Related Financial Services - The following Debt Consolidation Loan Directory sections allow you to comparison shop other finance products, such as debt consolidation loans and credit counseling firms.
- Bad Credit Debt Consolidation - Need lower payments? If you have a large amount of small debts (especially if they have adjustable interest rates), now may be a good time to do a consolidation of your bills and lower your overall monthly outgo.
- Debt Management Programs - Do you feel that your credit card bills are stacking up with nowhere for you to turn? Your problem is not unique. Signing up with debt management firm may be the right solution to your debt problems. Review different firms offering these services to determine if this is the correct option for you.
- Personal Loan Company - Looking for a smaller loan for the consolidation of debt? Start your search at the directory of personal loans, where you can compare and apply online with different lenders and related companies.
A Shopper's Guide to Bank Products and Services
Pros and Cons of Banking Over the Internet
Reasons in Favor
Convenience: You can shop for financial products any time from anywhere you have an Internet connection.
More competition: You may be able to find a better price or a product that more closely meets your needs.
Easy comparison shopping: "With a few clicks of the mouse you can easily find and compare different products and rates," said Aurelia Cardamone, a Senior Technology Specialist in the FDIC's Division of Supervision and Consumer Protection. "Some consumer Web sites aggregate consumer feedback about financial institutions and their products."
The potential for lower fees: Some banks may waive certain fees for online customers, such as those for ATM withdrawals, to attract more users.
Reasons to Think Twice or Take Extra Precautions
No face-to-face contact: You won't be sitting down with a bank representative who can explain key terms or guide you in deciding which product best suits your needs. "It also may be more difficult to investigate a problem since you can't always go down to the branch," Cardamone said.
Some transactions may be more cumbersome or take longer: You may have to rely on the mail to sign important documents, make deposits or conduct other business.
Exposure to Internet risks: Your computer needs a firewall and updated virus and anti-spyware protection to keep your personal information from being stolen by hackers. Be sure you are dealing with a legitimate Web site, and never provide bank account numbers and other personal information in response to an unsolicited e-mail. Also remember that crooks use fake e-mails and Web sites to trick consumers into divulging personal information. For tips on guarding against fake Web sites and fraudulent e-mails, see the brochure You Can Fight Identity Theft on the FDIC Web site at www.fdic.gov/consumers/consumer/fighttheft/index.html.
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Summer 2005 | Buying Power | Internet Banking | Account with Gift | Financial Supermarkets | Shopping List | FDIC Help |
FDIC Consumer News is published by the Federal Deposit Insurance Corporation
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Last updated on 5/17/2005