The Internet of Deposits
Tips to safely shop online for financial deposit services and conduct financial business.
The Internet of Deposits
Is Your Wallet Protected?
Quick access and endless resources to help grow your money are now, just a way of life . With the internet of things, more deposit service product options are available online with tools and widgets. And now technology has connected with the mega power to communicate with consumers, access to resources are everywhere.
The internet offers the potential for safe, convenient new ways to shop for financial services and conduct financial business. However, choosing online sources involves making good choices and decisions that will protect you and your money. When it comes to trust and credibility it starts with one basic model, identifying if your funds are insured.
Here are tips specifically designed when considering internet deposit services:
The Internet of Deposits.
1. Are you insured?
Research and validate. Most financial websites have an “About Us” section that describes the institution. You may find a brief history, the official name and address of the institution headquarters, and information about its insurance coverage, in the details. Typically you will see one of these 2 sources that connect to federally insured funds, NCUA or FDIC. Sites that are federally insured will have their seal on their site that link to their insured fund statement.
2. How much are your deposits insured for?
Understand how much and how to build a secure plan with large deposit dollars like CD’s and IRA’s. If you are talking dollars that you ladder and are above $250,000 in any institution, it’s important to understand the coverage of these dollars and what vulnerability you may be exposed to. There are calculators to assist you from credible resources like the NCUA or FDIC. Even in the internet of things, trust is important, and consider adding a conversation into your wheelhouse of security to validate credibility and give you additional insight to what can be a complex equation.
3. Know why it matters.
Modern day times bring convenience to untested waters. Sometimes its hard to see beyond the surface of technology. However, understanding more about your money’s security will help to navigate the untested waters of bank failures post the Great Recession and technology boom.
Watch out for copycat websites that deliberately use a name or web address very similar to a real financial institution. The intent is to lure you into clicking onto their website and giving your personal information, such as your account number and password. Always check to see that you have typed the correct website address for your online institution before conducting a transaction.
Building trust is never a one and done. It takes a lifetime of relationships to build credibility. MTC Federal Credit Union takes pride in knowing that our funds are federally insured by the NCUA. If you have questions about your deposits relationships and their protection, call 800/442-7792 and speak to a Member Service Representative or visit your local branch.
Resources: NCUA.com and FDIC.com