Here are some tips for safe online banking from the Federal Deposit Insurance Corp. and Cyberinvest.com:
– Inquire about online fees. Additional fees could be added for transfers, electronic bill payments or drafts on your account.
– If you plan to pay bills online, find out if your bank can handle automatic payments at different times of the month and how long you should allow for processing of the payment.
– Don’t expect to pay all bills electronically. Most banks will send a bank check to payees who are not part of their system, but you may have to complete a fairly detailed background form about the payee.
– Look for safety clues. For instance, check in the address window of your browser to see that the bank’s Web address changes from http:// to https:// (the extra “s” stands for a secure site). Also look for a small icon, usually at a bottom corner of your screen, that looks like a lock or a key.
– Protect your privacy. Starting in July, banks are required to give you a copy of their privacy policy. By reviewing the policy, you can learn what information the bank keeps about you and what information, if any, it shares with other companies.
For more information on online banking, check out Cyberinvest.com’s “Guide to Online Banking Fees” and the FDIC’s online brochure “Tips for Safe Banking Over the Internet — An FDIC Brochure for Bank Customers.” Also, log on to www.cyberinvest.com/guides/bankonl.bankonl.guide.html and www.fdic.gov/bank/individual/online/safe.html.
