Security Measures, transfer Funds and using quiken for Internet banking companies

Using Quicken for Internet Banking

Many people use quicken to keep track of their internet banking.  It is a way to make transaction details more clear.  It also allows you to keep your personal or business records on your computer, and at the same time, use the services of internet banking. 

Quicken is a software program for managing money.  Other examples of such programs are Microsoft Money and Quick Books.  Quicken and these other programs make your record-keeping more detailed and accurate.  They can also be used in conjunction with internet banking. 

The first thing you can do before doing internet banking is to set up an electronic check register.  This is similar to the traditional check register, with a few distinctions.  For one thing, the information you put into the electronic check register can be more detailed than you can put on a line or two of a paper register. 

You can put the check number or transaction type, the date, the payee, and the amount.  These are essentially the data you would put into a paper register.  On Quicken, however, you can categorize the entries.  You can use preset categories or make up your own.  Your internet banking transactions may have special categories. 

For example, the transfer of funds from one account to another through internet banking would be in a different category than other deposits in most cases.  You can also get creative with your categories.  If you are a musician, you might have a category for guitar equipment, for example. 

There are two ways to get the information from your internet banking website into Quicken.  One way is to set up your account on Quicken.  You will need to type in all your personal information that needs to be provided to access your account.  This includes name, account number, username, and even password. 

This information will be stored on your computer in the Quicken program until you tell Quicken to download the latest transactions from your internet banking account.  It will do this automatically.  It will log on, download the transactions and log off of your internet banking website. 

This is not a very secure method since all your information is easily accessible to anyone who gets their hands on your computer.  There is a different means to do this.  This takes a little more effort, but it pays off in tighter security. 

You go to the internet banking website and view your statement online.  The internet banking set-up will give you the option of downloading transaction data to your computer.  Use the drop-down menu to select the program to put it in, such as Quicken. 

Once your internet banking transactions are successfully loaded into Quicken, you can reconcile your account.  Quicken will check your electronic register against the information from your internet banking account.  If they do not match, you will be alerted.  You will then be given the option to correct individual transactions or to correct all discrepancies. 

This way you can keep up with your internet banking account regularly and with precision.  You will know when you make mistakes or fraud has occurred.  Using Quicken with internet banking is a good way to understand and manage your finances. 

Security Measures Taken by Internet Banking Companies

You cannot do business online if you do not trust your internet banking company.  There are always unscrupulous people trying to access bank information.  It is just a modern version of the old-fashioned bank robbery.  However, internet banking companies go to great lengths to avoid this.  

Internet banking should be done only through secure connections.  There are two ways to make sure you have one.  One is to look near the line where you type in URL's.  If you have a secure connection, there should be a closed padlock there.  Also, the web address should say https://"  The "s" signifies a secure connection for your internet banking.  

  Encryption is the first line of defense for internet banking security.  Banks have 128-bit security and require you to have it on the browser you use.  Encryption is basically just a formula that puts your information into a code.  That code is indecipherable without a key.  

Many banks use the Secured Socket Layer encryption for consumers' internet banking transactions.  This is a special form of encryption.  The system will use a different master key to put each transaction into code and then that code will not be used for other transactions.  

Banks also pay considerable attention to their firewalls.  They want to be assured that their internet banking system is protected from attacks over the internet.  So, they are not connected directly to the web.  Their connection is made through a firewall that blocks unwanted activity on the server.  

Special consultants are hired by internet banking companies to help with security, too.  They do this by trying to hack into the bank's secure server.  Once they do, they know how it can be done.  Then, they come up with ways to prevent it from happening.  

One system that has come from using such consultants in internet banking is the use of two-factor authentication.  With this form of security, an access number will be sent to you over your cell phone to use with your other identifying information.  With all this information together, you can access your account.  This is more secure.  

Most internet banking institutions will also protect you from yourself in some ways.  If you are using your computer to go online and do internet banking transactions, you cannot let the computer sit idle.  If you do not use it for a certain period of time, the bank will end your session and you will have to do a secure log-in all over again.  This prevents anyone from finding your account page open and using it without your consent.  

Clicks to bricks banks will often give you a username and a temporary password.  You will then choose your personal password and other security features.  Virtual banks will allow you to choose both your password and your username.  They will never have access to this information.  This means that it is secure for you to use.  

Internet banking is a difficult pill for many people to swallow.  Especially for those who did not grow up with computers, it may seem a little unreal to manage your money online.  However, internet banking security makes everyone breathe a little easier.  

Transferring Funds through Internet Banking

Internet banking offers consumers the ability to transfer funds between accounts.  This is an important service as the world becomes a smaller place.  There are many places people want to transfer money and many reasons to do so.  

People often want to transfer money from one account to another.  For instance, they may want to transfer funds from their traditional account to their internet banking account.  This could be a means of getting money into the account they normally use to pay bills.  

Another use of internet banking to transfer funds is to move money from checking accounts to savings accounts.  Money can be transferred from investment accounts as well.  Any accounts you have can be accessed through internet banking to do this.  

They also may want to transfer money from an account in one location to an account in another.  This would be useful for someone who lives a bicoastal existence for example.  When they are spending part of the year on the East Coast, they can have their money in an East Coast bank.  Then, they put it in the West Coast bank while they live there.  

This can be done through internet banking by using a traditional bank with internet banking capabilities.  You can send the money to your other account almost instantly by using your keyboard and mouse.  In fact, if you do it often and have it set up, you might only need your mouse once you get logged on.  

Another reason to use internet banking accounts to transfer funds is to send money to someone else's account.  This could be done to help someone in your family.  For instance, you might get a call from your daughter, a young adult.  She may need money to cover an emergency car repair so that she can get to work.  With internet banking funds transfer, you can have the money in her account in no time.  

Some people contract jobs from out-of-country workers.  These people need some way to send payment to their workers.  Internet banking funds transfers allow them to put the workers' paychecks into their accounts without hassle.  

Overseas products are often imported by businesses or even, on a smaller scale, by individuals.  Internet banking provides a means to carry out these purchases by means of funds transfers.  

To transfer money to another of your accounts, you can log onto your internet banking website.  There should be a tab for "funds transfer."  Click on this and you will be given options.  Usually, you will set up the different financial establishments where you have accounts.  Then they will be ready if and when you want to transfer funds.  

When you want to send money to another person's account, there is usually a different procedure to do this.  You may have a different tab to select, such as "pay person."  This will help you set up the funds transfer to another person's account through internet banking.  In either case, you can set it up for one time only, or for recurring transfers.  This is handy if you have an elderly relative on a fixed income that always needs help.  

Using internet banking to accomplish funds transfers is an effective way to approach many problems.  If you are ever wondering how to get money from one place to another, log on to your internet banking site and check out funds transfer details.