Stay Safe And Secure While Banking Online

No one likes to be taken advantage of. But in today’s world of online banking, there are plenty of cyber thieves looking to do just that to unsuspecting

That’s why it’s important to always be on high alert when conducting online banking transactions and related financial activity via the internet. At Bank5 Connect, your online security is one of our highest priorities. So much so that we want to share some best practices to keep your online bank accounts safe and secure, whether they’re with Bank5 Connect or another financial institution.

  • Consider using a separate computer exclusively for online banking to protect it from malicious software, also known as malware. Malware is often contracted while browsing the web, using social networks, sending and receiving email, or playing online games.
  • Use online or mobile banking to check your accounts on a regular basis, such as once or twice a week. Frequent checks will help you identify, and act on, any suspicious activity.
  • Take advantage of email or text message alerts offered by most banks. These account notifications can alert you when your balance falls below a certain level or when there is a transaction over a certain amount. Some banks offer alerts for suspicious account activity as well.
  • Set strong, unique passwords and change them on a regular basis. You should use passwords that are at least 8 characters long and include a combination of symbols, capital and lowercase letters, and numbers. And remember to make your passwords hard to crack. It’s never a good idea to use common words, or the names of family members or pets as passwords.
  • Never use the same password for several accounts, and don’t share your passwords with anyone.
  • Always fully log out of your online banking sessions. And once you’re logged out, close your browser for additional security.
  • When you’re logged into online banking, never leave your computer or device unattended.
  • Update your device’s security software, operating system and browser on a regular basis.
  • Only conduct your online banking business from a secure internet connection. Never log into your account from a public computer, or a public Wi-Fi network. Free Wi-Fi in a hotel or coffee shop might be convenient, but it’s not worth the security risk. If you must access your online banking account on-the-go, it’s much safer to use your phone’s cellular network than a public Wi-Fi connection.
  • If you’re using a computer for online banking, ensure that it has firewall protection. A firewall creates a barrier between your computer and an external network, such as the internet. This controls incoming and outgoing network traffic and helps screen out cyber criminals, malware and other damaging intrusions.
  • Make sure you’re using an encrypted wireless connection at home.

Being vigilant about your online security, and staying on top of your account activity can go a long way toward protecting your bank account from cyber criminals. But remember, if you do spot any suspicious transactions in your account, alert your financial institution immediately. The sooner you identify fraud and notify your bank, the greater your chance of a speedy resolution.

For more information on how to stay safe online, visit

Are You Considering an Online-Only Bank?

Believe it or not, the roots of online banking stretch back to the 1980s. According to historical records, Bank of Scotland offered a service called Homelink in 1983 that allowed people to pay bills and transfer money via the internet. At that time, you could only hook up to the ‘net by using a landline telephone or a TV.considering-an-online-only-bank

We’ve come a long way since then, to the point where online-only banks like Bank5 Connect have made noticeable inroads in the banking world. Not having to go to a physical location to conduct your banking transactions is becoming more the norm than ever before.

So what in particular has motivated millions to go this route?

Convenience and flexibility. There’s no longer a need to get dressed, drive to the nearest branch, and wait in a teller line to deposit money into your account. With an online bank, you can use a mobile app to snap a photo of your check, even if you’re lying in bed in your pajamas! Plus, you don’t have to wait until a bank branch is open to conduct transactions or to check on your account activity. You can do that, and more, practically any time of day using a laptop, desktop, smartphone or tablet. It’s banking on your terms, where and when you want to do it.

Insured deposits. Most, if not all, online-only banks are insured by the FDIC. This means that deposit accounts at FDIC member online-only banks are covered in the same manner as accounts at their brick-and-mortar counterparts. FDIC insurance protects each customer’s deposits, up to $250,000 per financial institution. However, it’s possible for you protect all of your deposits, even in excess of FDIC limits. One way to accomplish this is to open an account at a Massachusetts-based online bank, like Bank5 Connect, that offers DIF insurance in addition to FDIC coverage. DIF (the Depositors Insurance Fund) insures any deposits above the FDIC limit.

Lower fees, higher interest rates. Because online-only banks typically have lower costs (as in no physical branches to maintain), they can pass their savings on to their customers. Fees are generally lower and interest rates on deposits are generally higher with an online-only bank than with a brick-and-mortar institution.

Some people are hesitant to move their money from a brick-and-mortar bank to an online-only bank due to the fact that they’ll have less direct contact with the bank and its employees. There can be a concern about not being able to walk into a branch and speak with someone when something goes wrong with an account. In order to alleviate this fear, it’s important to choose an online bank that offers strong customer support like extended phone support hours or a live chat feature. It’s also a good idea to read some reviews from actual customers to get a sense of what call center hold times might be like, or how satisfied customers are with their overall ability to reach the bank.

Another common reservation people have about online-only banks is a fear about not being able to easily access their money. If you decide to go with an online bank that has no physical branches or dedicated ATMs, how will you make a cash withdrawal? To ensure you’ll have ample opportunity to withdraw your money as needed, you should thoroughly research the bank’s ATM policy. Some online banks are part of a national ATM network, meaning you can use any ATM in that network without incurring fees. Others will reimburse you for ATM fees. Bank5 Connect offers a mix of both. Bank5 Connect is part of the SUM ATM Network which is comprised of thousands of ATMs across the United States. In addition, Bank5 Connect will never charge its customers for using an ATM outside of the SUM Network, and will reimburse other banks’ surcharges up to $15 per statement cycle.

If the perks of online-only banking align with your lifestyle, it might be time to make the switch and find an online bank that best suits your needs. Just be prepared to spend more time in your pajamas!

Feel Safe and Secure With Online Banking

The popularity of online and mobile banking continues to rise, largely due to its convenience and ease-of-use. And doing your banking online can be just as safe as banking at a brick-and-mortar bank, as long as you take the proper precautions.AdobeStock_52514650

Here are some general tips for helping to ensure a safe and secure online banking experience:

Ensure the bank is insured.

If you’re beginning a relationship with an online bank, it’s important to verify the bank’s insurance status. Check their website for an FDIC logo or the words “Member FDIC” or “FDIC Insured”.

The FDIC has an online database of FDIC-insured institutions at a courtesy, you will be leaving and going to another website. We have approved this site as a reliable partner, but you will no longer be under the security policy of Come back soon!. You can use this database to determine if your online bank or a bank you’re interested in is covered under FDIC insurance. You can search for an institution by the bank’s name or address. A positive match will display the official name of the bank, the date it became insured, its insurance certificate number, the main office location for the bank, its primary government regulator, and other links to detailed information about the bank.

When using this tool though, be aware that some banks, like Bank5 Connect, operate under a “DBA” name (also known as a “doing business as” name). A DBA name will not work with the FDIC database tool, so you’ll need to search with the bank’s address instead.

Also keep in mind that not all online banks are insured by the FDIC. Many banks that are not FDIC-insured are chartered overseas. Check with your bank or the FDIC if you are uncertain whether your deposits are insured.

Bank5 Connect is FDIC insured, and also insured by the Depositors Insurance Fund (DIF). There is no dollar limit to the DIF’s insurance coverage; they cover everything above FDIC limits. What this means is that all Bank5 Connect deposits are insured in full. To learn more about Bank5 Connect’s DIF coverage, please visit

Make sure the online banking website is secure.

Whenever you’re entering sensitive personal or financial information online, be sure to check to make sure the website is secure. First and foremost, you should ensure that the browser is showing “HTTPS” instead of “HTTP” on the page where you’re entering the sensitive information. HTTPS is the secure version of HTTP, the protocol over which data is transmitted between the browser and the website. The “S” at the end of HTTPS stands for “secure”. When you see the “HTTPS” (some browsers also display a small icon of a lock or a key next to the web address when you’re on a secure page), it means that all communication between your browser and the website are encrypted. Encryption is the process of scrambling private information to prevent unauthorized access.

And even if the bank’s website is secure, it doesn’t mean that sending an email to an address listed on the website is secure. You should never send sensitive information, such as account numbers or social security numbers, through unsecured e-mail.

Use a strong password or PIN.

When you’re deciding on a password or PIN (personal identification number) for online banking, be sure it is not a password or PIN that you use for other websites or accounts, and ensure it is strong. Never use something that’s easy to guess (no common words, names of loved ones, or birthdates), and use a mix of numbers, letters, and symbols for increased security. Passwords should also be changed regularly, and remember to never share your password or PIN with others.

Use a secure device and network.

Any time you’re doing banking activity online, make sure your computer or mobile device’s virus protection and other security software is up to date. It’s also important to never transmit sensitive information or conduct banking business over public Wi-Fi networks.

Check your bank accounts regularly.

Even if you follow all of the steps above, you should still get in the habit of monitoring your bank accounts on at least a weekly basis for any irregular or suspicious activity. If you do notice any strange transactions, be sure to notify your banking institution immediately.