If you’ve been searching for an answer to ‘what is the safest online banking’ or ‘is online banking safe’ or ‘is check writing safe’ or even ‘is cash safe in online banking’, you’ve probably come across a lot of questionable information and misleading statements.
This article will give you the real scoop on what is the safest online banking with check writing, how it works, and most importantly, if it’s really safe.
Real-Life Scenarios To Assist You In Your Decision-Making
This article is not meant to scare you away from online banking. On the contrary, many consider online banking to be a safe and secure way to manage their finances and keep track of their accounts. However, just because something is safe and secure does not make it risk-free. In order to determine whether or not online banking is a good choice for your personal situation, you need to consider a few real-life scenarios.
The Best Way To Keep Track Of Your Money
One of the primary uses of online banking is to keep track of your finances. If you use online banking to bank regularly and utilize the various budgeting tools, you can keep an eye on your spending and make better financial decisions.
For example, if you pay close attention to your spending and know how much you spend each month on gas, you may decide against buying a new car because you don’t want to run up debt. Or you may decide to invest in a home entertainment system because you know how expensive it can be to buy movies, games, and music on your own.
Whatever the reason may be, online banking provides you with the opportunity to keep track of your money more easily and in real time than with traditional bank statements. Another great advantage of online banking is that you can access your accounts from anywhere. If you’re out of state or out of country, you can still go online and check your accounts as you need to.
Identity Theft
As the owner of multiple banking and credit cards, I get a lot of inquiries from customers asking about the security of their personal information. Although I highly recommend customers to use strong passwords and not share them with anybody, sometimes information is compromised by identity thieves.
Identity thieves sometimes use fake IDs to log in to their victims’ accounts and transfer money out before committing credit card fraud. In cases like these, the bank will typically refund the money that was fraudulently charged to the customer’s account.
In the event of an identity theft, the first thing you should do is contact the bank and report the loss. Next, contact the credit bureaus and put a fraud alert on your accounts. Finally, contact the police and report the crime. You should also file a complaint with the FTC.
Scams And Phishing
Even though online banking is a relatively safe and secure way to do business, it’s still not free from online scams and phishing attacks. These scams and phishing attempts are usually designed to trick you into disclosing your personal information, often through email attachments that look like they’re from a well-known bank.
If you get a phone call or email from someone claiming to be from a bank or an online banking partner, and they request personal or financial information, it is likely a scam.
To avoid getting suckered by online scammers, it’s important to remain skeptical of any emails or phone calls requesting personal or financial information. If the email or phone call seems too good to be true, it probably is.
Saving For A Specific Purpose
Another benefit of using online banking is that you can save for a specific purpose. If you are running low on funds, you can either use a credit card to make a purchase or withdraw money from your savings to make a payment.
This flexibility is great for people who want to save for a specific goal. For example, if you want to buy a home entertainment system, you can use the money you’ve been saving to make a down payment or pay off credit cards that you’ll use to make the purchase.
Multi-Currency Transaction Support
Finally, I’d like to mention that many financial institutions support multi-currency transactions. This means that if you have a Canadian checking account and a UK savings account, you can perform multi-currency transactions online (e.g. fund transfers, bill payments, etc.) without having to go to a physical bank branch.
If you plan on doing a lot of shopping online or through an app, it is convenient for you to be able to make multi-currency transactions as often as possible. When performing a multi-currency transaction, your financial institution will usually convert the transaction into the official currencies of the countries involved. This can be a great way to ensure that your international shopping is as cheap as possible.
In conclusion, the security of your personal information and of the funds you transact is something you should be concerned about. A few phone calls to your banks and credit card companies can put a stop to most, if not all, security breaches.