banking - A Brief History of Internet Banking

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made. Online banking has been around for quite a few years. In fact, it was introduced in the 1980s and has come a long way since then. The last decade has seen a profuse growth in internet banking transactions. Several pieces of legislation have also been introduced in this area. Though it began in the 1980s, it was only in the mid nineties that internet banking really caught on. What attracts customers to internet banking is the round the clock availability and ease of transactions. Studies estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in the traditional ways. Statistics released by the FDIC show that only 40% of the banks in the U.S. offer internet banking facilities worth mentioning. All the others may have an online presence but do not have enough online transactions to justify their presence on the internet. Some customers have been known to turn to internet banking due to dissatisfaction with standard procedures and practices. The total absence of human interaction appeals to some people. Some customers turn to internet banking facilities for security reasons. This is mainly because of customers being assured of banks' ability to keep transactions safe and secured. Most online transactions are made using the Internet Explorer interface. The Internet Explorer has been around for more than ten years now. Internet Banking provides detailed information on Internet Banking, Advantages Of Internet Banking, Internet Business Banking, US Internet Banking and more. Internet Banking is affiliated with Best Internet Banks. Article Source:http://EzineArticles.com/?expert=Marcus_Peterson banking - Online Banking And Phishing According to the Gartner Research Group, there are nearly two million Americans how have their online banking accounts compromised by unscrupulous hackers and criminals. The average loss per customer is roughly $1,200. Online banking is a lucrative market for not only the bank themselves, but also the criminals. The fact that access to a bank account requires only a user id and password would mean that someone could easily tap into another person's financial assets. It's essentially an open vault once one passes online authorization. So how do the criminal minds do this? A popular procedure for obtaining bank account credentials is called "phishing". Phishing scams involve emails that appear as if they are from well-known financial institutions like Paypal or Bank of America. The email has a template that resembles the actual logo and background of the bank institution. When a person sees the email, he or she believes it's a legitimate email. The email would, under false pretense, provide a reason to go to the bank's website. For instance, the email would say that your account has been suspended because of an activity. Or, your account has received a large amount of money. Some even say that your account has encountered technical errors. It will provide any compelling reason to get your attention. Because a response is needed, there will be a link back to a fake site asking for sensitive information such as credit card numbers, passwords, pins, or social security numbers. In fact, it will have the look and feel of the real institution's site so that the consumer can be fooled. Banks today are attempting to combat this scam by a number of ways. One, they are trying not to ask you to update your profile through an email. More banks are also asking the customer to call them back, as opposed to requiring them to link back to their site. These are a few things that banks have been doing, but it may not be enough to combat online phishing. What are the best ways to prevent phishing? Learn how to spot a phishing site by reading the email thoroughly. If you have a hunch that the email is suspicious, do not respond to the email or click on any links. Call the number of your bank from your records. Also, look at the email address of the suspected email. You may find that the address has nothing to do with the bank's domain name. Or, you may find that the link's url does not even go to the actual bank's url. Remember, they are banking (no pun intended) that you will not pay attention to the specifics due to emotions getting in the way. Look carefully at the wording and grammar of the message. Is it misspelled or does it have incorrect grammar? If so, chances are that the email is a phishing scam. If you are a victim of a phishing scam, you will need to be proactive. Contact the financial institution immediately and let them know what had happened. Check your account online as well. Make sure that the balance hasn't dropped. Knowing how to spot phishing scams and how they work will help you better prevent your online banking account from being compromised.

banking - Online Banking And Phishing

According to the Gartner Research Group, there are nearly two million Americans how have their online banking accounts compromised by unscrupulous hackers and criminals. The average loss per customer is roughly $1,200. Online banking is a lucrative market for not only the bank themselves, but also the criminals. The fact that access to a bank account requires only a user id and password would mean that someone could easily tap into another person's financial assets. It's essentially an open vault once one passes online authorization. So how do the criminal minds do this? A popular procedure for obtaining bank account credentials is called "phishing". Phishing scams involve emails that appear as if they are from well-known financial institutions like Paypal or Bank of America. The email has a template that resembles the actual logo and background of the bank institution. When a person sees the email, he or she believes it's a legitimate email. The email would, under false pretense, provide a reason to go to the bank's website. For instance, the email would say that your account has been suspended because of an activity. Or, your account has received a large amount of money. Some even say that your account has encountered technical errors. It will provide any compelling reason to get your attention. Because a response is needed, there will be a link back to a fake site asking for sensitive information such as credit card numbers, passwords, pins, or social security numbers. In fact, it will have the look and feel of the real institution's site so that the consumer can be fooled. Banks today are attempting to combat this scam by a number of ways. One, they are trying not to ask you to update your profile through an email. More banks are also asking the customer to call them back, as opposed to requiring them to link back to their site. These are a few things that banks have been doing, but it may not be enough to combat online phishing. What are the best ways to prevent phishing? Learn how to spot a phishing site by reading the email thoroughly. If you have a hunch that the email is suspicious, do not respond to the email or click on any links. Call the number of your bank from your records. Also, look at the email address of the suspected email. You may find that the address has nothing to do with the bank's domain name. Or, you may find that the link's url does not even go to the actual bank's url. Remember, they are banking (no pun intended) that you will not pay attention to the specifics due to emotions getting in the way. Look carefully at the wording and grammar of the message. Is it misspelled or does it have incorrect grammar? If so, chances are that the email is a phishing scam. If you are a victim of a phishing scam, you will need to be proactive. Contact the financial institution immediately and let them know what had happened. Check your account online as well. Make sure that the balance hasn't dropped. Knowing how to spot phishing scams and how they work will help you better prevent your online banking account from being compromised. Michael Russell Your Independent guide to Online Banking Article Source:http://EzineArticles.com/?expert=Michael_Russell banking - How To Reduce Banking Fees Nobody likes to pay banking fees, but if you aren't active in trying to reduce them, you are probably paying more in fees than you need to be. One of the most important actions to take in order to reduce the banking fees is to figure out exactly how you use your bank. Consider what your average balance will be and how low the balance may dip. Also consider the type of transactions you make and what types of services you need. Once you have a better understanding of how you utilize the bank, you are in the position to get the most out of it while avoiding fees for services you don't need or use. Probably the best move you can make is to try and qualify as a member of a credit union. Credit unions are not for profit organizations meaning they don't have to worry about making a profit. The qualifying factors to join a credit union vary from institution to institution, so you will need to check with each. The good news is that there are a large number of credit unions associated with a wide variety of organizations. Qualifying for inclusion has been broadened a great deal over the years, so it is much easier to find a way to qualify. Since credit unions are there for their members and not out to make a profit, they are much more likely to offer completely free checking or free checking with a small minimum balance. In most cases, they also charge lower banking fees and their interest rates on accounts are higher. The one big drawback is that they tend to have fewer branches and automatic teller machines (ATMs) than major bank networks which can be costly if you are an ATM addict. You can begin your search to locate a credit union near you at the National Credit Union Administration: http://www.ncua.gov/siteoutline.html If a credit union isn't a possibility, then you need to take a look at the different types of banks. While the major banks will have a better distribution of ATMs and a greater variety of services, their fees can be as much as 50% higher than those of local banks. It is also worthwhile investigating Internet banks since their fees still tend to be lower than those of major banks. Once an appropriate bank has been chosen, reducing the standard fees they charge is an important. Although there are a wide variety of checking accounts offered, most banks will offer at least two typical checking account alternatives. A basic checking account will have a lower minimum balance requirement, but it will usually have restrictions on the number of no cost transactions you are able to make each month. A premium account will usually offer interest and allow for more no cost transactions, but will require a larger minimum balance to avoid monthly fees. Not meeting the requirements of either of these can be quite costly, so it pays to chose the checking account style that best fits your use. Although an interest earning checking account seems like the obvious choice to make, there are a variety of situations where you're better off choosing a no interest checking account. If your account balance fluctuates quite a bit so that you are likely to go under the minimum balance required for the account even a few times during the year, you are likely to pay more in fees than you will ever earn in interest. In addition, checking account interest rates are some of the lowest, so choosing a checking account with no interest and a low minimum balance can make sense if you can put the difference into a higher yielding account. Many people have several bank accounts at different institutions. It sometimes make sense to consolidate them at one bank. Consolidating your banking to one bank can give you more leverage in negotiating fee reductions and allow you to be more proactive in getting the best deals available. If you keep several different accounts at a bank, some banks will take into consideration the total balance of all your accounts at the bank. Although you may not have the minimum requirement in your checking account to earn interest, if you are also keeping a large deposit in a CD account that more than covers the checking minimum, the bank may be willing to count the balance of the combination of accounts as meeting the minimum requirement. Another option that can give you leverage when negotiating on checking account fees is to have your paycheck direct deposited. Although every bank has its own set of rules, most will waive the checking account monthly fees if you direct deposit your paycheck. Don't, however, assume they will automatically give it to you. Chances are you will have to politely ask before they offer you this service. A further possibility in getting free checking is to invest in the bank. Although this doesn't work with the larger banks, some small to medium sized banks have programs that award free checking and other special offers to investors. All you need to do is purchase a single share of stock to qualify. Copyright (c) 2004, by Jeffrey Strain This article may be freely distributed so long as the copyright, author's information and an active link (where possible) are included. A complimentary copy of any newsletter or a link to the site where the article is posted would be greatly appreciated.

banking - How To Reduce Banking Fees

Nobody likes to pay banking fees, but if you aren't active in trying to reduce them, you are probably paying more in fees than you need to be. One of the most important actions to take in order to reduce the banking fees is to figure out exactly how you use your bank. Consider what your average balance will be and how low the balance may dip. Also consider the type of transactions you make and what types of services you need. Once you have a better understanding of how you utilize the bank, you are in the position to get the most out of it while avoiding fees for services you don't need or use. Probably the best move you can make is to try and qualify as a member of a credit union. Credit unions are not for profit organizations meaning they don't have to worry about making a profit. The qualifying factors to join a credit union vary from institution to institution, so you will need to check with each. The good news is that there are a large number of credit unions associated with a wide variety of organizations. Qualifying for inclusion has been broadened a great deal over the years, so it is much easier to find a way to qualify. Since credit unions are there for their members and not out to make a profit, they are much more likely to offer completely free checking or free checking with a small minimum balance. In most cases, they also charge lower banking fees and their interest rates on accounts are higher. The one big drawback is that they tend to have fewer branches and automatic teller machines (ATMs) than major bank networks which can be costly if you are an ATM addict. You can begin your search to locate a credit union near you at the National Credit Union Administration: http://www.ncua.gov/siteoutline.html If a credit union isn't a possibility, then you need to take a look at the different types of banks. While the major banks will have a better distribution of ATMs and a greater variety of services, their fees can be as much as 50% higher than those of local banks. It is also worthwhile investigating Internet banks since their fees still tend to be lower than those of major banks. Once an appropriate bank has been chosen, reducing the standard fees they charge is an important. Although there are a wide variety of checking accounts offered, most banks will offer at least two typical checking account alternatives. A basic checking account will have a lower minimum balance requirement, but it will usually have restrictions on the number of no cost transactions you are able to make each month. A premium account will usually offer interest and allow for more no cost transactions, but will require a larger minimum balance to avoid monthly fees. Not meeting the requirements of either of these can be quite costly, so it pays to chose the checking account style that best fits your use. Although an interest earning checking account seems like the obvious choice to make, there are a variety of situations where you're better off choosing a no interest checking account. If your account balance fluctuates quite a bit so that you are likely to go under the minimum balance required for the account even a few times during the year, you are likely to pay more in fees than you will ever earn in interest. In addition, checking account interest rates are some of the lowest, so choosing a checking account with no interest and a low minimum balance can make sense if you can put the difference into a higher yielding account. Many people have several bank accounts at different institutions. It sometimes make sense to consolidate them at one bank. Consolidating your banking to one bank can give you more leverage in negotiating fee reductions and allow you to be more proactive in getting the best deals available. If you keep several different accounts at a bank, some banks will take into consideration the total balance of all your accounts at the bank. Although you may not have the minimum requirement in your checking account to earn interest, if you are also keeping a large deposit in a CD account that more than covers the checking minimum, the bank may be willing to count the balance of the combination of accounts as meeting the minimum requirement. Another option that can give you leverage when negotiating on checking account fees is to have your paycheck direct deposited. Although every bank has its own set of rules, most will waive the checking account monthly fees if you direct deposit your paycheck. Don't, however, assume they will automatically give it to you. Chances are you will have to politely ask before they offer you this service. A further possibility in getting free checking is to invest in the bank. Although this doesn't work with the larger banks, some small to medium sized banks have programs that award free checking and other special offers to investors. All you need to do is purchase a single share of stock to qualify. Copyright (c) 2004, by Jeffrey Strain This article may be freely distributed so long as the copyright, author's information and an active link (where possible) are included. A complimentary copy of any newsletter or a link to the site where the article is posted would be greatly appreciated. About The Author Jeffrey Strain has published hundreds of money saving articles and the creator of the Daily Money Saving Challenge Program. He is the co-owner of http://www.savingadvice.com -- a website dedicated to saving you money. savingadvice@gmail.com Article Source:http://EzineArticles.com/?expert=Jeffrey_Strain banking - Business Banking - Keeping Your Accounts Healthy There's no room for complacency when it comes to running a business, and running your account is no different. You should check your statements carefully, and have a periodic review of the market to make sure your account is still the best one for your needs. New accounts and special offers crop up all the time, and it may be worth your while to change banks. You can also point out the competition's rates when negotiating terms with your own bank - often these are flexible and a bank may offer you improved rates if you hint that you are considering taking your business elsewhere. Stay on top of bank charges, and if any show on your account that you do not understand, contact the British Bankers' Association for more detailed explanations on charges and interest: www.bba.org.uk There are ways to minimise charges and run your account as smoothly as possible: 1. Automate Your Account If you have frequent customers, you could encourage them to make payments by direct debit or standing order. The more electronic payments you have, the fewer charges you will incur. The same goes for your expenses - try to use automated services for all your regular payments. 2. Bank Online If your bank account has online facilities, make use of them. It is both more efficient and cost effective. Larger businesses may be offered 'PC banking', which involves special software being installed on your accounting computer, so that your accounting system is linked directly to your bank. If you find yourself struggling, for example if cash is short and it's becoming difficult to meet the repayments on your loan, the best course of action is to visit your bank and renegotiate your account. You should do your best not to exceed any overdraft limit that has been agreed, and stick to the terms of your account. If you break the terms of your agreement there can be stiff penalties, such as referral fees and administration costs. If you accept a cheque which then bounces, you will lose the money owed to you and also incur a charge. Be sure to write the number of the cheque guarantee card on the back of all cheques You should also keep your records scrupulously accurate - noting all transactions and crosschecking your records with your bank statements. Not only will this mean you can query any discrepancies, but it will make filling in your tax return much quicker and easier!

banking - Business Banking - Keeping Your Accounts Healthy

There's no room for complacency when it comes to running a business, and running your account is no different. You should check your statements carefully, and have a periodic review of the market to make sure your account is still the best one for your needs. New accounts and special offers crop up all the time, and it may be worth your while to change banks. You can also point out the competition's rates when negotiating terms with your own bank - often these are flexible and a bank may offer you improved rates if you hint that you are considering taking your business elsewhere. Stay on top of bank charges, and if any show on your account that you do not understand, contact the British Bankers' Association for more detailed explanations on charges and interest: www.bba.org.uk There are ways to minimise charges and run your account as smoothly as possible: 1. Automate Your Account If you have frequent customers, you could encourage them to make payments by direct debit or standing order. The more electronic payments you have, the fewer charges you will incur. The same goes for your expenses - try to use automated services for all your regular payments. 2. Bank Online If your bank account has online facilities, make use of them. It is both more efficient and cost effective. Larger businesses may be offered 'PC banking', which involves special software being installed on your accounting computer, so that your accounting system is linked directly to your bank. If you find yourself struggling, for example if cash is short and it's becoming difficult to meet the repayments on your loan, the best course of action is to visit your bank and renegotiate your account. You should do your best not to exceed any overdraft limit that has been agreed, and stick to the terms of your account. If you break the terms of your agreement there can be stiff penalties, such as referral fees and administration costs. If you accept a cheque which then bounces, you will lose the money owed to you and also incur a charge. Be sure to write the number of the cheque guarantee card on the back of all cheques You should also keep your records scrupulously accurate - noting all transactions and crosschecking your records with your bank statements. Not only will this mean you can query any discrepancies, but it will make filling in your tax return much quicker and easier! Joe Kenny writes for the Personal Loans Store, allowing visitors to compare loans and also focuses on personal loans in the UK. Visit Today: http://www.ukpersonalloanstore.co.uk Article Source:http://EzineArticles.com/?expert=Joseph_Kenny banking - Taking A Systematic Approach To Organizational Change In today's highly competitive marketplace, the fundamental challenge for most management teams and the #1 reason companies fail to fulfill their annual growth objectives, is their inability to execute the company's strategic initiatives as well as anticipated. Given that many companies tend to run very lean, leadership may have unrealistic expectations about how many projects and/or initiatives the organization can effectively manage while maintaining a high level of customer service. As such, an organization becomes spread too thin for the resources available. Caught in a perpetual state of "firefighting," employees tend to react to those tasks that author Steven Covey calls urgent tasks while foregoing those that are of more importance. Without having enough time set aside for discussion, prioritization, consensus and planning, organizational change tends to occur rather reactively. For change to occur systematically within your company, several factors must be present for optimal results including: ? Discussion, agreement and on-going support of the company's direction and strategic initiatives among senior management ? Link strategic initiatives to tactical execution through planning and on-going communications ? Align and connect the performance management, incentive compensation and training processes for optimal results ? Emphasize hiring, developing, rewarding and retaining top talent as a key driver of sustained business growth. To aid you in your efforts to bring about positive organizational change, we're happy to share our Success Roadmap for Bringing About Effective Organizational Change. The process tends to follow these phases and steps: Phase One - Management Alignment ? Develop a company-wide vision ? CEO sets the tone & expectations ? Conduct needs analysis ? Development of plan ? Establishment of steering / execution team ? Hold regularly scheduled progress meetings Phase Two - Establishing & Driving Performance Expectations Throughout the Company ? Leverage service standards into sales expectations ? Develop a performance management system including job competencies, job descriptions, performance based review form and provide management/coaching training to support the desired culture and performance expectations ? Establish goals to support performance metrics ? Evaluate performance tracking systems and upgrade as needed ? Align incentive plans to motivate for individual, branch and company performance Phase Three - Focus on People as a Competitive Advantage ? Provide on-going training and development - management and coaching training, sales training for lenders and retail staff, product training, operations and regulations training. ? Create consistency and discipline through on-going tracking of results and coaching ? Create regular, on-going reporting mechanisms ? Upgrade employee screening and hiring processes ? Develop a reputation as a great place to work through annual employee surveys, formal and informal recognition programs ? Using information to support people and processes ? Adjust strategy based on results ? Focus on daily execution ? Keep the focus on capturing the entire customer relationship The Goal - Capturing the Entire Customer Relationship At the end of the day, we must focus on capturing more of the customer's relationship if we are to maintain the annual growth rates enjoyed over the past five to seven years. This necessity may call for making changes to your company's strategic direction, internal processes, product and service offerings and the ways in which you recruit, develop, motivate and retain employees. And just as an ocean liner doesn't change direction on a dime, neither will your company's culture change over night or within a single quarter. We're confident however, that this Success Roadmap will aid your company's management team in discussing and better planning whatever changes are deemed necessary to remain competitive in the next five plus years. ***************************************************************** ? 2007 Ray Adler, All rights reserved. You are free to use this material in whole or in part in print, on a web site or in an email newsletter, as long as you include complete attribution, including live web site link. Please also notify me at ray@btitraining.com where the material will appear.