Since my bank launched Internet Banking I have been making less trips to my bank. I love the ease and comfort of doing my banking in my own hours - from the comfort of my own home. Here is what I use my online banking for (advantages of internet banking):
 

Bill Payments: I pay all my bills using my online banking facility. I use BPay for the bills (most of the bills have a bpay facility now). If the a bill is to be paid say by 20 December and if I am doing my accounts on 10 December then I set the “BPay Transfer Date” for 18 December…This way the bill gets paid on time but most importantly the money sits in my account and earns interest till 18 December…

To transfer some amount to anyone (be it friends or employees) . Just a point of caution here - Don’t transfer money from your credit card account…That is equivalent to a cash advance.


For claiming all my credit card points…I might exchange this for gifts or might use it to offset my credit card balance - depends on my expenses that month.


To pay off my credit card…Again here I set the transfer to happen only a day or two prior to the due date.

Tips To Protect Yourself From Internet Banking Fraud (disadvantages of internet banking - but you can protect yourself from them):

• Always type in the online banking address in your browser.
• Your bank will never send you and email asking you to update password or to update anything about your account……If you ever get any such email, they always come with a link…Don’t ever click the link…If in doubt just call up your bank but please don’t ever click the link.
• If you have the option use both letters and numbers in your password.
• Store your password in a safe and hidden location…
• Always log out of your account after you are finished with your internet banking. Don’t leave an active session just sitting on your computer.
• Ignore the ‘remember my password option’ on banking and shopping sites
• Protect your computer against viruses by installing some anti virus software.

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