Barbara Shaw: Hi! I am Barbara with Wells Fargo and Company. When it comes to the safety of your financial records and identification information, online banking is a secure option you may want to consider. It gives you the ability to quickly view your account information so it is easy to help detect fraudulent activity in your account, before much damage is done.
If you are monitoring your bank account, the traditional way, you get a paper statement with your transactions once a month. That provides fraudsters with plenty of time to spend your money. With online banking you will know soon after a charge posted to your account, especially if you set up text or email alerts.
As soon as you log into your account, you will quickly see whether there are any unauthorized charges. If someone writes a check or withdraws funds from your account, you will see it as soon as it posts to your account. Online banking allows you to access information in real time and to be more proactive about the safety of your account.
In many ways your information is also more secure with online statement than with paper. Typically, your online account can only be accessed with a username and password and your information is encrypted by the bank. According to Javelin research 85 percent of all identity theft is directly tied to paper statements that were mailed to the account holder.
Finally, online statements are valid for record keeping and tax purposes. Many banks will store your statement for up to seven years. You can review these records at any time which provides you with the more convenient and secure way of managing your accounts.
Online banking records are also quite handy keeping important financial data that you may need for tax purposes. Online statements have all the benefits of paper statements and they provide you with added security that can help you protect your finances.
Videos in this Series
How To Protect Your Financial Information
