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Secure Online Banking & Bill Paying Guide

Learn how to keep your finances safe and under control with tips on checking accounts, debit cards, online banking, bill paying, and more. Discover do’s and don’ts to safeguard your money online.

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Secure Online Banking & Bill Paying Guide

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  1. Presented by: CCCS of Rochester Hosted by: The Veteran’s Outreach Center Funded by: The Digital Trust Foundation Safe Online Banking and Bill Paying

  2. Overview • Being Smart About Checking Accounts • Staying Safe with Online Banking • Staying Safe with Online Bill Paying

  3. Being Smart About Checking Accounts

  4. Checking Accounts • What to look for: • Minimal monthly maintenance fee (under $10) • Minimal monthly balance requirement to avoid maintenance fees (no more than $500) • No monthly maintenance fee requirement if direct deposit is utilized • No fees for using the banks ATMs or other bank’s ATMs • Free online banking and automatic bill pay

  5. Checking Accounts • Keeping bank costs down: • Use direct deposit • Take out larger sums at ATMs rather than frequent small sums • Buy checks from a mail-order company • Talk to your bank to get fees waived

  6. Checking Accounts • Keeping bank costs down: (Cont.) • Is overdraft protection is right for you? • See if the bank charges a penalty if your balance remains below $0 for a certain number of days • See if you can combine checking and savings to meet the minimum balance requirement • Ask for the NYS required low-cost account

  7. Debit Cards • Debit or credit? • Money is immediately deducted (no “float”) • Some charge for PIN transactions • Report lost or stolen cards w/ in 2 days • Liability is then limited to $50

  8. Debit Cards • May be charged 2 fees at ATM’s • One from your bank • One from the ATM’s owner • As of 2010 banks must offer opt-in programs for overdraft • Not counting recurringdebits

  9. Check Register • Why is it important to use this? 0 00 + $300 00 2/20 Opening Deposit $300 00 $300 00 -$29 75 105 2/26 $29 75 Super Mart $270 25 -$15 00 $15 00 3/2 Gasco 106 $255 25 - $60 00 ATM 3/12 $60 00 $195 25 + $30 00 3/22 Deposit $30 00 $225 25 + $25 00 Deposit and Cash Back $25 00 3/23 $50 00 $250 25 - 5 00 3/18 Monthly Fee 5.00 $245 25

  10. ChexSystems – • National account verification system • Lists individuals who may owe due to overdrawn funds • Reports remain on file for a maximum of five years • Banks and credit unions can remove info sooner • One free copy per year: • 1-800-428-9623 • www.chexhelp.com

  11. Staying Safe With Online Banking

  12. Online Banking • Advantages: • Great for spotting fraud and seeing when things “clear”. •  Available 24 hours a day, seven days a week. • Helpful if you’re out of town • Faster transaction processing • Ability to cross referencedifferent accounts • Money managementtools

  13. Online Banking • Disadvantages: • Start-up may take time • Can’t always rely upon entirely for balance updates (Still have to know when items “clear”) • Need to be careful to save transaction receipts

  14. Online Banking • Password tips: • Don’t save on your computer • Keep in a memorable place • Use something from a phrase you know • Example: “It’s a smallworld after all.” =i$wAA5

  15. Watch out for Phishing • Be alert for spam messages. • Do not reply to emails that request financial information • Do not reply to emails from unrecognized senders • Phishing attempts are not likely to be personalized. • Do not open any links in suspicious emails, instant messages, or chat-room messages.

  16. Watch out for Phishing 2. Only communicate personal information over the phone or through a secure website. • "Https://" instead of Http://. " • Initiate the call or call a number located on your bank statement.

  17. Staying Safe With Online Bill Paying

  18. Online Bill Pay • Some services will only work with payees with whom they can interface electronically • Make sure you have secure access • Be careful which bills you pay automatically

  19. Online Bill Pay • The service should guarantee accurate and on-time payments • Check to see how far back you can access your bills and payment information online • Report generation (i.e. tables, charts and/or graphs) helps you track where your money is going

  20. Auto Deductions • Available online and electronically • Set up by providing your bank account information to the creditor • Account and routing number • Helpful for making due dates (credit cards, etc.) • Harmful if your account balances get close to $0 • Use cautiously and have a reminder system

  21. Do’s and Don’ts • Make sure that it’s a legitimate institution • Read the “about us” section and verify

  22. Do’s and Don’ts

  23. Q & A

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