Online banking offers powerful personal finance tools to strengthen your financial security while saving you time and money. In the business of daily life, it’s easy to forget to secure your financial identity from potential theft. But, it’s easier than you think. Even if you already use online banking, you may not be aware of available anti-fraud measures and their potential to keep your information out of the wrong hands. And, if you haven’t tried online banking yet, know that it comes with peace of mind. Here are three useful online-banking tools you can employ to protect your money and safeguard your financial identity.
1. Bill pay
Compared to your physical checkbook or sending payments via mail, online bill pay is a more secure way to pay your monthly bills. It allows a central payment location, which can reduce the risk of one or more of your individual accounts being compromised. It’s also more convenient, since you can pay all your bills at once, on one site, instead of on multiple sites with multiple logins.
2. Paperless statements
By using your bank’s paperless statement option, delivery of physical statements to your mailbox is a thing of the past. Plus, you won’t need to dispose of your statements in the trash or recycling, meaning there is less of a change that your information will end up in the wrong hands. If you do get paper statements or print online statements, remember to shred the papers before disposal.
3. Automated alerts
Another valuable financial management tool, automated account alerts can be set up to notify you about potentially suspicious account activity. You can also set up security account alerts to:
- Monitor your account balances and transactions (withdrawals, deposits and purchases) that exceed a dollar amount determined by you.
- Review newly available statements and other online documents.
- Understanding your bank’s online-banking features can go a long way in protecting your money and financial identity, giving you more time to spend on other aspects of your life.