Online banking: know your rights and responsibilities
Online banking allows you to access your accounts and make financial transactions on the Internet. For example, you can pay bills or transfer funds between your accounts. It’s important to understand your rights and responsibilities when using online banking.
Learn more about online banking.
Protecting yourself when banking online
To protect yourself from financial loss from an unauthorized transaction:
- never share your personal identification numbers (PIN), passwords or personal security questions and answers with anyone, not even family members
- manage your banking information according to the terms and conditions of your account or online banking agreement. This includes usernames and passwords
- check your accounts regularly for unauthorized transactions
- contact your financial institution or service provider as soon as you find an unauthorized or suspicious transaction
- sign out and close your Internet browser at the end of each online banking session
- never leave your mobile devices unattended, especially in public
- don’t allow your computer or mobile device to remember your password or banking information, like your account number
- never reply to a fraudulent email or text message asking for your banking information, also called phishing
- avoid using public Wi-Fi or public computers to do your online banking
- if you must use a public computer, clear its history and cache when you finish using it
You may use a mobile device to do your banking, from an application, or an online banking site. If you lose this device, it’s important to let your financial institution know right away. You should also contact your mobile service provider so they can block your account.
You may be at risk when you share your banking information. You may lose the protection against unauthorized transactions that your financial institution offers. You may also be responsible for any unauthorized transactions on your account.
This may happen if you provide your personal or banking information to third party financial applications for example.
Learn more about financial applications.
Check with your financial institution to find out about their online banking service guarantee or commitment. Also ask about their policy on unauthorized transactions.
Find out how to protect your financial information in the event of a data breach.
When these rights apply to you
These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.
Find out if your financial institution is federally regulated.