3 Potential Pitfalls of Online Banking

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The convenience of online banking can be attractive to busy owners. That said, use caution to avoid these potential pitfalls.

• Hacking: While it’s convenient to check your bank account on the go, never do so on a public Wi-Fi network, such as in a coffee shop.

• Employee misuse: No matter how convenient it might be to let employees handle certain banking chores, keep an extremely tight rein on who is allowed to have login information.

• Lack of personal contact: Customer service for online banking is typically handled over the phone, through e-mail, or through live chat. Occasionally opt for the in-person route in order to maintain a relationship with bank employees so they know your company background and financial history.

 

RSL Media for Mutual of Omaha

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Source: Richard Barrington, chartered financial analyst and senior financial analyst for MoneyRates

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