BANKING ONLINE
This is an interesting article that we all should read and take note that there are dangers in online banking and to be very careful when putting any of your personal information out there for some one to steal. Make sure that you are dealing with a legit company and that their security is at the highest level so your information will be safe.
Banking online Most U.S. citizens walk into, get online to, or drive up to their bank several times each week and hand over their hard earned dollars. Why do they do it? How many other strangers would they trust to hold their savings, and return the money and additional funds back to them at any point in time? What makes banks safe, and how do we know they are? Well, the first indication that you're money's in a safe place is the placard that greets you at the door - FDIC. This federal U.S. agency, the Federal Deposit Insurance Corporation, typically protects up to $100,000 of your deposited funds from loss. Established in the 1930's, the FDIC became a way to curtail the runs on banks that occurred directly after the Depression. By 1934, with the initiation and support of the FDIC legislation bank runs had been reduced by nearly 4000. In addition to FDIC protection, banks also pay for supplemental banking insurance from private carriers. This insurance is set up to protect investors' funds from vandalism and bank robberies. Banks offer a variety of options to their customers, many of them an evolution of the traditional checking and savings account operation. While a checking account is still the most familiar and most common banking feature, there are now a variety of checking account choices - some, known as negotiable order of withdrawal (NOW) accounts, actually pay interest on the balance. Besides the traditional savings account, banks also now offer loans, certificates of deposit, and money market accounts. Some offer IRAs and education savings accounts. Some ATMs allow deposits and deposit with cash back. Others are designed simply for withdrawal. This can make a difference if that long-awaited payment arrives in Saturday's mail and you're out of cash. At this time there are fewer than 10 virtual banking firms. Two of these, NetBank and Security First Network Bank are Georgia-based. The newest as of this writing is WingspanBank.com, a Delaware institution. Telebanc Financial Corporation's TeleBank is from Arlington Virginia. Two others are CompuBank and Indiana-based First Internet Bank. Rates are great! Security First, for instance offers six percent interest. As if that weren't impressive enough, this is the rate paid to checking - not savings - account holders! Wingspan's three month CD's are currently paying out a whopping annual interest of more than five percent. NetBank not only offers no-fee checking but also pays approximately three percent on any balance in the account, no matter how small. NetBank also reimburses any of their Internet banking customers for ATM transaction fees incurred at any brick and mortar ATM location. How can they offer these phenomenal rates? The answer is simple. While the average cost of each banking transaction at a traditional brick and mortar institution is $1.44, the average per- transaction cost for a virtual bank is an incredibly low four cents. With virtual banking the savings do indeed get passed on to you!
Taina Mcghay is the owner of Fulle Banking Ltd which is an excellent place to find banking links, resources and bankingicles. For more information on this bankingicle, please visit: http://www.fullebanking.com/
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