Open a Bank Account Online

Be careful before you open a bank account online. Here’s why.

Text and video chat; interactive games involving players in different parts of the world; social media networks; remote exchange of goods and services — what do these list items have in common? The answer is: the Internet, particularly the Worldwide Web.

But this is just a very limited list of who knows how many benefits have been spawned by Internet technology in the last 15 years.

As far as financial affairs of people are concerned, among the most wonderful developments of this century is Internet banking. It has paved the way for people worldwide to open a bank account online and experience doing business with a bank in a totally new way.

Embracing Internet technology, banks have reconfigured their services to make them available to people who spend their time in front of the Internet browser.

Because the world’s population has become online citizens, banks created online banking, which is synonymous with Internet banking. In so many ways Web-enabled banks are inviting this new breed of citizens to open a bank account online and be part of the on-going technological revolution.

What’s in it for people who open a bank account online? For starters, they can open a savings account. But unlike the traditional savings account they may already have, an online savings account allows them to:

·        View their account history in detail from their browser; and if they choose to, they can print the data on their printer.

·        Pay their bills using their online savings account funds from their PC, in the comfort of their home; many online banking applications issue a “cyber receipt” for bills paid online.

·        Use their account to send money to someone and receive money from others through the fund transfer service integrated with most online savings accounts.

·        Since online savings account service normally includes ATM card service, people can withdraw funds from their online savings account through any ATM machine that honors their card.

There is just one drawback that goes with technological progress. While it is undoubtedly beneficial to law-abiding citizens, it also helps criminals achieve their goals just as speedily. Criminal elements (described as “cyber criminals”) can also open a bank account online, and then use that account as repository for money they steal from online accounts of unsuspecting victims.

How do criminals steal from other online accounts? Network security experts say that there are many creative ways they can do it if they have the technical know-how. A current favorite criminal method is “phishing”.

Using network vulnerabilities, they mimic a legitimate online banking login page and display it in a victim’s browser. When the victim types in his/her username and password, the criminals copy the data to their own computer and use the data to access the victim’s account.

Before you open a bank account online, ask for expert advice on how to do it safely.

Online banking is convenient and fun. Just use it carefully and securely. Don’t worry, there are many legitimate banks that will allow you to open a bank account online.