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At Home Mommy : Resources For Stay at Home and Work at Home Mommies
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Internet Banks:
Online banks almost always offer a higher savings rate than traditional
brick and mortar financial institutions. This is due in part to them
not spending a lot on overhead like rent and electricity so they can
pass the savings on to you.Tips for Safe
Banking Over the Internet
As use of the Internet continues to expand, more banks and thrifts
are using the Web to offer products and services or otherwise
enhance communications with consumers.
The Internet offers the potential for safe, convenient new ways to
shop for financial services and conduct banking business, any day,
any time. However, safe banking online involves making good choices
– decisions that will help you avoid costly surprises or even scams.
* Confirm that an online bank is legitimate and that your deposits
are insured
* Keep your personal information private and secure
* Understand your rights as a consumer
* Learn where to go for more assistance from banking regulators line
Confirm that an Online Bank Is Legitimate and that Your Deposits
Are Insured
Whether you are selecting a traditional bank or an online bank that
has no physical offices, it’s wise to make sure that it is
legitimate and that your deposits are federally insured. Here are
tips specifically designed for consumers considering banking over
the Internet.
Read key information about the bank posted on its Web site.
Most bank Web sites have an "About Us" section or something similar
that describes the institution. You may find a brief history of the
bank, the official name and address of the bank’s headquarters, and
information about its insurance coverage from the FDIC.
Protect yourself from fraudulent Web sites.
For example, watch out for copycat Web sites that deliberately use a
name or Web address very similar to, but not the same as, that of a
real financial institution. The intent is to lure you into clicking
onto their Web site and giving your personal information, such as
your account number and password. Always check to see that you have
typed the correct Web site address for your bank before conducting a
transaction.
Verify the bank’s insurance status.
To verify a bank’s insurance status, look for the familiar FDIC logo
or the words "Member FDIC" or "FDIC Insured" on the Web site.
Also, you should check the FDIC’s online database of FDIC-insured
institutions. You can search for an institution by going to Bank
Find (formerly “Is My Bank Insured?”). Search by name, city, state
or zip code of the bank, and click the "Find" button. A positive
match will display the official name of the bank, the date it became
insured, its insurance certificate number, the main office location
for the bank (and branches), its primary government regulator, and
other links to detailed information about the bank. If your bank
does not appear on this list, contact the FDIC.
Some bank Web sites provide links directly to the FDIC’s Web site to
assist you in identifying or verifying the FDIC insurance protection
of their deposits.
Also remember that not all banks operating on the Internet are
insured by the FDIC. Many banks that are not FDIC-insured are
chartered overseas. If you choose to use a bank chartered overseas,
it is important for you to know that the FDIC may not insure your
deposits. Check with your bank or the FDIC if you are not certain.
For insurance purposes, be aware that a bank may use different names
for its online and traditional services; this does not mean you are
dealing with separate banks.
This means, for example, that to determine your maximum FDIC
insurance coverage, your deposits at the parent bank will be added
together with those at the separately named bank Web site and will
be insured for up to the maximum amount covered for one bank. Talk
to your banker if you have questions.
Know where to get more information about FDIC insurance.
Don't worry about your deposit insurance coverage if you or your
family have less than $100,000 in all your accounts combined at the
same FDIC-insured bank. But if your accounts total $100,000 or more,
find out if they're within the insurance limit. Contact your bank
for more information.
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