The Future of Online Banking is Here
by Keith A. Rhodus on Apr 27, 2018
Unquestionably, the Internet has changed everything, making our lives easier and more productive as we cruise at digital speed down the information highway. No other activity better exemplifies the transformation in our daily lives as does online banking which give us instant, and, with smart phone technology, around the clock access to most any service we require of our banks. The last remaining reason to have to get in the car and drive to the bank or ATM has been eliminated with the advent of remote deposits which can be made almost instantly from any smart phone.
If you’re not fully utilizing your bank’s online banking capabilities, you have yet to achieve the optimum level of efficiency in managing your personal finances. Consider the full range of features available through online banking services available at most banks today:
- 24/7 access to your bank account to view your account balance, transfer money, and pay bills
- Monitor account activity – verify withdrawals and deposits
- Transfer funds between accounts
- Transfer funds to anyone via their email address or mobile phone number
- Order checks and other services
- Receive automatic email notifications of account statements which can be viewed on line
- Pay your bills online either as one-time or recurring payments (some banks may charge a fee or require a minimum daily balance in your accounts for this service)
- Receive time alerts by email or text message regarding account transactions, low balances, upcoming credit card or loan payments.
Online Banking Security
Most online banking platforms are supported with the most advanced encryption (SSL) technology and password protection, ensuring your information is secure. Banks employ an intricate system of multi-layer firewalls to protect their internal systems, and they adhere to the strictest standards in monitoring all activity to ensure their customers’ account information is secure. Some would argue that online banking is far less risky than getting in your car, driving through rush hour, and handling paper checks any of which poses a risk hazard.
You’re the First Line of Defense in Online and Mobile Banking
The debate over online banking and mobile banking security continues with both sides making a case for technology as either the strength or the potential flaw in capacity to protect users. No matter which side of the fence you are on, the best course of action is to err on the side of caution. Sophisticated encryption technology and security is always advancing, but you are still the first line of defense in protecting your banking security:
- Change your passwords often staying away from common words or phrases and simple number sequences.
- Never access your online bank account from a public computer
- Never open a link in an email unless you recognize the bank’s logo and there’s evidence of encryption in the web address line, such as a padlock symbol, green shaded address bar, and, especially an “https” at the beginning of the bank’s web address (the “S” at the end of https indicates secure encryption)
- Trust but verify. Many banks are releasing downloadable apps which can truly enhance your mobile phone-banking experience. Just make sure it’s the real deal from your bank.
*This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 Advisor Websites.