The best way to safely bank online

If you’ve got a computer, access to the Internet, and a bank account, you can usually get set up with an online bank account fairly easily. Simply visit your financial institution’s web site and go through their enrollment steps.

Each bank is a little bit different, but usually the web site will ask you to confirm your address, your account numbers, and to provide answers to some security questions. You’ll then be asked to create a unique password and given a set of questions that only you will have the answers to. That way, if you ever decide to contact the bank by phone, they’ll be able to verify that you are who you say you are by asking you one or two of your security questions.

Just so you know – when the bank is asking for your online banking password, they aren’t asking for your personal identification number (PIN). You should never give that out to anyone. If you’re not comfortable registering for an online banking account through the Internet, you have the option of phoning in your registration, or visiting your bank in person so that they can help you through the online banking registration process.

Here are links to a number of online banking registration pages for some national banks:

• Wachovia
• Bank of America
• Wells Fargo
• Chase
• Citi

Fee structure, services offered, interest rates, branch and ATM locations and hours are some of the main considerations when choosing a traditional bank. Each of these criteria is still important when you’re choosing an online bank since you’ll most likely be using the same bank for your offline transactions as well.

One of the most important things to consider when signing up for an online bank account is the bank’s security. It’s great to have free online banking as long as it’s not at the expense of your financial security. If you’re looking at new banks or financial institutions that you’re not familiar with, or even if you’re not sure what your own online banking security policies are, make sure to find out.

Do a little research by reading their security policies and procedures. All banks that provide online banking have to follow strict security regulations governed by Regulation E (RegE), of the Electronic Fund Transfer Act. The information on security should be easy to find on the bank’s website and should offer instructions on what to do if you believe you’ve become a victim of identity theft. Safe online banking sites will let you know if they offer any kind of guarantees or insurance should you find yourself a victim of theft or fraud. When banks offer that kind of written guarantee, you’ll be more confident that they are serious about protecting you.

Some additional considerations when researching an online bank are: How easy is the web site to use? Does the bank offer technical customer support 24 hours a day? Can you do all the transactions that you will regularly want to do – including paying bills online and transferring funds?

Taking the time to carefully compare all of the options before you choose a financial institution will likely save you time in the long run because you’ll be sure that you’ve made the right choice for you.

Online banking is a lot more than just being able to check your account balances online. You should be able to take advantage of the same banking services online as you can in person. Having easy access to Internet banking has a lot of advantages including the following:

• Ability to see at a glance your outstanding debts, including loans, mortgages, retirement savings plans, education funds, etc.
• Ability to pay bills online
• Ability to view processed checks online
• Ability to apply for credit online
• Ability to open and close accounts online
• Ability to transfer funds online from one account to another

If you’re registering for a banking service that offers these services for free, or for a limited service charge, it’s probably worth taking advantage as much as possible. If there are extra charges tied to these services, you might want to consider switching banks, or only signing up for the services that you know you’ll need on a regular basis.

These days, people are looking for ways to cut back on greenhouse emissions by doing things like carpooling or walking instead of driving whenever possible. Online banking might not save the planet, but it could save you a lot of time, wasted energy and fuel.

For some people, paying the bills used to mean getting in the car and visiting the phone company to pay the phone bill, the cable company to pay the cable bill, etc. A lot of time was wasted just idling in traffic, then waiting in line at each place.

For others, paying bills was done by credit card, check, or money order through the mail. Of course, with those options, you had to make sure your bill was sent in time or you risked being charged with a late fee. The other problem was all the paperwork coming through the mail. That meant sorting and organizing all of your paid bills into a filing cabinet and tossing the envelopes into the garbage or the recycling bin.

Internet banking takes care of all of these problems. You can access your online bank account from home, work, or even while away on vacation. There’s no driving involved and best of all, no needless paper cluttering your home. Still not convinced? Just talk to a customer representative at your bank for more information. They’ll answer all of your questions about the benefits of online banking.

When you’re thinking of signing up for a new online banking service, most people tend to stick with the financial institution they’ve always used. While most of the major banks and financial institutions do offer similar services online, the differences can be quite surprising.

A few things to consider when searching for a bank online include:

• Whether or not there is a fee to register for an online bank account, especially if you’re a new customer.
• What types of free online banking services they offer (savings, checking, free bill-paying online, etc.)
• Differences in online bank account interest rates.
• Online theft guarantee. Many banks will offer protection or reimbursement for using their Internet banking service. Why? Because most well-known, established banks have very tight security and are confident that you, as a consumer, will be well protected.
• Depending on your needs you may want to look for a banking service that also has a physical location, not just a virtual site.
• Minimum deposits required. Some banks will require a minimum deposit or will only offer free online bank services if you arrange direct-deposit through them.

All online bank accounts are not the same, so take the time to figure out which one is right for you before signing up.

Online banking is probably one of the easiest things you’ll ever do. It really will simplify your life. Don’t worry! You don’t have to be a computer expert to pay bills online. In fact, your bank will probably have a free technical support line in case you run into any problems. They can even guide you through the process of registering for an online bank account.

The majority of big-name banks offer great tutorials online, easy-to-find toll-free numbers if you need to talk to a real person, and the convenience of paying all of your bills online with just a few clicks of your mouse. To find out more information, read the information on your bank’s website or give them a call with your questions.

Banks, credit unions and financial institutions spend a great deal of time and money to ensure your safety while banking online. That being said, fraudsters can also spend a lot of time and money trying to hack into these systems.

Online banking is considered safe, but you should take steps to protect yourself from fraudsters who may be trying to steal your identity while you’re banking online.
To protect yourself from identity theft:

• Install anti-virus software
• Learn how to spot a phishing email and what to do if you get one
• Only navigate directly to your online banking web site (don’t follow links to it)
• Protect your online banking login information (don’t share your PINs or passwords with anyone!)
• Be sure to log off the online banking web site when you’re finished

For more information on banking online safely, see GetSafeOnline.org.

If you have a choice, it’s usually much safer to bank online from a computer terminal that is not shared. However, sometimes you can’t avoid it and there are a few things you should keep in mind to protect your online banking security when using a computer that is not your own:

• Always “log off” when you’re finished using your online bank account. Some computers are set up to allow users to automatically login without retyping usernames and passwords. For example, if you only return to the bank’s homepage without logging off completely, someone could come along behind you and easily access your online bank account because of the information you’ve left behind.
• Make sure there are no prying eyes lurking over your shoulder. It’s the equivalent of someone looking over your shoulder while you key in your ATM number. As you access your account, stay alert to the people and activities going on around you.
• Never leave the computer unattended without first completely logging off of your online bank account.
• Clear your cookies when you’re finished. Cookies are used to track where you’ve been online and can often contain sensitive information.

For more information on how to clear your cookies and conduct online banking transactions safely at a shared or public computer terminal, see GetSafeOnline.org.

Many online banks are taking steps to make their login processes more secure. The first step in these changes has been designed to help you make sure that you’re actually at your online bank before you enter your password. To do this, banks are moving away from entering your username and password on the same screen.

They are implementing a process where you go to the bank’s web site, enter your username or userID, and then the bank authenticates back to you that you are at the bank’s web site. It does this by showing you an image and some text that you have pre-selected. If you recognize this image and text, then you know that you’re at your bank’s web site. You can then go ahead and enter your password to authenticate yourself (hence the term “double authentication” – the bank has authenticated its web site to you, and you’ve authenticated yourself to the bank).

Many banks will be taking even further steps to secure their login processes - especially if you’re moving large amounts of money out of your accounts. Some, like Bank of America, have introduced systems that email you a text message with a one-time use code that expires as soon as you use it.

Yes. Often companies will put cookies on your computer that track how often you shop at their web site and what you’ve been looking at. Their marketing departments would say it’s to make sure the next time you come back they offer you products that interest you. You need to decide whether you want to accept or deny cookies and set your computer up properly for whatever your preference is.

Safe Internet shopping is about protecting your privacy, and one great way to do this is by avoiding something called spyware. If you don’t have an anti-virus software program installed on your computer, get one right away and run a full system scan. Sometimes when you download free games, programs or software on your computer, they come with a nasty bug that hides behind the scenes collecting information such as which websites you shop at, how you make payments online, where you live, your phone number, full name, date of birth…everything!

In order to improve your chances of secure shopping online, limit the amount of free downloads you do and make sure to run an anti-virus software program regularly. Your Internet connection has cookie settings under “tools” that you can adjust to suit your needs. To continue safe shopping online, learn as much as you can about cookie control and make sure to keep your computer free of viruses. Reasonably priced anti-virus software can be purchased from many online vendors including TigerDirect.com.

Secure online shopping is possible with a secure virtual shopping cart. To tell if a web site’s shopping cart is secure:

• When you look at the url of the site, you should see https:// instead of http://. The “s” means that the site is secure. (Note: Some sites only move you over to a secure server on pages where you are giving them sensitive information – so you might not see https:// until you actually get to the page where you make your online purchase).
• Look for a closed padlock at the bottom of the screen. If the lock is open, the site isn’t secure. If the lock is closed, the site is secure.
• If you see a key at the bottom of your screen, that also indicates a secure site. The key needs to be complete (with no breaks in it).
• Some sites may have logos that show you which SSL (secure-socket layer) provider the site uses. These logos often contain today’s date (to let you know that the ssl is current) and when you click the logo, a screen should appear giving you more information about the ssl provider. One example of this is Verisign.
• There are also newer tools to help you identify sites that take your privacy and security seriously. If you see a current Hackersafe logo on a site, it means that Hackersafe thinks that the site you are on is doing a good job of protecting your information.

Most banks, financial institutions and credit unions have web sites that offer online banking bill pay. This electronic way of paying your bills is fast, easy and convenient. There are a wide variety of bills that can be paid through online banking. These include:

• Electricity bills
• Gas bills
• Bills for internet services, cable, and phone
• Water and sewer bills
• Credit card bills
• Property and Income tax bills
• Some colleges will accept their tuition payments through online banking – check at your bank’s web site to see if your bank accepts tuition for your school online

When you’re paying bills online, it’s important to check that there won’t be any delays in your payment getting to the company where you owe the money so that you avoid any late penalties they might charge you.

If you’re like many people, you find online banking to be one of the most convenient services available. It’s so easy: you don’t have to travel the busy streets, stand in line to do a simple transaction, or rearrange your schedule to accommodate the banking hours. These days, the average person can pay bills online and take advantage of discounts and online offers by a few clicks of the mouse.

Money management is a concern for many people. It’s easy to lose track of how many purchases you’ve made online if you’re not paying attention. In addition, the convenience of credit card payments makes it much easier to shop on impulse. Buying items just because they’re offered at a discount isn’t really saving you money if you never needed the item in the first place. But, there’s a simple solution, so don’t worry.

If you already pay your utility bills online, you’ll find it really easy to pay for just about any purchase online. To take advantage of the next great online offer you come across, look for the option to pay directly through your bank account. Then, login to your online bank account and go to your list of payees. Add the name of the store where you’ve shopped and make your online payment. Now, isn’t that better than braving the crazy traffic and wasting all of your gas?

The steps you follow to pay bills through your bank’s web site may vary a bit depending on where you bank. In general though, you:

1. Log in to your online banking account,
2. Select the “Bill Pay” tab,
3. Enter the payee information (who you want to pay) or find the payee in a drop-down list,
4. Enter the bill information (including the invoice number or account number and the amount you’d like to pay),
5. Select which account you’d like to pay from (if you have more than 1 account at that bank),
6. Select the date that you’d like the bill to be paid on, and
7. Confirm that everything you’ve entered is correct.

That’s it, you’re finished. And once you’ve added a biller as a payee, you don’t have to add them again. They should now appear in your list of payees.

eBillme is the easy way to shop online and pay cash through your online bank.

With eBillme, you place your online order and select eBillme as your payment option. Then you go to your bank’s web site and pay for your order there – the same way you pay many of your other bills online. It’s easy and is one of the safest ways to shop online because you don’t transfer any personal financial information to anyone other than your own bank.

One of the best features of Internet banking is the ability to pay for things that you’ve bought online. Whether it’s a stack of new books to read, clothing, shoes or a new appliance, using a third party, like eBillme, is the safest way to go.

Not only do you avoid having to hand over your credit card number to a company that you may not be familiar with (risking identity theft), you’re also working toward better money management by only spending funds that you have available in your bank account. A lot of retailers are now offering eBillme.

To use eBillme, add your selected item to the online shopping cart. You’ll be asked to fill out your mailing/shipping address, phone numbers, and email address. You’ll have a chance to review your order in case you want to make changes, and then you’ll be directed to the payment window. This is where all of your payment options are listed. Select eBillme and then pay your eBill through your online banking bill pay – just like you’d pay any other bill through online banking.

Where do you bank? It doesn’t matter. Virtually every bank in the United States that offers online banking offers online bill pay as well – and as long as your bank offers online bill pay, you can use eBillme. We’ve created a list of Banks eBillme Works With. 

eBillme is the most secure way to shop online – without using a credit card.
Shop at more than 800 Online Stores and simply select eBillme at the checkout. Then pay for the purchase with cash – through Online Banking, or through a Walk-In Location.

Teens can now shop online as well, with eBillme’s Teen Pay. The Teen selects the items they wish to buy, checks out with eBillme, and simply forwards the bill to a Parent to pay (or Grandparent, favorite Aunt, etc.). Find out more about eBillme Teen Pay.