Pros and Cons of Online Banking

Online Banking tips and advice from Theodore HendersonIf your bank offers the convenience of online banking, it can help you save on your costs in the long run. It can also provide a convenient way to check your balance, read your statements, pay your bills and transfer funds between accounts.

You may also be able to apply for a loan online. Fees may be lower than traditional banking and you will save money on postage that you traditionally use to mail bill the old-fashioned way.

If you are concerned about online security, be sure to read your bank’s security policy to ensure that your information is encrypted properly and transmitted safely.

You should be sure that you have the appropriate virus protection, spy software and firewall installed on your computer.

Bank Privacy Statements

Have you looked closely at the privacy statement your bank or credit card issuer mailed you, or did you toss them in the trash?

Financial companies are required by law to notify you of your privacy rights when you open a credit card, bank account, or other financial account.

Reputable companies will give you your options about staying on, or being removed from their mailing list and list they share or sell with other companies. If you do not want your information shared you need to contact your bank and request that your name and information not be shared.

Quote of the Day from The Wisdom Compass

A great many people think they are thinking when they are really rearranging their prejudices.  ~ William James

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