Be Careful with On-line banking
As more of us succumb to the convenience of on-line banking, it is important to be aware of some potential pitfalls. For many people, online banking as an adjunct to having a local branch that they can talk with is probably the better option. One reason for this is that, if anything goes wrong and there is nobody that you can actually sit in front of and discuss the issues with, you could be left with no alternative but to use a telephone helpline or, even worse, an online assistant.
What is wrong with call centres and helplines?
In general, people in telephone call centres tend not to be experts in the business they are working for but are, instead, experts at using the telephone to ‘help’ people (if you can get through the automated telephone system, to reach a real person). The same can be true of the frequently asked questions facilities that most websites offer. Few of us can ever frame our questions in such a way as to elicit the answer we need – the system then guesses (usually wrongly) what the question is and answers accordingly – so they seldom offer much real assistance.
Other issues
There are, however, other issues that can give cause for concern. Not
least of these is that, especially when using a wireless network or public
web service, security issues arise. Protecting your identity and password
are essential, but even with secure sites (where “https” appears at
the start of the address line), keystroke loggers can track what you are
typing and record details you do not wish to share.
You also need to be aware of internet fraud including phishing, where
you are sent an e-mail asking you to log on to your internet banking
service and enter your personal details – at which point you have given
them to criminals who will empty your bank account for you.
If you make a mistake
If you mistype details for someone to whom you are making a payment, there is very little that you can do to get your money back. Banks cannot, by law, tell you who has it and the police can only prosecute if the individual had the intention permanently to deprive you of the money, knowing that they were not entitled to it. Even if you could find out, through the police, who had your money, the chances of ever getting it back are probably negligible.
Your home may be repossessed if you do not keep up repayments on your mortgage . Fees for mortgage ad vice may be charged and for details of these please contact your usual adviser.
It is important to take professional advice before making any decision relating to your personal finances, and where appropriate we will refer you to our Financial Services affiliate, Champion Financial Advisors Ltd, who kindly provided the information for the above briefing.
