally don't have the funds and
other resources necessary to offer top-notch online banking services.
By contrast, large banks like Citibank, Chase, Bank of
America and Wells Fargo have had online systems for many years, have steadily
improved them, and have the resources to expand their functions and maintain
them well.
Also, you'll want to choose a bank that does not charge for
online banking.
The banks named above all offer online banking for free.
Sign Up
Some banks require you to fill out a special application
to enroll in their online banking systems but many do not.
The banks named in the previous section all allow any
customer to access their online banking systems without a special application.
The first time you log on, you'll be prompted to enter your
identifying information, such as your account number, ATM card number or Social
Security number.
You'll be asked to choose a user name and password, which
should both be items that you can easily remember.
Your password should be different from the PIN code that you
use at the bank's ATMs.
Account Setup
You'll probably want to use your online banking system to
pay bills, so you should gather all of your regular bills and set aside some
time to enter the information about them into the system.
Also, make a list of your other expenses, like your rent or
mortgage, car loan and other obligations for which you may not receive a
statement, and write down the addresses where you normally send your payments.
Then go online and enter the data into the system.
Many online banking systems are already set up to pay many
merchants, banks and other creditors electronically, and most have a search
capability that allows you to find these organizations on their systems.
You probably will not need to enter the payment address for
these organizations, but you'll still need to enter the correct account number
from your statement.
Security
Make word documents of bank details BSB and Account numbers
and save them in my documents to copy and paste them in when logging in to
avoid spyware and keyloggers.
Recurring Payments
Most online banking systems have the ability to make
recurring payments of a fixed amount at a regular interval that you specify.
This is especially useful when paying things like your rent,
mortgage or car loan, which are usually the same amount each month and due at
the same time of the month.
If you schedule a recurring payment, you won't need to worry
about making your payment each month, as it will be made automatically for you.
However, if the amounts and/or due dates change, you'll need
to go online and adjust them accordingly.
Other Functions
Virtually all online banking systems offer the ability to
transfer money between accounts at the bank, or even to and from accounts at
other institutions.
If you've made a practice of putting money in a savings
account on regular basis, you can usually set up a recurring transfer for that
amount, or, if you prefer, you can do it on an ad hoc basis.
Many systems offer a variety of other functions, such as
obtaining copies of statements and canceled checks, issuing a stop payment, and
ordering new checks.
Once you sign up for online banking, spend some
time exploring your system and acquaint yourself with the various functions it
offers.
Bank Online
Convenience is the name of the game with online banking.
Review your account balances, pay bills and order checks
with the click of a button.
Make sure your current bank offers online banking.
If not, open a checking account with a bank that offers an
online banking service.
Check to ensure that your computer hardware and software
meet the bank's minimum requirements.
Sign up for online banking via the bank's Web site or at
your local branch office.
You will need to provide basic, personal information.
Have your bank account numbers handy as well.
Log on to your account through your bank's Web site using
the customer number and/or password assigned to you by your bank.
Run the demonstration program that most banks offer through
their Web sites.
The demonstration will take you step by step through all of
the online banking features available to you.
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