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Many individuals today are concerned about the loss of privacy in transacting business on the internet. At the same time, internet businesses are upgrading security locks and working to protect privacy of the customers within the limits of the law. In the United States, some of the expectations to personal and financial privacy are being eroded by changes in the laws, in the aftermath of 9/11. Still, when considering an online bank account, you should acquaint yourself with the privacy and security standards of the institution. You should also make certain you review and understand any changes to those standards and recognize how they may impact your personal privacy.
Opening the account
When you prepare to open a bank account, always present the minimum amount of information possible to establish the account. If you consistently use a private mail box for business mail, don’t attach your physical address to the account. In most instances, you will be required to present your driver’s license which contains your physical address. However, if you establish your account in the name of a business, the rules change.
Documentation
You will need to be acquainted with the policies of the bank that you are considering. If you gather the necessary documents to establish the account you will save yourself some time doing the needed paperwork. Make certain that your application to open the account contains no typographical errors. They can result in a slowdown of the application process, in additional review of the information, and even in denial of the application to open an account.
Minimum standards
Each online bank account will have minimum standards that affect how your privacy is protected. Some of these standards are set by the United States government, others are industry standards, and a few are banking institution specific. You should be certain that your name or personal information is never sold by the online bank to any other entity. You may even request that the bank does not send you copious amounts of email advertising or promoting their services.
Bank email
Your information to and from the online bank should be encrypted to protect your privacy. Many online banks send and receive messages to their customers only after the customer has signed into the account using their personal password. Never open an email purporting to be from your online bank that comes into your email inbox. Reputable online banks don’t work that way. You may get a notice that your statement is ready for viewing, but don’t make the mistake of using an email link to get to your login page. It could be a criminal trying to capture your password and account number information.
Updated information
Ask your online banker to let you know of any changes in the level of privacy and security practices by the bank and make certain that you read and understand these changes. Caution is the keyword to protect your privacy in any of your business transactions, not just with your online bank account.
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