Ask questions about high-tech banking services

Ask these questions before trying a high-tech service: How will this service make my banking simpler or more convenient? For example, if you are still new to navigating the Internet, an online bill-paying system might not save you time. But the time spent learning may help save money on postage and check printing fees. Will mistakes or unauthorized transactions be simple to detect and correct? Accessing transaction records online is faster than waiting for a statement in the mail.

However, there can be a lag between a transaction and its appearance on your electronic ledger. Always document transactions in a check or transaction register, and crosscheck with the electronic ledger. Correcting a problem will often still require talking with a bank employee.

What is my liability under federal law if someone obtains my account numbers and commits fraud or steals from my account? The Electronic Funds Transfer Act provides protection for all transactions using your debit card or other electronic means to debit or credit an account. It also limits your liability to $500 for unauthorized electronic fund transfers. Check to see if the bank offers more protection at no cost.

What security procedures do you recommend for consumers? Ask the bank how you can help prevent fraud. Use passwords that can’t be easily guessed like your mother’s maiden name or your birthday. Be aware of people around you when punching in account numbers on your cell phone or at an ATM. If you sign into your account on a computer, sign out when you leave.