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A Beginner’s Guide to Managing Your Money Online

There’s no question that living in the digital age comes with conveniences. But that convenience means having to stay on top of the latest technology.

To help you manage your money safely and affordably when using mobile banking services, we’ve outlined how to begin banking online, avoid falling for any financial scams, and how to find low-cost internet service.

Get Your Bank’s App to Begin

Short for software application, an app helps you perform specific tasks online or on a mobile device. You can use your bank’s free app to pay bills, track your balance, even deposit checks without going to the bank. Getting started is simple.

Download Your Bank’s App

  • Visit your bank’s website for the link or ask a bank teller for the app’s official name
  • Use your device to go online to the App Store (for iPhones or iPads) or the Google Play store (for Android smartphones or tablets)
  • Go to “search” (look for the magnifying glass) to find your bank’s official consumer banking app
  • Click “get,” “install” or “open” to download the app
  • The app will automatically download and appear on your screen
  • Look for the app and tap to begin using it

For a walk-through of how to download an app, watch this video.

Bank Without Leaving Home

Today, you can do just about all of your everyday banking tasks without ever visiting a branch. Just log in to your bank account, via your bank’s website or app.

Try the online services your bank offers:

  • Deposit Checks: Why wait in line to deposit your social security or other checks when you don’t have to? Watch this video to see the entire process in action.
  • Set Up Alerts for Banking Activity: A notification or alert to your email address or phone can help you know if an account balance is running low or if a payment or deposit has gone through. Learn about the alerts and notifications you can set up for low balances, password changes, withdrawals and more.
  • Transfer Funds or Send Money to Someone Virtually: Making financial transfers and sending money to others – just by using your mobile device – is now a breeze. Watch this video to see the entire process in action.
  • Pay Your Bills: Online bill payments typically take 2-3 days to process. When scheduling your payments, be sure the date the bill will be paid is on or before the bill’s due date.
  • To learn more online banking skills, and even take a virtual workshop on mobile banking using today’s technology, visit this website.

Educate Yourself about Scams

When you’re managing your money online, it’s important to be on the lookout for scams. Scammers — whether they’re using email, text, or phone — all have one thing in common: they use elaborate stories to play on your emotions and gain trust.

Be on guard for these common scams:

The Imposter
“I’m with the IRS, and you owe back taxes. If not paid immediately, a lawsuit will be filed against you.”

Lottery Winnings
“Congratulations! You’ve won the lottery! We will need to collect taxes prior to your payment. I will send you the instructions.”

Investment Opportunity
“You’ve registered to receive notifications on investment opportunities. Are you ready to invest? I have a once-in-a-lifetime opportunity!”

Online Romance
“I want to meet you in person, but I can’t afford to travel. Can you send me money?”

Grandparent
“Grandma, I’m in trouble — I need money fast.”

Watch this video to see how to identify the red flags or warning signs that could alert you to a potential scam. To learn more about how to detect a scam, take this virtual workshop.

You can further protect yourself by looking up and reporting scams in your area through the AARP Fraud Watch Network. You can also sign up to receive new fraud alerts.

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