Online Banking Safety
Online banking can be a great way to keep track of your finances without having to leave the comfort of your own home. All you need is a computer with an internet connection - exactly what you already have! However, there are a few pitfalls which could occur when using online banking accounts, which you need to be aware of. The safety of your information is paramount and to help you protect your information, we've put together some key points for you to rememeber.
- Bank with a brick and mortar bank - if you need the support. Highstreet banks now offer online banking facilities, but may not offer as good interest rates as some non-highstreet banks. If you are comfortable with not having a brick-and-mortar bank for your online banking where it won't be as easy to contact, it may pay off to look around for a better institution.
- Strong passwords. A password that is easy to guess is no good at all. Different banks take different approaches to this. You may be given your own password, or you may be asked to choose a password according to a set of guidelines - a certain length, must include letters and numbers etc. Make sure this is not something that can be easily determined from someone who knows you - for example, a place and date of birth, a memorable word that is special to you etc.
- Keep your log in information safe. To log in to your account may need some information that you can't easily remember. Is it OK to write it down and keep it by the computer? How about your wallet? Well, however you store it, you are essentially storing the keys to your bank account. You need to be sure that you have put the information in a secure place away from prying eyes.
- Hidden Charges. You may be charged for services that online banking make easier to access, such as additional statements sent to you through the post - though you should be able to access your statements online. You will normally be asked for confirmation before executing the service that may charge you, so always read the small print - yes, unfortunately, there's small print even on websites.