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With online banking, you can enter the address, account and payment information for a payee in advance. Once you've entered your payee information, you can pay all your bills at once with just a few mouse clicks. Online banking sites are encrypted and use password protection to keep your information secure. Moreover, all online accounts are automatically insured up to $100,000 by the FDIC. Some banks provide additional insurance coverage beyond this amount.
While online banking is generally praised for its quickness, it's not always faster than mailing in a payment. Most online banking sites require five business days to post a payment, while a payment sent by U.S. mail can often arrive at its destination the following day. Moreover, some people have lost money when they fell victim to Internet banking scammers who persuaded them to reveal their online banking user names and passwords.
In general, online banking is regarded as safe, and it is protected by the FDIC just like the brick and mortar banks are. However, as with any other online activity, it is important to follow safety precautions such as verifying the validity of the bank's web page, and never giving out your user name or password.
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by Answerbag Staff on February 27th, 2011
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I live near Detroit and need a bank with good online banking. Reliable transaction and balance alerts are a must.
by tallflower24 on July 25th, 2011
| 1 person likes this
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