Are You Ready

for
Online Banking?
By: Donna Sawyer
About Me:

 Senior at VWC
 Married
 Born in Norfolk, VA
 Have 1 Dog, Oscar
 Collect Lighthouses
Introduction to Online Banking
Access account information, review bills, pay
bills, transfer funds
 Apply for credit, mortgage or auto loans
 Find out if a check has cleared
 Compare rates and prices
 24 hour access to your bank accounts
 Benefits of Online Banking
For Banks: For Consumers:
 Cuts payroll costs  Saves time/Money
 Extends to new  Flexible
markets
 Can log on from
 Flexibility
almost anywhere
 Image of Company
 Convenient
 Transaction Speed
 Disadvantages of Online
Banking
 Building trust with consumers to use online
banking
 Laws and software issues to support online
banking to ensure accountability
 Security
 Learning Curve
 Bank Mergers
 Site Changes
 Security Tips for Consumers
DO:
 Make sure that you are on the correct website
 Make sure that you choose a password that will
not easily be decoded
 Check monthly checking and credit card
statements carefully each month
 Report errors or problems promptly
 Be sure to “Log Out” of website when finished
Security Tips for Consumers
DO NOT
 Disclose personal information such as credit
card or social security numbers unless you are
100% sure who you are dealing with
 Have other browsers open while you are
banking online
 Download or open files that were sent from
strangers because this could infect your
computer and capture sensitive information
without you even knowing.
Privacy Policies
 Most financial institutions have policies
about what information they collect, how
they use this information, and whom they
will share it with..
 You do have the right to inform your
financial institution that you do not want
your information to be shared-OPT OUT
Still Not Sure?

 Most banks provide a “demo” on their

website for new users to see what the online
banking services provide
 Start by using one service at a time
For More Information
 FDIC Consumer Rights Webpage
http://www.fdic.gov/consumers/consumer/rights/index.html
 What is Online Banking?
http://www.bankrate.com/brm.olbstep2.asp
 Online Banking Security
http://www.bankbranchonline.com/security.html
 FDIC Regulations
http://www.federalreserve.gov/regulations