The Convenience and Effectiveness

The convenience of being able to log on and carry out transactions at anytime anywhere could be a welcome alternative to visiting the bank on your lunch hour. No queues and no bank holidays mean the customer has even more control over their finances. Plus, your account information is displayed as a clear overview – no more riffling through mountains of old bank statements to find the info you’re looking for.

Better Interest Rates

Because online banks don’t have the overheads of running branches, they can pass on the savings to the customer, and offer better rates of interest on your money. Not only do they offer substantially more interest on your current account but there are also loans available with very low APRs that will save you money in the long run.

Safe and Secure

Some experts consider internet banking to be even more secure than traditional methods, you won’t have pieces of paper with sensitive information lying around, and there is no danger of your business being overheard by other bank customers. Just be sure to check that the website is secure whenever conducting business online, never send passwords or account information in emails, and be sure to log out when you’ve finished your session. (Read more : Online Banking Security Tips)

So, what is the downside of online banking?

In the past there have been a few cases of computer glitches revealing customers’ personal information, but these have been relatively minor and as online banking becomes more popular, systems are likely to become more secure than ever. Technophobes probably won’t enjoy banking online. You do need to make sure your computer’s security system is sound, and that you have privacy for your session. Some people may miss the face-to-face contact of their local branch, and most will choose a combination of online banking, phone banking and branch visits.

As Internet banking becomes more established, it’s likely most of us will end up conducting at least a proportion of our business online, and you could find switching on to the new banks well worthwhile.

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For some people, it is almost impossible to get by without a credit card, on the other hand, there are millions of American families that have no bank account and no credit card. They often pay their bills either in cash or by money orders. For these people, a prepaid debit card may be the answer to start with plastic money.

A prepaid debit card looks just like a regular credit card and normally carries a credit card logo such as Visa or MasterCard. Retailers accept these just like any other card. The difference is at the time you use the card, it is instantaneously deducted from your funds on deposit with your bank.

Advantages of a prepaid debit card are:

• It is safer and efficient than carrying cash;
• It is accepted throughout the world where the credit card logo is displayed;
• you can use it to pay bills, get cast at ATMs and shop online;
• You can also keep track of your funds for free on the Internet; and
• Prepaid debit card offers can include rewards programs and overdraft safety.

It is easier to get a prepaid debit card than apply for a credit card, especially with an easy online application. The approval is guaranteed as there is no credit check and no employment is required. After applying for a prepaid debit card, you can receive your card in few days. One of the recommended card companies that accept online application is Vision Premier Prepaid Visa. This company offer low cost card maintenance with its features: Free Direct Deposit to add cash and low weekly fee’s or free with Direct Deposit. You can visit the application site here – Visa Prepaid Card – for more information.

Nowadays, more people spent money using prepaid plastic cards, including gift cards and renewable debit cards. To those who don’t want to worry about owing money or paying a bill, and others who want to avoid debt and rebuild low credit score, using a prepaid debit card may be the good decision.

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These are common steps to get started with your Internet Banking:

• Firstly, you have to register for Internet banking, if you didn’t do it when you set up your account. This is generally a matter of simply visiting your bank or phoning them and saying “I would like to sign up for Internet banking”.

• They will then send you a series of letters with various PIN along with instructions on how to use them to access your Internet banking. Some banks provide a physical security device (namely Online Security Device/OSD) with a numeric keypad for more secured online transactions.  This device usually generates one-time PIN (for single-use, random PIN) to authorize online transactions. Not each online transaction will require this 2-level authentication, but most important tasks such as payment and transfers, change ATM PIN, account details and activity will require one-time PIN.

• Sign on to your Internet Banking account using the PIN provided by the bank and register your Online Security Device(OSD) which usually comes with serial number. Once your register and activate your OSD, the OSD becomes uniquely yours and you can start your first transaction online.

• Upon successful registration, whenever you try to access online transactions, you need to enter the one-time PIN displayed on your OSD for authorization.

• Once you are registered, everytime you sign on your Internet Banking account, you should be presented with a list of your accounts (if you have more than one) or a list of your recent transactions. This allows you to quickly see the status of all your accounts and what has happened to them recently. From here, you can access pages where you can make various kinds of one-off payments, and set up or cancel regular payments.

• To make a one-off payment, such as a bill payment or sending money to someone else’s account, you will need the person’s bank account number – some banks will have a list of utility bills already built in to the website. It may take 2-3 working days for transferring money to other bank, while for account in the same bank will do in the same day.

• Setting up regular payments is a little more complicated. Again, you need the numbers and amounts, but you also need to know the start date, end date, and how often you want the payment to be made. Be careful of exactly when you set your payments to leave your account, as the bank will often charge you a large fee if there is no money in the account when the payment is due.

So, you are ready for getting your banking at your fingertips now.

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You need online banking because it is a really simple way to have your banking handled with no muss, no fuss… on the Internet. The Internet has made our life much easier during the last 5 years as it help us to save time in doing our everyday tasks from shopping, getting information, getting in touch with friends, vacation planning to banking.

Traditionally you have been used to doing your banking by going in to a physical brick and mortar building and taking care of whatever banking business you had to take care of. Whether it was opening an account, checking balances, depositing a paycheck, taking money out for living expenses, applying for a loan, paying a bill, transferring money around from account to another or whatever. You had to make a special point of putting it into your schedule and arranging other tasks around it to accommodate your planned trip to the bank. Well, those days are over.

• 26/7 Access

With the popularity of the Internet now, banking has never been easier or more convenient than it is today. You can access your bank online 24/7 with the Internet. Or as close to 24/7 as can be since there is always the time when the bank’s website is not accessible due to website maintenance. You don’t even have to get dressed to do your banking activities. Imagine its benefits when you can just sit in the warmth of your home and do your banking activities through my computer during the cold winter months.

• Wide Online Bank Selection

Nowadays, most large national banks, regional banks and even smaller local banks and credit unions have some form of online banking for both the convenience of their customers and for their convenience as well.

By allowing you to access their bank and your banking account they don’t have to pay for someone to attend to your needs and they save money. They can pass that savings on to you through higher interest rates on your money.

In fact there are virtual banks (online banking only) that exist today that do not have a brick and mortar existence and exist solely online. Because of the great savings that they enjoy with that arrangement they may offer the highest banking interest rates.

• Online Bill Paying

Another great benefit of online banking that you can take advantage of is online bill paying. In the old days when you had to pay a bill you took the bill, wrote out a check, put it in the envelope, put a stamp on the envelope and put it in the mail, hoping that it arrived on time so you would not be assessed a late fee.

Now you can just get on the Internet and get on the website of the place where can pay the bill, hit a few keys on the keyboard of your computer and the bill is paid, saving a stamp and a lot of time and worry about the reliability of snail mail.

• Direct Deposit

Another great advantage of internet banking is the concept of direct deposit.

Using direct deposit your employer can now take your paycheck and automatically deposit the money in whatever banking account you designate. That way you do not have to worry about getting the money into the bank in time to pay your big bill coming up. Now having the money in the bank and the paying of the bill can be done electronically.

• Dealing with IRS

Moreover, dealing with the IRS has been made somewhat easier with the arrival of internet banking. Now you can file your return and if it turns out you owe Uncle Sam some money you can pay it electronically by submitting your banking information with your return. If the IRS owes you a refund they can send it to you using that same banking information. And, it is all done more speedily than it was in the old days using snail mail. If you are due a refund you will be very happy to get your money sooner.

With all the benefits of online banking mentioned above, you will find that your banking activities is more pleasant and less time-consuming to deal with. You just need to make sure that your online banking activities secured and safe. Further reading on Online Banking Security Tips is here.

So if you have not experienced online banking, give it a try. You can save a lot of your time and money!

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In recent years, many people have turned to use debit cards to pay their shopping.  Debit cards are not really like credit cards, they are an electronic check. But some banks are starting to offer frequent flier miles, rebates and cash rewards to regular debit card users. The lines are blurring for some consumers.

When you use a debit card, you need to know how it works and the drawbacks.

There are two types of debit cards: PIN cards and signature cards.

• With a PIN card, the money is automatically deducted from your account. You must use your PIN (Personal Identification Number) to use the card. Sometimes you can even get cash back from a merchant.

• Signature cards are often called check cards. The money is deducted from your checking account within usually two or three days. You don’t have to enter a PIN, you simply sign the receipt.

Most cards today will perform as both types of cards. You can use it as a PIN card and receive money back or as a signature card. Both types will work in an ATM machine. With a PIN card, the money comes out of your account immediately. With a signature card, you have to keep track of your receipts, because, like checks, the money will not come out for a few days.

Debit cards are a good alternative to credit cards. You have the convenience of a card with a limitation to the money that is in your checking account. While you can’t go on a spending spree, you must keep track of when you use the card. It can be quite surprising how it all adds up.

Debit cards do not have some of the legal protections that credit cards have. Credit cards give you the right to withhold payments on an item that is defective. Debit cards don’t allow this, so you would have to try to get a refund or replacement item. For large purchases, you are often advised to use a credit card. Then simply sit down and make the payment to your credit card company that same day.

Debit cards require that you report a theft of your card within two days of discovering the loss to recoup some of your stolen money. If you follow all guidelines, you will only be liable for $50. After two days, you are liable for $500. After 60 days, you are left holding the empty bag.  However, several cards offer zero liability for unauthorized use of a debit card.

While a debit card often gives you the ability to use it in place of a credit card, say for telephone or internet shopping, there are times that you should use a credit card instead. Hotels, rental-car companies and even gas stations will place a hold on your account for a certain amount of money until you check out or return the car. The practice ensures them that you have the money to pay the bill.

If you use a card with the available credit, you probably will not have any problem. But when using a debit card, be careful. The amount they place on hold is exactly as if it has already been spent. This could prevent you from having checks go through or withdrawing money from your account.

The best advice for using a debit card is to be discipline about keeping your receipts and writing them down in your register. As it is so convenient, often we loose track of how and where we have spent the money.

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The purpose of a savings bank account not only ensures safe keeping of your funds, it also helps you keep your expenses under control. Use of savings account to save money has become a much-touted concept in recent times. Some banks provide services of savings accounts that can encourage the habit of saving money.

A recent survey revealed that most of the money problems arise out of people’s indifferent attitude towards their own financial reality. In our day-to-day life we can be a little more ambitious and try to save money by coming up with thousands of innovative ways. We can maintain savings account so that we can put aside a portion of their liquid assets that could be used to make purchases later on. On the other hand, nowadays, the Internet provides a clear and impartial information and expert guidance for investors, entrepreneurs looking for ways to save money.

With the money saved in the savings account, you can also make some more money. For examples, most of the banks have Money Market Savings Accounts. These accounts have got higher interest rates than the savings accounts.  Online banks provide higher interest rates due to the fact that the banks do not have to pay for buildings and staff.

Many online banking facilities offer you with latest updates on money saving techniques.  By adopting a few resource-saving techniques, you can save your money from flying away from your pockets. You need to learn how to manage your money in order to save it from being wasted in avoidable costs every month.

You can also monitor your personal spending via online banking and stay within your budget. Through debit/ATM card you can withdraw money from the ATM centers of a particular bank which remains open 24 hours a day. Many of the banks also offer Internet banking facility for the convenience of their clients.

So, start saving your money today by a commitment to put aside a portion of your money in a bank account every time you get your salary check.  Increase your personal financial skills adopting a few money-saving techniques and be assured of a peace of a lifetime.

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Phishing scam is extremely easy and has become a very popular form of theft amongst thieves. Basically, there are two phising methods that works as follows:

• Phising with email

It is started by an email that is phrased very cleverly and it appears that is has arrived directly from your bank or credit card company. This email generally asks that you provided various information that is typically confidential in order to “verify” yourself and the information that is held. Additionally, this email could come with a threat of account closure unless you provide the information that is necessary according to the content within the email. This email provides a link that will lead you to a fake website where you can fill in your account or username or card number and password.

• Phising with fake website

Another extremely popular phishing method is that the thief will create a website that is fake and useless, accept that it will accept payments made via credit cards. This is the only purpose the website will hold, is to essentially take your money. You will likely never receive the products that were advertised and if you were to accept either form of phishing you could unfortunately have the result of high credit card bills or a bank account that has been depleted of funds.

It is important that you learn and begin to protect yourself from this phishing instance. You should only reveal information after you have verified the accuracy of the email. Generally, the only thing you will have to do is make a phone call to the bank or credit card company and gain confirmation that the email is in fact true.

Also you should take a close look at the email, this will help you understand if it is in fact valid. You can determine that email is scam by checking the followings:

• Salutation or attention line of the email. Typically phishing emails begin with a Dear Customer or Dear Sir/Madam, the company if truly contacting you, would use your full name.
• The company or bank name, whether it is spelled correctly, often times a phisher will incorrectly spell the company name.
• Link which you are requested to click. This link is usually in a form of hyperlink text and looks like leading to the bank official website, but if you notice it further with your mouse, it shows an IP address or odd long web address.
• If the request comes in the form of an image, this should be an important clue that they have something to hide from scanners that are anti-phishing.

When you are ready to pay your online shopping with credit cards, you have to make sure the website has a trusted and recognized payment processor before filling any credit card information. If you are not sure about the security of your credit card, you can always check the credibility of the company/website you deal with on the search engine. For instance, type on Google these words: company name + scam or website name + fraud. Check whether anyone ever reported any scams from this website.

By reading this article, I hope you are aware of every phising email come to your email box now and you can do banking and credit card transaction safely.

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]]> http://efinancetips.info/credit-cards-and-online-banking-safety-tips-knowing-how-phising-scam-works/feed/ 2 http://efinancetips.info/choosing-your-bank-wisely-as-money-is-important/ http://efinancetips.info/choosing-your-bank-wisely-as-money-is-important/#comments Fri, 13 Mar 2009 08:40:56 +0000 admin http://efinancetips.info/?p=46 As your money is important aspect in your life, choosing a bank which will keep your money should be a well-researched project. Which bank is the best for you depends on what features and amenities you most value, as well as the use and frequency of use you plan on making of your bank.

Banks come in a variety of sizes. Some are small town banks with but a few local offices. Others can be found all over town, and even all over the state. Which you choose depends on what you’re looking for from your bank.

For your convenience, it is important to have a bank which has a branch with easy accessible location from your home or your work. However, keep in mind, if one branch you’re typically going to rely on has severely limited hours and doesn’t offer an ATM you may find yourself running across town whether you wish it or not. So, you may consider the benefit from the larger multi-branch bank, and the one with the most accessible ATM locations.

Online banking is available now with almost any bank, but not all online services are the same. To assume that because a bank is online means you have 24/7 access and adequate convenience is a mistake. Where one bank may allow you to transfer funds from one account to another and offer instantaneous verification of this change in balance, others will delay the transaction, or at least your view of the transaction, by more than 24 hours. This makes using online access to keep track of your balances next to impossible and it can aggravate attempts to use the bill paying and other online features.

Some ATMs allow deposits and deposit with cash back. Others are designed simply for withdrawal. This can make a difference if that long-awaited payment arrives in Saturday’s mail and you’re out of cash.

When it comes to get money from your deposit, it definitely pays to compare before you make a decision. Savings and even checking interest rates can vary considerably from one bank to the next, as can fees. Some banks offer free checking while others do not. The rule of thumb has always been that credit unions pay better interest rates and are more suitable to offer a loan. While this is not always the case, it bears researching.

When make your banking comparison before deciding your bank, you can start well by asking recommendations of friends and family. Ask each what their banks, why they choose them and what their opinion of bank services. Then visit the nearest branch location of your list and talk with the bank customer services about their service and what can they offer you. Of course, if you don’t want to risk a “shop till you drop” you can explore each bank online, and by email or phone, and then make your final point of determination. This approach can save both time and money.

After all, this shopping for the best bank is paid off for your regular bank activities in a long run.

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The possibilities of becoming a victim of online banking fraudulence are said to be very low, and online banks committed themselves in keeping it this way, because most online bank’s systems proved that they could not be easily attacked, instead most criminals turned most of their attention in gathering many of the information directly from online banking customers. The most often online banking crime is account and password theft using Phishing email. These criminals send e-mails at random, as if they have seemed to be sent by a genuine online bank. This is the attempt they make in order to convince customer to disclose their personal security information, a method seen more on websites run by scam artists.

The followings are some useful tips on conducting safe banking transactions:

• Know who you are dealing with. Always remember to type the bank’s web address into your browser.
• Never go to the site via a link from an email. Never divulge personal information requested through an email as your bank would not ask for this information. Your bank also know your name, so every email from your bank should address to your specific name.
• In case you are in doubt, try contacting the bank or the building society by dialing the given contact number.
• Always keep your passwords and PIN (personal identification numbers) safe.
• Be extremely cautious of unsolicited emails or phone calls asking you to give any information regarding your personal details or card numbers. Always keep this information a secret and be cautious of giving your information to someone whom you do not know.
• Your online bank would never call or contact you just to ask you regarding your passwords, PINs, or any personal information.
• Always keep a hold of your money. Do not be fooled by certain convincing e-mails that offer you the chance of making easy money. If an e-mail looks too good to be true, the possibility for it to be fraud is there, and it is difficult to prove that the sender is who they say they are.
• Always check your online bank’s website. If you are in doubt, check your online bank’s website since it is a good place for you to get help and guidance on every transaction on the internet that you make in a safest way.
• Keeping your computer safe is the most important thing to do in order to make your online banking transactions safe because it is the most important tool in making your online banking transactions. Most internet security software is available for download or purchase on the internet, or you may purchase them at your local computer store.
• Update your online banking security knowledge by regularly look for specific information and guidance regarding on how to protect your personal computer and also yourself while making online transactions.

With the above tips in mind, you will be aware of any criminals trying to steal your money and you will protect your transactions, your money, your computer and also your identity. You can carry out online banking transactions safely now.

Online banking does have many advantages and the biggest, most popular one is the flexibility it can offer. Online banking offers you quick access to your account non-stop  twenty-four hours of the day, seven days of the week, and three hundred and sixty five days of the year. With this flexibility, you know longer have to live within the constraints of specific hours of banking and you do not have to worry about holidays. Online banking is always there to serve you when you need it at anytime.

Even as interest rates soar with traditional banking, typically an online bank can offer you amazing deals on different banking aspects such as mortgages, credit cards, and personal loans. So what is it that online banking can offer you? Good question, you can view all your statements and balances right online, without having to deal with telephones, ATM’s, or ten different pieces of paper. You can also view any type of transfer of funds, standing orders, and bills you have paid. You still get the traditional checkbooks and debit cards with these online banking institutions.

You may consider an online banking as your second or third banks, then the first thing you need to do is choosing the right online bank for you. You can find many different banks all around the internet, but you have to research them fully, to all possible extents to ensure that they are reliable and secure and not scam site. You will have to fill out an application form that will likely require you at some point to sign and send back to the bank. You will also likely be required to show some form of identification for account activation.

You have to ensure that the banking website integrates SSL (secure sockets layer) for security as well as many other types of security measures set in place to keep your transactions safe. Once you have your online banking account set up outside of the secure website, it is up to you to keep your personal information just as safe. For instance, never write down your password, user name or Pin number. If possible, make each of these things something you can easily remember. Keep each of these things to yourself, do not give them out to any other person, if this person decides to access your account they can have full control over your funds. Do not send your information through the e-mail these can be intercepted easily. Additionally, use a password that is unique and not an obvious one. Finally, always end your banking session by logging out and closing the browser, this will prevent anyone who has access to your computer from accessing your account.

It is also important to keeping your computer safe in order to make your online banking transaction safe by using internet security software, because your personal computer is your tool in making your online banking transaction.

Once you get used to online banking, you will find that online banking is saving a lot of your time as controlling your banking transaction as easy as at your fingertips from the comfort of your home.