What are the best online sources for online banking, bill payment and what are best ways to keep from gettng scammed?

Ralph Estep Jr.:
00:00

Let me ask you this: Do you ever feel like the internet is this vast, untamed wilderness when it comes to

your finances? Like one wrong click and – poof! – your hard-earned money could vanish into thin air? Well, trust me, you're not alone in this. That's why we're here today – to equip you with the knowledge and tools you need to navigate the digital financial landscape with confidence and most importantly, peace of mind.

Ralph Estep Jr.:
00:29

Hey everybody, welcome back to the Ask Ralph Show! It's Technology Tuesday, and you know what that means? It's time to tackle those tech-savvy finance questions that can sometimes feel like navigating a minefield. If you missed yesterday’s episode on finding the best credit card for your needs, be sure to check it out at askralphpodcast.com.

Ralph Estep Jr.:
00:49

Today, we're diving headfirst into the world of online banking, bill payments, and those pesky online scams that seem to be lurking around every corner of the internet. We'll also be looking at some handy-dandy apps that can make managing your money online a breeze.

Ralph Estep Jr.:
01:08

Speaking of peace of mind, we got a message from a listener named Brent who's feeling a little anxious about this very topic and he writes this: “Dear Ralph, I've been wanting to switch to online banking for ages. It seems so much more convenient than physically going to the bank every time I need to do banking. But I'm really terrified of getting scammed! There are so many horror stories out there about people losing everything to online fraud.”

Ralph Estep Jr.:
01:35

“Do you have any advice on how to stay safe while banking online? And are there any specific banks or apps that you recommend?” That’s signed sincerely, Brent. Well, thanks for reaching out, Brent! Your concerns are completely valid, and you're right, there are a lot of bad actors out there trying to take advantage of good people. But don't worry, I'm here to help you separate the wheat from the chaff, so to speak.

Ralph Estep Jr.:
02:02

You know, the Bible reminds us in Proverbs 11:14: "Where there is no guidance, a people falls, but in an

abundance of counselors there is safety." And that's what I strive to be for you – a trusted counselor, guiding you through the often-complex world of personal finance. All through the lens of our Christian faith.

Ralph Estep Jr.:
02:24

Well, let's dive into Brent's question about staying safe online. Here's some practical steps you can take to protect yourself. Number one: Choose reputable institutions. Just like you wouldn't trust your money to a bank with a leaky vault, don't trust your online banking to just anyone. Stick with well-known banks and credit unions with a solid track record of security.

Ralph Estep Jr.:
02:47

Look for institutions that offer two-factor authentication. This adds an extra layer of security by requiring you to enter a code from your phone, or email or an app in addition to your password. I always recommend using two-factor authentication, so you have an added layer of online security protection. I will also add I'm not a huge fan of getting a text message as a backup. So consider using an MFA app like Duo, Google Authenticator, and there are some other great options.

Ralph Estep Jr.:
03:17

Number two: Create strong, unique passwords. I know, I know you've heard this a million times before, but it's extremely important. A strong password is at least 12 characters long, and includes a mix of uppercase and lowercase letters, numbers and symbols. And don't use the same password for multiple accounts. It’s like using the same key for your house and your car. And look, using Password 1-2-3-4 is just plain crazy. So, I would recommend you use a password manager to help you generate and store all those complex passwords securely. You can check out my past episode on great password management, which can really help you manage those complex areas. Again, that's at askralphpodcast.com.

Ralph Estep Jr.:
04:00

Number three: Be wary of phishing scams. Not fishing with a hook and a worm folks. Phishing scams are emails or text messages that try to trick you into giving up your personal information, like your bank account, maybe your social security number. They often look like there are legitimate emails like your bank or government agency sending you an email. Remember, your bank is never going to ask for your personal information via email or text message.

Ralph Estep Jr.:
04:27

If you receive a suspicious message, don't click on any links or open any of the attachments. Instead, contact your bank or credit union directly using the phone number on the back of your debit card or on their official website. Unfortunately, I've seen many clients who were taken by one of these scams and it does truly decimate your financial life.

Ralph Estep Jr.:
04:48

Number four: Keep your software up to date. Software updates include security patches that fix vulnerabilities that hackers could exploit. Make sure your computer's operating system, your web browsers, and your antivirus software are always up to date.

Ralph Estep Jr.:
05:04

Think of it like locking your doors and windows. It’s a simple step that can make a big difference from protecting your home from intruders. I'll also add here to check in on your parents and grandparents when you speak to them and offer to check their devices for them to make sure they're secure and encourage them to ask you for help if they need it.

Ralph Estep Jr.:
05:20

And number five, monitor your accounts regularly. Truth is I'm seeing many people who check their online accounts daily, and I can't argue with that approach. So I recommend that you check your bank and credit card statements regularly for any suspicious activity. If you see something that doesn't look right, report it to your bank immediately.

Ralph Estep Jr.:
05:38

Just last week, my wife and I were doing some online shopping. We got a call from our credit card company and said: “Hey, we see a bunch of purchases at Best Buy, is this you guys?” And fortunately, they caught it right away. It was fraud, and they shut it down right away. So it's better to be safe than sorry. Immediate reporting in most cases will completely eliminate your risk of loss, and it could prevent future issues.

Ralph Estep Jr.:
06:03

Now Brent asked about specific banks and apps. Well, I don’t want to recommend specific institutions. After all, we're all unique individuals with different needs. I can share some features to look for. These are what I call Ralph’s top tips of things to look for when selecting an online banking relationship.

Ralph Estep Jr.:
06:19

The first one is this: Do they offer mobile check deposit? This is a lifesaver for busy folks. Simply snap a picture of your check with your phone and voila, it’s deposited. I truly can't remember the last time I actually deposit a check at the bank and it's so much easier to simply deposit with a click of your camera.

Ralph Estep Jr.:
06:36

Second thing: Do they offer free or low-cost bill pay services? It's really time to say goodbye to those stacks of bills and stamps. Many banks and credit unions offer online bill pay, which allows you to schedule payments in advance or even set up recurring payments. This will not only save you time. But in many cases when setting up recurring payments, it may very well save your credit and help you build a better credit score.

Ralph Estep Jr.:
07:00

Just watch the fees they charge for this type of bill payment. But the truth is, most of the services are just a few cents more than a stamp. And when a vendor takes electronic payments, it's even cheaper. As a practice, we certainly encourage all of our clients to set up these electronic payments in their businesses and individually. and it fits most individuals pretty well.

Ralph Estep Jr.:
07:20

Another thing you want to look for: Do they have budgeting tools? Yep, Ralph likes talking about budgets. Remember, what gets measured gets done. Some banks and credit unions offer budgeting tools that can help you track your income and expenses. It can help you set financial goals and even categorize your spending automatically.

Ralph Estep Jr.:
07:38

This is a pro tip and a great way not to only have a budget, but automatically have access to some great reporting on your budgeting success and areas to improve. Hey, if they're doing it for you, you can look at it and compare your actual results to your budget.

Ralph Estep Jr.:
07:52

And finally: Check out their security features. Look for apps that offer two-factor authentication, like we talked about, fingerprint or facial recognition login, and real time transaction alerts. So we got those calls from our credit card and said, “Hey, wait a minute. Looks like something's going on with your account.” These are very commonplace at this point. But take time to read the reviews from actual users and check the internet for security breaches related to the app.

Ralph Estep Jr.:
08:18

This is a place for that buyer beware mindset. I remember when I first started using online banking, I was a bit hesitant, just like Brent. But once I got the hang of it, I couldn't believe how much easier it made my life. No more rushing to the bank before they close or waiting in long lines. Plus, the truth is, I felt more in control of my finances because I can see all my transactions in one place. As I've said again, what gets measured gets done.

Ralph Estep Jr.:
08:44

Now let's talk about some of those great apps for managing your online banking. Remember, these are just a few examples. And there are many other great options out there. One of them is Mint. This is a popular budgeting app that connects your bank accounts on your credit cards to track your spending, and help you create a budget. Another one's called Empower. Now this was formerly called Personal Capital. It's another great option for budgeting and investment tracking.

Ralph Estep Jr.:
09:08

Then there's YNAB, which stands for “You Need a Budget.” Sounds like Ralph talking. This app is based on the popular envelope budgeting method and can help you get a handle on your spending and reach your financial goals faster. And the fourth one I came up with was Every Dollar. This was created by financial guru Dave Ramsey. This app is a great option for those following his debt snowball method.

Ralph Estep Jr.:
09:31

So there you have it. Hopefully now you feel more confident and informed about navigating the world of online banking and bill payments. Remember this by taking some simple precautions, choosing the right tools, you can enjoy the convenience and efficiency of online banking while keeping your money safe and secure. And don't forget, our conversation about managing your finances doesn't end here.

Ralph Estep Jr.:
09:53

Tomorrow we're tackling a question that's on a lot of people's minds and it's this question. My credit score has dropped below 700, what do I need to stop doing right away to improve my credit score? We'll be deep diving into the factors that affect your credit score and exploring practical steps you can take to boost those numbers back up. You don't want to miss tomorrow's show.

Ralph Estep Jr.:
10:13

Before you go, be sure to visit our website. It's at askralphpodcast.com and join our email list. When you do, you're going to receive this free copy of my book called Mastering Your Finances. Now, this is normally sells for 10 bucks on Amazon, but that's right, it's absolutely free just for joining our community.

Ralph Estep Jr.:
10:29

As always, if you have a question you'd like answered on the show, don't hesitate to reach out. You can send me an email; you can leave a voicemail right on our website or connect with us on social media. We love hearing from you, but more importantly, I love answering your questions. So until next time, stay financially savvy and God bless you.