Are Internet banks as safe as brick-and-mortar financial institutions?

Internet Banks have got improved their services, and many offering competitory or higher involvement rates than traditional banks. As with any bank, you should check up on out an Internet bank's encoding system and other information protections and whether sedimentations made there are federally insured, according to experts from the Financial Planning Association of Greater Indiana. Visit the group's Web land site at .

Adam Strouse Strouse Wealth Advisors

Using a depository financial institution that have an existent location makes not do it any more than or less safe than a virtual, or Internet, bank. Both are jump by banking and privateness laws. Having a edifice is not a factor to find safety of your deposits.

Before depositing any funds, I propose you research the depository financial institution to find if sedimentation coverage is available, such as as through the Federal Soldier Deposit Insurance Corp. (for banks) or National Recognition Union Share Insurance Fund (for recognition unions).

Though the evaluation of the establishment will offer some counsel on the fiscal construction of the institution, whether Internet or not, the existent inquiry is likely, "Is my money safe?"

When using an Internet bank, or the Internet land site of your brick- and-mortar institution, attention is needed because information will be submitted via the Internet. Brand certain you are communicating with the existent depository financial establishment land site and not a cozenage designed to accumulate your information.

Finally, though Internet Banks can offer much of the convenience of paying measures online, sometimes better rates on sedimentations and loans, and low fees at any clip of twenty-four hours or night, your local institution can offer you face-to-face acquaintance that may be more than desirable than using the Internet for all your needs. Most traditional Banks now offer online services similar to what you would have at an Internet bank.

Kathleen Hartman Greenleaf Financial Group

Internet Banks have got improved many consumers' banking experiences. Interest rates are often higher and services more convenient.

Still, safety concerns are valid, though they are no less relevant for Internet-only banks, traditional banks, or those that are a combination of the two.

For your fiscal security, depository financial institution check on any bank regardless of its type. Here are factors to consider:

>> Federal Soldier Deposit Insurance Corporation membership: From a protection standpoint, Federal Deposit Insurance Corp. rank should be your No. One consideration. If a depository financial institution fails, the Federal Deposit Insurance Corporation will step in and cover sedimentations up to $100,000. This sum includes all checking and nest egg business relationships and certifications of sedimentation owned by one individual at the same bank. If you transcend this total, usage more than one depository financial institution or, for married couples, have got business relationships in separate names. Even if the Federal Deposit Insurance Corporation sealing wax is on the bank's Web site, visit and chink "Bank Find" for verification.

>> Online security: When banking online, expression for a closed padlock or cardinal mental image that bespeaks your minutes are encrypted. Also, since no depository financial institution will reach you by e-mail about a problem, disregard those sham depository financial institution e-mails.

>> Better offers: Financial establishments such as as E*Trade have got attracted consumers with high involvement rates. However, many customers' sedimentations were invested in subprime loans, potentially endangering their value. Since hazardous attacks addition the opportunity of failure, be disbelieving when one bank's rates are significantly better than others.

Mike Curtiss Picturing Financial Inc.

Many of us, especially the tech- savvy, expression to the Internet as a tool for managing our concern affairs.

Banking is no exception.

By exercising proper safeguards, electronic banking can be as unafraid as the face-to-face banking services many of us grew up with.

When considering Internet banking, it is indispensable to guarantee the legitimacy of the establishment and to verify that sedimentations will be FDIC-insured. This tin be accomplished by logging on to and clicking the "Find Bank" check to research the depository financial institution of interest.

Privacy protection is another critical factor when considering Internet banking. Read the bank's privateness policy regarding measurements taken to safeguard business relationship numbers, credit-card numbers, Sociable Security Numbers and other personal information.

Inquire as to whether there have got been any security breaches in the past. Exercise extreme cautiousness in protecting your personal designation figure and watchword and be wary of the continual Internet "phishing" cozenages designed to steal your personal information.

Most brick-and-mortar Banks now do online banking services available to their customers. The ability to pay measures electronically, entree business relationships around the clock and carry monetary fund transportations between business relationships offerings convenience and clip savings.

• Securities offered through Pacific Ocean Occident Securities, member FINRA/SIPC. Advisory services provided through Pacific Ocean Occident Financial Consultants, a registered investing adviser.