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Safe Online Banking and Bill Paying

Presented by: CCCS of Rochester Hosted by: The Veteran’s Outreach Center Funded by: The Digital Trust Foundation. Safe Online Banking and Bill Paying. Overview. Being Smart About Checking Accounts Staying Safe with Online Banking Staying Safe with Online Bill Paying.

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Safe Online Banking and Bill Paying

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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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