Online Banking and Bill Pay

It is likely that no matter who you bank with, you can now see your account information online.  This is a wonderful and marvelous thing!  I have seen the online banking for a couple different banks now, and I must say that they're pretty nice, all things considered.  Additionally, it is wonderful that you can see your bills online; being able to pay them at the same time is a treat.

Having online banking lets you see what the bank sees at pretty much the same time.  Some individuals worry that they're account information could be accessed by evil parties when they put their information online.  Unless you are enrolled in electronic statements, your account number often does not appear in its entirety online.  Furthermore, you are just as likely, if not more so, to have your information stolen by giving checks out to people.  There is more sensitive information on a check than your online banking.

If you don't pay bills online yet, you should consider starting.  Most individual retailers provide consumers with the ability to pay their bills and see their accounts online.  Back in the day, you had to write checks for your bills.  You then had to put stamps on the envelopes to mail those payments.  This opened you up to the possibility of check fraud if someone were to steal those checks from your mailbox.

If you don't care for giving your information to multiple businesses online to make payments, you can also set up online bill pay through your online banking.  When you do this, some banks actually cut a check that does not have your account number on it, keeping that information away from businesses more than if you had written a check!  It is a marvelous age we live in.

Of course, someone could always steal your information regardless.  That is a flaw inherent in any system.  No system is perfect, but it is easier to replace a compromised or lost debit card than it is to protect you if you lose a check.  In the case of check loss or fraud, you have to close your account.  If you have fraud on your debit card or lose it, the bank can immediately cancel out that card and order you a new one.

I know for some people online banking and bill pay is extremely scary, but it is well worth the risk.  Accept the convenience of the internet into your heart, but remember to be smart.  Never give your pin number out to anyone, and if someone calls, asking for your personal information, don't give it out!  The bank will not call and ask for your information because they already have it.  If someone contacts you to obtain information, it's probably not on the up and up.  Although, if you call your bank to ask for information, be prepared to answer questions to certify your identity.

Remember, if you are smart and cautious, online banking services can be a great asset to your financial life.  Don't be afraid.  If you are new to these online services, your bank will gladly assist you.  Do not hesitate to ask them for help; that's what they're there for.