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Online Banking |
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| Online Banking has been around for more than a decade, but recently it has emerged as a prominent, highly touted feature on bank Web sites. What that means to many people is the convenience of 24-hour banking from any computer with access to the World Wide Web. |
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Online Banking is a Web-based service that allows bank customers access to most of their account information. Most online banking services add the ability to manage financial transactions with checking and savings accounts, allowing you to pay bills and transfer funds conveniently from your own computer. Below is a list of some of the area online banks. |
Online Banking Tips
Security
Encryption is the process of converting information into a more secure format for transmission. In other words, the plain text is converted to scrambled code while being transmitted, and then decrypted back to plain text at the receiving end of the transmission. It is comparable to writing a letter, converting it to code, putting it in an envelope and mailing it. The recipient then has the responsibility of descrambling the code. More information on encryption is available from Netscape and Microsoft Most browsers are available with different levels of encryption. The two you are most likely to see are 40-bit and 128-bit encryption. 128-bit is currently the highest level of encryption generally supported by the industry. Banks should use Secure Socket Layer (SSL) encryption (the industry standard) in the sections of their sites where account information is displayed. If your bank doesn't use SSL for online banking, we recommend banking somewhere else! SSL requires secure browsers (Netscape Navigator 3.0 or higher, Microsoft Explorer 3.0 or higher, or AOL 3.0 or higher). To ensure the highest level of security many banks require that browsers be capable of 128-bit encryption before they are allowed to access their online banking service. Another safety measure banks use is a user ID and password (which you choose yourself) that you'll use to log into your account. Norwest Bank and US Bank have more information on security requirements for their online banking. |
128-bit Encryption
Some online sites require 128-bit connection security. When deciding how you will do your remote or PC banking, there are two types of encryption that you should be familiar with - domestic grade and international grade. Domestic grade encryption, also called 128-bit encryption, is a much faster and more powerful form of encryption. On the other end of the spectrum would be 40-bit, or international grade, encryption. "40-bit" means that there are two to the fortieth power of possible keys that could access your account information, but only one that could be used per Internet banking transaction. This essentially means that the chances of cracking the code for a particular transaction in 40-bit encryption are very, very small. But 128-bit encryption is even more secure. The 128-bit encryption requires more computer processing power than 40-bit encryption but is 309,485,009,821,345,068,724,781,056 times more powerful than 40-bit encryption. Download 128-bit encryption from Netscape and from Microsoft
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