Top Five Online Banking Issues

Top Five Online Banking Issues

Online banking allows you to easily check your account balance, pay bills online and transfer money. A majority of banks offer this service. However, there are some online banking issues you should be aware of.

Service Outages

Online banking makes a number of features easy to access for consumers. However, service outages can happen. Some service outages are planned in advance so banks can upgrade their servers. Unplanned outages are an issue because consumers get used to having access to a number of online services. Some banks have fewer staff members in their branches since consumers can use online banking instead of visiting their nearest bank. This can result in long lines in case of a lengthy outage.

Budgeting

Being able to instantly access your bank account and transfer funds has its advantages. However, this is not good news for consumers who are prone to impulse purchases. Online banking makes it possible to instantly transfer funds from your savings to your main account so you can make a purchase. On the plus side, online banking makes it easy to see how much money you have and to pay bills.

Security Problems

Online banking issues include security. Thankfully, most banks make security one of their priorities. There are still some risks associated with using online banking, especially for users who use these services on unsecured connections. Banks need to store sensitive information for each consumer, which could be catastrophic in case of a security breach. Being able to transfer and withdraw money quickly also means that a person could empty out a bank account if they are able to obtain the login credentials.

Phishing Scams

Using an online banking service might make a person more vulnerable to phishing scams. These scams look like genuine emails from a bank or from another site and trick the user into sharing their login credential. It is possible to identify these scams by looking at the address of the sender or at the link shared, but a user who regularly connects to an online banking service might fall for one of these emails.

Learning Curve

Young adults are able to adopt online banking and familiarize themselves with the features of this service very easily. However, there might be a learning curve for other consumers who are used to going to their local branch for their banking needs. There is also the issue of some consumers not being able to security risks and not knowing how to tell if they are using a secure connection to check their bank account. Some banks have helpful educational material to help consumers navigate their online banking system, but other institutions do very little to educate consumers about online banking.

There are a few downsides to online banking, but this service is a very convenient way to let consumers manage their bank accounts. It is important for banks to educate consumers regarding security issues, phishing scams, and to provide them with the information they need to quickly familiarize themselves with online banking services.

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Follow Your Dreams, But With Informed Caution

Know the difference between settling and giving yourself time.

We've all been there. As children, some of us wanted to be superheroes and scientists, actors and doctors, and best-selling authors. But as we have grown into adulthood, we realized that some of our dreams were not feasible. One day, you wake up and realize that the world is actually NOT your oyster.

Not to be negative, but someone has to be realistic. For example, I used to LOVE science growing up. I thought I'd be curing life-threatening diseases such as diabetes and cancer because it was in my family I wanted to be the one to save everyone. Fast-forward to high school and college, I realized I simply couldn't do it. I couldn't do well in science when I hit college- it just wasn't my strong suit.

Then, I had to think, what am I actually good at out of all the subjects I take? I am not good at memorizing, so no history or science. I was terrible at math once I hit high school. I'm not good at computers. Then, that other dream from when I was really young set in- I wanted to be a writer. I wanted to write books. But knowing it was hard to make it, I needed to make a skill of writing usable, so I majored in Journalism. Fast-forward to a year and a half later in the major, many jobs and internships I applied to and never heard back from made me nervous.

"Is writing something that can make you money?"

My family asked. The truth is, yes,

but you need to get your foot in the door somehow. It is always that first step that is tough to get through. The issue is writing, along with other artsy jobs such as fashion, acting, singing, etc, is a risky profession. It is not your typical 9-5 job, well depending on what kind of writing you do.

When graduation is almost around the corner, and you are not hearing back from any jobs it is very nerve-wracking. You may be asking yourself: How will I feed myself after I graduate? How will I manage to pay off my student debt? My other bills?

Well, there really is only one answer. Look reality in the face and get any job off the bat you KNOW will make you money.

Apply to be a receptionist, a stocker in a grocery store, a cashier in a restaurant or store. Maybe become a waitress and bartender. Anything that FOR SURE will help you pay your bills while you are chasing that dream that everyone makes you doubt you'll achieve. DON'T listen to the negativity. But DO listen to reality.

Do not be stubborn. Take whatever job you can get and don't feel discouraged, your time is coming!

If you are like me and really want to make money off of writing, do some research and do it on the side. One day, you may get your big break and get that dream job you are chasing. That is because the goal is NOT to be miserable when you are working. So even if you do have to settle for a while, let that motivate you. If it is risky, it is also exciting. So yes, give yourself reality checks, but don't give up!

Cover Image Credit: Joshua Newton / Unsplash

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What Would I Do If I Won The Lottery?

I can only imagine all of the possibilities!

What would I do if I won the lottery?

This is one of those questions that everybody gets asked at least once in their lives. There are many things one can do with lottery winnings. The possibilities are almost infinite. At this point in my life, these are the things I would like to do should I ever win the lottery

1. Pay off my credit cards.

My primary goal with any and all forms of income I receive is to pay off my credit card balances. The quicker I can pay down those credit cards, the higher my credit score will go back up. Something such as lottery winnings would be a quick and easy way to cross paying these credit cards off this list.

2. Pay off my student loans.

One thing that I am not looking forward to dealing with after earning my Bachelor’s degree this summer is having to pay back my student loans. Being an adult student in an online General Studies degree program in a school in another state makes it that much harder to find any applicable scholarships to apply for.

3. Quit my current job.

Who would not enjoy some time away from having to work? Having no bills to pay, even for a temporary amount of time, would better allow one to consider taking some time off to keep what is left of their sanity.

4. Purchase a better Wi-Fi system for my house.

One of the most frustrating things I deal with at my house is that with the Wi-Fi router downstairs on one side of the house, and with my room upstairs on the other side of the house, is that Wi-Fi signal is not great at all. Any decent solution to this issue is an easy $100-$400, which I would rather not have to fork over, especially right now.

5. Put more money into my savings account.

Your money will not save itself without some start. I have an online savings account, which has a higher rate than a savings account in a bank such as Chase and is also more difficult to access funds. Even if you have a savings account at your local bank, you should start one either way, as having some savings is better than having none at all.

6. Also, start and fund a 401k.

If by some miracle I live to be old enough to retire, the minimum age which will likely be in the 70s by then, I will need a financial net set up.

7. Invest more in stocks.

Stocks can be another great way to set some money aside for savings purposes. However, unlike a typical savings account, shares can change a value in an instant, so do not put all of your savings in there unless you like to live dangerously.

8. Give more tithes to my church.

As an unofficial rule of thumb, one is to donate ten percent of their income to their church. I know that I have not given even close to that much money to my church, mainly because I cannot spare that much.

9. Purchase more professional clothing.

With my work’s dress code changing and becoming stricter, I now have to worry about buying more clothes, which is one of the last things I want to be bothered with. Not to mention if I have a job interview for a new job, I will need more professional attire.

10. Undergo a weight loss treatment.

With a newer fat freeze treatment available, especially since this particular procedure eliminates the need for surgery, I have been eager to give it a shot, which is not exactly something that is cheap.

11. Buy more video games.

There are many video games I would like to play. With both time and money not being on my side, my options are rather limited. Even having a few hundred dollars would make a significant difference here.

Cover Image Credit: Pexels

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