Thanks to modern technology, Internet access is almost everywhere. This means that it is possible for you to access your bank accounts from anywhere there is a connection if you choose to do so. However, all of the options around online banking also give rise to a number of questions. Here are the top three questions and answers about online banking, to help you make better decisions about your available options and choose the online banking applications that work best with your life.
Is it safe?
There is now doubt that the question of whether or not online banking is safe is the top question about the service. Thanks to identity theft on the news, hackers on the Internet, and the quirks of secure networks, safety is a top concern for consumers. Even though online access to your bank account sounds great from a convenience stand point, no one wants to jeopardize their financial security.
Fortunately, financial institutions of all stripes share your concern about account security, especially online. The push for more online banking applications has also been accompanied by a push for more intensive security solutions for account access paths. Some of these security features are obvious, while others are more subtle.
Obvious security features include the requirement for a unique user name, passwords that contain a mixture of symbols, photo matching, and security questions. You are probably familiar with having to modify online handles to include capital letters, symbols, or numbers to meet security criteria. Each layer of information applied is a visible layer of security on the account.
Less visible means of security include IP tracking, transaction keys, and encrypted signatures. IP tracking helps financial institutions monitor where you are logging into the account, and can prompt additional security questions if you are logging in from an unfamiliar locations or security alerts if foreign IP address are trying to access your account. Transaction keys, known as TANs, are one-time use codes that grant permission for a transaction based on a secured login. Finally, encrypted signatures are tied to user keys and phone smart cards, adding additional barriers.
How can I get human help?
The next question for many online banking users is how to access human help. Technology isn’t always perfect, and online errors can be particularly frustrating. This is compounded if the system goes down while you are trying to resolve the issue on your own.
For most online banking applications, there is a clear statement of contact options. Phone contacts are the most common, with calls returned during banking hours. Some larger financial institutions also maintain a 24 hour hotline that links to a remote help desk to rectify errors.
A more recent development that is proving popular with end users is real time chat applications. For real time chat, you have a chat box on the screen where you can type questions and get immediate responses. Sometimes these responses are telephone calls to a designated number, and in other cases you may have a chat conversation with a remote helpdesk to resolve your issue.
Why doesn’t my online banking do . . . ?
Online banking can do a lot of things, and each financial institution is in a different place in terms of what they’ve implemented for their customers. Still, there is nothing more frustrating than thinking you can take care of something online and then discovering that your online banking application doesn’t do that.
To get more features for your online banking accounts, it is important to let your financial institution know that you are interested in that service. Most of the new features being added to online banking applications are customer demand driven.
One example of this is remote bill pay abilities. The concept of paying third party bills online was initially offered only to business customers. Now, thanks to strong demand from individual users, it is a popular feature of many online banking applications. Thus, if you are wondering why your online banking program doesn’t do something that you like, you have it in your power to see that the situation changes by taking the time to contact your financial institution and let them know that you want that service.
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