Online Banking!

Online Banking

If you haven’t already signed up for online banking, then I recommend that you do!  It is so convenient to be able to check your bank statement before the paper one is sent to you, or to save paper by requesting that they no longer send one. 

Other things you can do:

·      Make payments online - Transfer money and pay friends, family and bills instantly.

·      Keep track of your balance.

·      Check for incoming payments. 

·      Manage standing orders and direct debits.

·      See when cheques have been cashed.

·      The main advantage of all the above is that you can do it 24/7.

·      Access your bank from your computer or your smartphone.

There are a few things to consider.  Most people have concerns about fraudsters being able to access their account and steal their money, however banks have many layers of security to make this more difficult.  No-one would bank online if the security wasn’t up to scratch!

There are things that you can do to help yourself stay safe:

·      Never save or store your log in details or password on your computer.  Even though it makes logging in quicker and easier.

·      Log off at the end of each session and not leave your computer or mobile phone unattended when you’re logged on to Internet or mobile banking.

·      Keep all your log in details and passwords safe in a place so that you will be able to find them again. 

·      Use complicated passwords that are hard to guess.  A mixture of upper and lower case letters, numbers and symbols are a good idea.

·      Keep your computer security software (e.g. antivirus and firewall) up-to-date and run regular security scans.

·      Be aware of people looking over your shoulder when you’re using mobile banking in public.

·      Never enter your online banking details in full on any websites or mobile applications.

In order to bank online you will need to register for online banking with your bank.  They will often provide you with a log in number and you then have to fill in the form online to set up your online account and provide 2 passwords- one for logging in and another as an extra security.

Some banks send out a little hand held device into which you can insert your bank card.  It works with your card and PIN to generate unique, 1-time 8-digit codes for use in Online Banking.  This is used instead of a password and is super safe.  Barclays use one called PINSentry.

Setting up recipients for payments takes a few minutes.  All you need to know is the account name and account plus the sort code.  The first set up often requires phone authentication - the bank call you and request the code that they display on your screen, which you type into your keypad.  Once a recipient is confirmed and set up, you can make payments in record speed.  The money is transferred in a couple of hours to the recipient’s account or you can specify when you want the payment to take place.

It sounds more complicated than it is!  Don’t be put off.  Online banking allows you to take control of your finances whenever it suits you and you won’t need to queue in the bank again to make a payment or set up a direct debit!   If your concerns are about fraud, the bank will repay you if you are a victim of fraud, so be reassured.  Online banking is probably one of the most useful things you can do on the Internet!