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Checking Accounts
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KEEPING A SOLID RELATIONSHIP WITH YOUR BANK
Sustaining a positive relationship with your bank is just as vital as selecting the one to do business with. Below is some input that will help make your dealings proceed efficiently.

Online banking
These method of banking allows a faster, more simplified use and management of your checking account. No longer do you have to wait for your monthly statement in order to see if a check has cleared. Now you can simply log-in to your account online and view all of your transactions.

There are many more benefits of banking online including paying bills, transferring money and setting-up email alerts to inform you when checks clear or if your account balance dips below a certain amount.

Protecting yourself
Many people are leery about utilizing the Internet for their banking. However, as long as you are careful about how you use and store your usernames and passwords, you will be fine. It is also important to be careful about how you handle supposed emails from your bank. Never click on any links in any email that asks for any of your personal information. Call you bank first and make sure that the email is genuine. The smartest method of opening your bank's website is by typing their web address into the browser, not by clicking on a link.

It is very important that you review your monthly statements to ensure that your records coincide with your banks. You want to catch any discrepancies as soon as possible so that they can be corrected. Also, make sure you look for unauthorized transactions. This may be a sign that you are a victim of identity theft.

Financial institutions have a lot of personal information about all of our their customers. A great deal of money is made by selling your information to other companies. You can avoid be solicited by contacting your bank and 'opting out' of having your information sold to other companies. You can likely find information about how your bank intends on using your personal information on what you can do to avoid this in your monthly statements.

The Patriot Act
As a result of terrorism, all financial institutions are being held to higher standards in regards to confirming the identity of all individuals that open new accounts. You will probably have to show proof of identity and will likely have to answer questions related to where the money is coming from to open the account. For additional info, read more about the Patriot Act.

What assets are protected?
Nowadays, the difference between banks, brokerages and insurance companies, is not as clear as it once was. The most important thing to determine is what accounts are insured by the Federal Deposit Insurance Corporation and which accounts are not. For more information, read more about the FDIC and how accounts are insured.

As long as your bank practices positive financial management, you likely won't every have to count on FDIC coverage. When opening a new account, it is important find out if your bank is safe by getting the answers to a few vital questions about your bank and how it conducts it business. It is also a good idea to periodically review your bank activity.


 

 

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