Getting Started With Online Banking

Online banking can help you manage your personal finance activities and even help you budget your expenses conveniently.  By going online for your banking needs, you can better track your money and have faster access to new banking opportunities.  Online banking offers a variety of tools for managing all your needs and even a customer service center to call for help.

To get started online, you must first go to your bank's website and register for an online account.  Once you register, you will have access to all of your existing bank accounts.  You can take advantage of online banking for managing your loans, credit and finances.

• Educate Yourself: Take the time to browse through the various pages on the site and educate yourself about online banking by reading FAQs.  It is also important to read the privacy policy of your institution to be aware of safety and protection.  This will help you take advantage of the tools offered by online banking.
• FDIC Insured: Make sure that the bank you are considering is a member of the FDIC because you will be insured up to $100,000 on all your savings accounts, checking accounts and CDs.  If the bank is not a member, do research to find one that is.
• Avoiding Fees: Check your account on a daily basis if you use your debit card in order to avoid getting overdrawn.  Having twenty-four hour access to your bank account is a major benefit of online banking and it will help you save money.
• Beware of Scams: Always be cautious of "phishing," which is a term used for online scams.  If you ever need to log in to your online bank account, always go to the website of your bank.  Schemers, or third party members, will often email bank customers requesting private information, such as social security numbers, account numbers, passwords, and PINS, via the web. The email will often contain a link where you are directed to a page asking you to fill in your information.  The web page you land on is not connected to your actual bank and the information you provide will go to the unknown third party.  If you receive such emails, do not follow the requests.

Opening Your Online Bank Account

One of the perks of online banking is that you can open accounts that offer higher interest rates and other features.  Online bank accounts are only offered over the Internet.  The advantage of these accounts is the Annual Percentage Yield (APY).  By opening your bank account online, you will help the bank save money and you will be rewarded with higher rates in return.

When shopping around for an online bank account, be sure to look at the APY and other available services such as buying CDs, applying for a mortgage online and being able to pay bills online.  Additionally, check for an automatic savings plan which will allow you to accumulate money automatically every month.

For some, being able to link all their accounts online and transfer money from one account to the other is another determining factor.  It is also important to have easy access to customer service for any questions you may have about your account.  Above all, be aware of the safety and security measures of the institution you will be opening your account with in order to protect your privacy.