No one can deny that life has gotten so much more convenient ever since the world wide web and the internet came to be. It is easy to do get so many things done these days with just a few clicks and taps, including opening a bank account.
However, like many things in life, opening an online bank account is one of the things you should not mindlessly do. It is your money we are talking about here and you would not want to be careless enough that you end up giving hackers access to your account without you knowing.
With that said, here are 10 things to keep in mind when opening an online bank account:
1. What Account Do You Want to Have?
Whether you're opening an account online or in an actual bank, one of the first things you really have to do is figure out what account do you want to have. Is it a checking account or a savings account?
Make sure to ask questions and do your research on the benefits and requirements of the type of account you are going for.
2. Look at Other Bank Options
While it may be convenient to just go for the first bank that comes to mind or even the one that is nearest to where you work or live, it is usually wise to look into what other banks can offer.
This is because other banks may have better benefits than the one you are currently eyeing. It would be a bummer to miss out on those just because you did not bother to check.
3. Do NOT Forget About Fees
Speaking of things to ask questions about, make sure to ask about the fees required to open a bank account, if applicable. According to an article published by Allwomenstalk, some banks do charge fees that they do not tell you about right away.
These fees may include ATM fees, overdraft fees, minimum usage fees, and more.
4. Understand and Prepare the Requirements
As with anything and everything related to banks and money, there are requirements that you will be asked of you when you open an online bank account. These include your personal information, according to an article by Cornerstone Bank, such as your social security number as well as government-issued identification.
There are also banks that require minimum deposits for savings and checking accounts.
5. Make Sure You Have a Security Software
Cyberattacks and hacking attempts are prevalent these days and the last thing you will want is to add to the growing list of victims. Cornerstone Bank's article says that one thing you can do to safeguard your online bank account is to download a security software.
"You'll always want to make sure you have some kind of security software or antivirus on your computer to prevent cyberattacks and malware," the article points out. There are options available out there so once again, do your research and find the best one for you.
6. Create a Strong Password
This applies not just to your online bank account, but to any kind of account you have online. Weak passwords just make susceptible to hacking attempts so be sure to create a strong one to keep your money safe.
As per usual, do not use your birthday or your name as password. Make sure to have a combination of upper case and lower case letters, numbers, and other characters that are accepted.
7. Set Up Notifications
Cornerstone Bank's article also recommends that you enable or sign up for notifications so you are always informed right away if something happens to your bank account. These notifications can come in the form of either text messages or emails.
This is also a handy and practical thing to do to keep your account safe from cyberattacks.
8. Do Not Open Your Bank Account Using an Unsecure Network or Computer
It is often wise to refrain from opening an online bank account or accessing one when you are using public Wi-Fi. If it cannot be helped, make sure to at least have a VPN for more security.
It also goes without saying that it is also not wise to log into your online bank account using a public computer, especially if complete strangers can use it as well.
9. Take the Tutorial
If you are completely new to online banking or even to simply using your bank's mobile banking app or online site, take the tutorial if it is being offered to you.
According to the website of the Consumer Financial Protection Bureau (CFPB), this is so you can learn your way around the platform.
10. Keep Your Login Credentials to Yourself
Last and certainly not the least, keep your online bank account's login credentials as well as other sensitive information to yourself. Should you feel the need to share details regarding your account for whatever reason, only do so with people you actually want to give access to, like your spouse or parents.
