Just as with so many other aspects of our lives, the internet is making inroads into areas we may have once thought improbable and banking is no exception. There are distinct advantages to internet banks such as potentially higher CD rates and lower rates on credit cards and loans because online banks don’t have all of the overhead real “brick and Mortar” banks have. Additionally, they are available 24/7/365 which means you can sit down and pay your bills, right then, online, regardless if it’s 3 o’clock in the morning.

But, how do you know if online banking is safe? After all, with identity theft being one of the fastest growing crimes, how can you be sure that the website you are on is truly that of the bank or, worse yet, that it is really a bank at all?

The Federal Deposit Insurance Corporation (www.fdic.gov) offers a few suggestions. First, confirm that the bank is legitimate. Read the internet bank’s “About Us” section and find out who they are and where they are located (if they have a physical branch) and then contact them. All legitimate banks have telephone capabilities. Beware of copycats that use a name or web address similar to that of a real bank and be sure you have correctly typed in the web address.

Here are a few things you should pay particular attention to:
• Your Privacy – there should be some sort of “Privacy Statement” or “Privacy Pledge” available on the site.
• Security. Since the internet is a public network, it is important to learn how to safeguard your banking information, credit card numbers and other personal data.
• Passwords and PINS - When creating passwords or PINS, don’t use numbers or words that may be easy for others to guess (such as birth dates, home telephone numbers etc.)

Remember “keeping banker’s hours?” It used to refer to a slack schedule but not so anymore. There are many among us who would not consider using internet banks but, think about a few years ago when nobody even had debit cards. It really makes you wonder what banks will look like in 5 or 10 years, doesn’t it?