Internet Banking: Using Quicken and the Consumer Rights
Gibson Maseko
The first thing you can do before doing internet banking is to set up an electronic check register. This is similar to the traditional check register, with a few distinctions. For one thing, the information you put into the electronic check register can be more detailed than you can put on a line or two of a paper register.
For example, transfer of funds from one account to another through internet banking would be in a different category than other deposits in most cases. You can also get creative with your categories. If you are a musician, you might have a category for guitar equipment, for example.
The information you provide will be stored on your computer in the Quicken program until you tell Quicken to download the latest transactions from your internet banking account. It will do this automatically. It will log on, download the transactions and log off of your internet banking website.
Once your internet banking transactions are successfully loaded into Quicken, you can reconcile your account. Quicken will check your electronic register against the information from your internet banking account. If they do not match, you will be alerted. You will then be given the option to correct individual transactions or to correct all discrepancies.
Consumer rights
There is much controversy over whose responsibility it is when something goes wrong in internet banking. Banks sometimes step up and hold themselves accountable for security measures as they should. Other banks want to lay the burden on the consumer.
For instance, you might get your internet banking statement, see that fraud has taken place, and report it immediately. In this case you will be required to recover your money. Yet, you could get your statement, let it set on the server for two weeks without looking at it, and then discover fraud. In this case, you would get less of your money back. The longer you waited, the less you would get. At some point, you would lose everything in the account plus overdraft charges. That is why it pays to take a quick look at your internet banking account frequently. Even if you do not have time to go over every transaction, you will often notice discrepancies that you can report.
When maybe you notice fraud in your account and if you wait two days or less from the time you get your official internet banking statement, you will only be liable for the first $50. Another day and the price goes up to $500. After 60 days, you have no recourse through the bank. You would actually have to find the perpetrators of the crime, bring them to justice, and be awarded compensation.
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