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Using Quicken for Internet Banking

Many people use quicken to keep track of their internet banking.  It is a way to make transaction details more clear.  It also allows you to keep your personal or business records on your computer, and at the same time, use the services of internet banking. 

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Quicken is a software program for managing money.  Other examples of such programs are Microsoft Money and Quick Books.  Quicken and these other programs make your record-keeping more detailed and accurate.  They can also be used in conjunction with internet banking. 

The first thing you can do before doing internet banking is to set up an electronic check register.  This is similar to the traditional check register, with a few distinctions.  For one thing, the information you put into the electronic check register can be more detailed than you can put on a line or two of a paper register. 

You can put the check number or transaction type, the date, the payee, and the amount.  These are essentially the data you would put into a paper register.  On Quicken, however, you can categorize the entries.  You can use preset categories or make up your own.  Your internet banking transactions may have special categories. 

For example, transfer of funds from one account to another through internet banking would be in a different category than other deposits in most cases.  You can also get creative with your categories.  If you are a musician, you might have a category for guitar equipment, for example. 

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There are two ways to get the information from your internet banking website into Quicken.  One way is to set up your account on Quicken.  You will need to type in all your personal information that needs to be provided to access your account.  This includes name, account number, username, and even password. 

This information will be stored on your computer in the Quicken program until you tell Quicken to download the latest transactions from your internet banking account.  It will do this automatically.  It will log on, download the transactions and log off of your internet banking website. 

This is not a very secure method, since all your information is easily accessible to anyone who gets their hands on your computer.  There is a different means to do this.  This takes a little more effort, but it pays off in tighter security. 

You go to the internet banking website and view your statement online.  The internet banking set-up will give you the option of downloading transaction data to your computer.  Use the drop down menu to select the program to put it in, such as Quicken. 

Once your internet banking transactions are successfully loaded into Quicken, you can reconcile your account.  Quicken will check your electronic register against the information from your internet banking account.  If they do not match, you will be alerted.  You will then be given the option to correct individual transactions or to correct all discrepancies. 

This way you can keep up with your internet banking account regularly and with precision.  You will know when you make mistakes or fraud has occurred.  Using Quicken with internet banking is a good way to understand and manage your finances. 

Internet Banking and Privacy Policies

Privacy policy legislation affects internet banking just as it does any other type of banking establishment.   You might want to keep your personal information private.  If so, it is good to know how your bank treats privacy policy. 

A study was done to determine how well different banks, including internet banking companies, dealt with privacy policy.  All financial institutions should have privacy policies that are consumer friendly.  This is in keeping with the spirit of the law. 

The law in question is the Gramm-Leach-Blily Act, or GLB, as it is often called.  This was enacted by Congress in July of 2001.  It gives power to financial institutions to conduct business in many important ways. 

More importantly to consumers, there is a section devoted to the privacy of banking customers, including internet banking customers.  Banks must provide consumers with a copy of their privacy policy.  This explains how your personal information will be used by internet banking operations and other banks. 

Your personal information would include any information that can be identified as your particular information.  It could be your name, address, social security number, internet banking transactions you have made in your name, and other information.  It could also be any information that can be guessed by having some of this information. 

The study evaluated bricks and mortar banks, clicks to bricks banks, virtual bank internet banking operations, and other financial institutions.  It compared each company's privacy policy, how they informed consumers about their privacy policy, and what options consumers had with them to "opt-out." 

If you opt-out, you are saying to the company that you do not want your information to be shared with other companies that are not affiliated with the bank.  Under GLB, internet banking services still have the option of sharing your information with affiliates and marketing partners, but they should inform you that they are doing so.   

One problem has been that the privacy policy statements sent out to consumers by internet banking companies and other banks have been impossible for most people to decipher.  They are not exactly an easy read.  There is a movement to make them easier to understand. 

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Another problem is that some internet banking companies have made it very difficult to opt-out of having their information shared with unrelated businesses.  It should be the easiest with online banking.  Indeed some internet banking companies have online forms to fill out so that you can be finished with it in short order. 

However, some internet banking sites make it nearly impossible to opt-out.  They make you go to an 800 number, or write for a mail-in form, or they may not have opt-out at all.  These are in the minority, but you should watch for them when comparing online banks.

The good news is that virtual internet banking companies that offered standard banking services like checking and savings accounts scored the best in the study.  If you want to keep your information private, check out your internet banking institution's privacy policy before you sign up. 

Problems with Internet Banking

Most people who have accounts with traditional banks do some internet banking now.  Some are hesitant because of problems they see in the industry.  While there are some disadvantages to internet banking, many of the problems start with the consumer. 

For example, there are still quite a few people who do not use internet banking because of their own lack of knowledge.  They may be resistant to technology.  They may feel that it is too difficult to learn.  Because young people are exposed to computers at an early age, people who have this problem are usually older. 

Some of the same people also fear using the internet.  Others who will use computers offline will not use them to go on the internet.  They fear for the loss of their privacy.  Many of these people have exaggerated fears in their minds.  For them, internet banking will be impossible, unless they come to terms with their fears.   

Certain people just do not have proper equipment to go on the internet.  If does not take an extremely advanced computer to do internet banking transactions.  However, you do need the basic modern computer equipment with modem.  Most banks now expect you to have a 128-bit encryption browser.  You will also be better off if you have a faster internet connection than dial-up. 

Security is a problem for many users of internet banking, as well.  The user names and passwords are often complex.  This is good, for the most part, because no one else would guess them.  However, it can be a problem if you cannot remember them.  You might not be able to access your account when you want to, without going through an intense security procedure. 

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What is even worse, many people who know they will have trouble remembering their user names and passwords for internet banking will write them down and keep them near their computers.  This makes it easy for thieves to get in and steal money from their accounts. 

Then, there are disadvantages that are really only to do with the internet banking more than the customers.  One problem happens when the bank's computer system has an extremely high volume.  Your transactions may not be made in a timely manner. 

There can be other failures in the communications of banks that will cause errors or lags.  If a computer virus ever got into the bank's computers, it could be a real problem.  Clearing up the chaos might take awhile.  Fortunately, internet banking companies take many precautions to prevent this, so it is extremely unlikely to happen. 

If you do internet banking through a virtual bank, you might find problems in managing cash money.  Depositing a paper check that someone gives you might not be as fast as it would be for a traditional bank.  Virtual banks usually will not let you deposit through an ATM, so often your only choice is to mail it to them. 

While there are some problems with internet banking, most of them can be overcome with knowledge and caution.  The other problems are challenges for the future of internet banking. 

Security Measures Taken by Internet Banking Companies

You cannot do business online if you do not trust your internet banking company.  There are always unscrupulous people trying to access bank information.  It is just a modern version of the old-fashioned bank robbery.  However, internet banking companies go to great lengths to avoid this. 

Internet banking should be done only through secure connections.  There are two ways to make sure you have one.  One is to look near the line where you type in URL's.  If you have a secure connection, there should be a closed padlock there.  Also, the web address should say https://"  The "s" signifies a secure connection for your internet banking. 

  Encryption is the first line of defense for internet banking security.  Banks have 128-bit security and require you to have it on the browser you use.  Encryption is basically just a formula that puts your information into a code.  That code is indecipherable without a key. 

Many banks use the Secured Socket Layer encryption for consumers' internet banking transactions.  This is a special form of encryption.  The system will use a different master key to put each transaction into code and then that code will not be used for other transactions. 

Banks also pay considerable attention to their firewalls.  They want to be assured that their internet banking system is protected from attacks over the internet.  So, they are not connected directly to the web.  Their connection is made through a firewall which blocks unwanted activity on the server. 

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Special consultants are hired by internet banking companies to help with security, too.  They do this by trying to hack into the bank's secure server.  Once they do, they know how it can be done.  Then, they come up with ways to prevent it from happening. 

One system that has come from using such consultants in internet banking is the use of two factor authentication.  With this form of security, an access number will be sent to you over your cell phone to use with your other identifying information.  With all this information together, you can access your account.  This is more secure. 

Most internet banking institutions will also protect you from yourself in some ways.  If you are using your computer to go online and do internet banking transactions, you cannot let the computer sit idle.  If you do not use it for a certain period of time, the bank will end your session and your will have to do a secure log-in all over again.  This prevents anyone from finding your account page open and using it without your consent. 

Clicks to bricks banks will often give you a username and a temporary password.  You will then choose your personal password and other security features.  Virtual banks will allow you to choose both your password and your username.  They will never have access to this information.  This means that it is secure for you to use. 

Internet banking is a difficult pill for many people to swallow.  Especially for those who did not grow up with computers, it may seem a little unreal to manage your money online.  However, internet banking security makes everyone breathe a little easier. 

Transferring Funds through Internet Banking

Internet banking offers consumers the ability to transfer funds between accounts.  This is an important service as the world becomes a smaller place.  There are many places people want to transfer money and many reasons to do so. 

People often want to transfer money from one account to another.  For instance, they may want to transfer funds from their traditional account to their internet banking account.  This could be a means of getting money into the account they normally use to pay bills. 

Another use of internet banking to transfer funds is to move money from checking accounts to savings accounts.  Money can be transferred from investment accounts as well.  Any accounts you have can be accessed through internet banking to do this. 

They also may want to transfer money from an account in one location to an account in another.  This would be useful for someone who lives a bicoastal existence for example.  When they are spending part of the year on the East Coast, they can have their money in an East Coast bank.  Then, they put it in the West Coast bank while they live there. 

This can be done through internet banking by using a traditional bank with internet banking capabilities.  You can send the money to your other account almost instantly by using your keyboard and mouse.  In fact, if you do it often and have it set up, you might only need your mouse once you get logged on. 

Another reason to use internet banking accounts to transfer funds is to send money to someone else's account.  This could be done to help someone in your family.  For instance, you might get a call from your daughter, a young adult.  She may need money to cover an emergency car repair so that she can get to work.  With internet banking funds transfer, you can have the money in her account in no time. 

Some people contract jobs from out-of-country workers.  These people need some way to send payment to their workers.  Internet banking funds transfers allow them to put the workers' paychecks into their accounts without hassle. 

Overseas products are often imported by businesses or even, on a smaller scale, by individuals.  Internet banking provides a means to carry out these purchases by means of funds transfers. 

To transfer money to another of your accounts, you can log onto your internet banking website.  There should be a tab for "funds transfer."  Click on this and you will be given options.  Usually, you will set up the different financial establishments where you have accounts.  Then they will be ready if and when you want to transfer funds. 

When you want to send money to another person's account, there is usually a different procedure to do this.  You may have a different tab to select, such as "pay person."  This will help you set up the funds transfer to another person's account through internet banking.  In either case, you can set it up for one time only, or for recurring transfers.  This is handy if you have an elderly relative on a fixed income that always needs help. 

Using internet banking to accomplish funds transfers is an effective way to approach many problems.  If you are ever wondering how to get money from one place to another, log on to your internet banking site and check out funds transfer details. 

Internet Banking and Investing

Internet banking investing is ideal for those who have a little more than is needed for a small savings account.  Although internet banking savings accounts do better than traditional accounts, investment accounts have much more potential. 

The first thing to remember, though, is that internet banking investment accounts are not FDIC insured.  You are taking a risk to put your money in such accounts.  Yet, the possibility for financial gain is so much greater that, for most people in a position to do it, it is well worth the gamble. 

In fact, knowing how much risk you can tolerate is crucial in knowing how to plan your internet banking investing theme.  You need to determine how much of your holdings you will put into high risk ventures like certain stocks.  You also need to figure out how much you want to balance that with lower risk vehicles like bonds. 

This balance is part of your internet banking investment process.  You cannot put all your money in one form of investment without making a very unwise decision, in almost every case. 

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You need diversity in your internet banking investment portfolio.  This will allow you a chance to make some serious money, and at the same time, protect part of your assets in case of a drop in stock prices.  You also need to reevaluate the percentages of low risk-high risk investments in your internet banking portfolio. They will naturally change over time and need correcting. 

You can use an internet banking savings account or invest your money in higher yield products.  You will need to bear a few things in mind.  When money compounds, you are making money without effort.  This can come from savings or investment.  Furthermore, you must find a way to beat inflation in both cases.  Otherwise your money will be worth less when you take it out than when you put it in. 

International investments through internet banking are becoming more important as world communication increases.  The planet is becoming so connected that investing in another country is like investing in the US in many cases.  This makes internet banking all the more important. 

Many investment firms suggest that you cannot invest properly without sitting down face to face with an investment professional.  This may be a good option for many.  However, much profitable investment takes place through internet banking. 

Furthermore, just because you are investing through internet banking, it does not mean that you will not have access to professionals.  You will be able to go to people who will assist you with advice on your financial decisions. 

You can generally read about the credentials of these people in the "About Us" section of the website.  It is important to know that brokers are people who deal with different companies to try to offer you the best investments, through internet banking in this case.  Financial advisors can help you with all aspects of your money matters. 

There are ways to use internet banking to do investing in a variety of stocks and bonds.  It makes the process easy and fairly quick.  It will be an important way for people to prepare for the future in coming years. 

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