Oracle Tips by Burleson

Web Stalkers
Chapter 7 - Internet Scams

All about Online Banking

Before exploring online financial scams, the following are some reasons why online financial transactions and eCommerce have become so popular. 

Societal Pressure - Many employers now require their employees to accept compensation payments by depositing employee paychecks directly into their checking or savings accounts.  Consequently, many consumers feel comfortable using the web to perform financial transactions.

Fast Access - Retirement accounts can now be instantly accessed via services such as Schwab (www.eschwab.com).  Investors can managed the stocks in their 401(k) retirement accounts via the Internet and instantly check the current value of their investments.

Lower Fees – The job of a stock broker has been largely displaced by web services (e.g. eTrade, AmeriTrade, eSchwab) since the investor can access and analyze historical stock prices themselves online. 

But how does the consumer public choose a safe and secure financial institution?  There are several common sense guidelines:

FDIC

Most people will want to make certain that their bank is insured by the Federal Deposit Insurance Corporation (FDIC).  These banks usually carry the slogan “Member FDIC” or “FDIC Insured”.