How are disputes handled?
First, ensure that a bank has customer support readily available. Find out what the estimated turnaround time is for e-mail communication and how long telephone callers are typically placed on hold.
Make sure you know if there are charges for telephone assistance. Your bank will walk you through its dispute-handling processes.
How do you know that there is ample security in place?
Find out what security measures the bank employs, how often it tracks online activity and what causes it to raise a red flag. Make sure secure areas of the bank’s Web site are password-protected and are labeled secure documents.
Banks have integrated a high level of security into Internet banking. Security measures include unique user identification codes and passwords, as well as 128-bit encryption that scrambles information before it is sent, and then decodes and processes it when it reaches its destination.
Online banking is safe and secure, and it provides users with transaction records they can print and retain for reference. Also, online tools provide clear, electronic records of who makes account changes and transactions, as well as when someone logs on to view transaction history.
What kind of fees are typically involved in online banking?
This will vary from bank to bank, but they are generally minimal, if there are any at all. Before signing up for an account, understand the monthly fees, as well as any miscellaneous fees that may apply, such as returned check fees.
Will banks ever become Internet-only, or will there always be a place for bricks-and-mortar banks?
I think that if there’s a financial institution that isn’t customer-service-oriented, it could become Internet-only. However, banking is a personal relationship.
Even though online banking is great, there will always be a place for face-to-face communication and problem solving. I can’t imagine a day where there are no more physical bank branches.
Darlene Nowak-Baker is an executive vice president and lending manager with First Place Bank. Reach her at (248) 358-6403 or [email protected].
