The best way to take control of your finances is by learning to manage your bank account. Most bank accounts in the UAE provide personal banking facilities to their customers to facilitate transactions and enhance their overall banking experience.
The best part about personal banking is that it offers various options like savings accounts, credit cards, fixed deposit accounts, etc., and lets you choose the banking solution based on your financial needs.
With Personal Banking, your transactions become simpler than ever. You can transfer money, pay bills and check your account statements in a matter of a few clicks.
Personal banking includes -
- Maintaining the minimum required account balance
- Setting up standing instructions
- Generating account statements
- Applying for loans, credit cards, and other banking services
- Automating your finances
- Using online and mobile banking
- Investment Services, and much more
In addition, personal banking allows you to open a bank account online and manage all your banking transactions from anywhere.
Let us go ahead and check out what you can do to get the best out of your personal banking and manage your bank account in the best possible ways.
Tips to Managing Your Bank Accounts with Personal Banking
If you are new to banking, you must first pick the correct type of bank account based on your financial needs. Check out the interest rates, the minimum balance requirement, and other features and benefits that different bank accounts in UAE offer. Compare the offerings and open the bank account with the best features and services.
Once you have got your account activated, follow these effective tips to help you manage your bank account in a better way.
1. Sign Up for Banking Alerts
Banking alerts help you monitor your bank account activity and stay aware of the transactions made. The notifications feature works differently for all the banks. You may check with your bank how it operates and sign up for emails and text messages to receive alerts.
You can activate this service to get notifications on your debit and credit card transactions. You can also receive alerts for different charges applied to your bank account or when your account balance goes below the minimum balance requirement. This is the best way to save you from overdrafts.
In addition, you can also opt for this facility to get alerts for password change, failed login attempts, etc., if you are using internet banking services. For example, if you get a notification from someone trying to log in to your bank account, you can consider it as suspicious activity and change your password immediately.
You can also get notifications for unauthorized or fraudulent purchases made using your account. You can then notify your bank that your account details have been compromised to save yourself from any further such activity.
The best bank accounts in the UAE offer a phone banking facility for the account holders to manage their alerts easily. By logging into the bank's mobile app, you can choose the categories you want to receive the alerts for.
2. Set Up Standing Instructions
Setting up instructions for payments saves you from missing deadlines. The bank accounts in the UAE allow you to set up automatic instructions to make your monthly bill payments. To activate this service, you need to gather all details including, account numbers, addresses, due dates, the amount of money to be paid, etc., for each bill payment.
You can set up this service both online and offline. To activate it offline, you must visit the branch and fill out the required forms with all the details. However, if you are using internet banking, you can activate this service in just a few clicks. All you need to do is log in to your internet banking and navigate the 'Bill Pay' category.
Here you need to add each biller details with when and how much you will pay each one. In addition, you can also choose to make either one-time or recurring payments. You can activate recurring payments for the bills where you need to pay the same amount every month.
3. Enable Two-Factor Authentication
Two-factor authentication is also called multi-factor authentication. It helps you update your security matrix while protecting your banking information. Most of the bank accounts in the UAE offer this security option for internet banking.
The authentication acts as a second layer of verification when you log in to your bank account online. It is a kind of security test that you need to pass after you enter your credentials. With this feature, opt for receiving a unique verification code to be sent to your phone number. You need to enter this passcode to log in to your bank account online. This makes it harder for the hacker to access or unlock your bank account.
Although banks are responsible for keeping your account information safe and secure, there are a few things that you can also do to keep your bank account safe.
Let us go ahead and check out how you can safely use internet banking and make your bank accounts safer than ever.
How to Safely Use Internet Banking When Managing Your Bank Account Online?
Here are a few easy tips to keep your online banking safe.
4. Choose Strong Passwords
Using a robust online banking password can keep your bank account safe from online hackers. This seems to be a simple piece of advice, but you must choose your passwords wisely. Here are the tips for choosing the best passwords.
- Do not use personal information like your initials, address, or date of birth in your passwords
- Update your password regularly
- Avoid using simple number combinations
- Do not use the same passwords for multiple portals
- Choose longer passwords
- Avoid common sequences in letters and words
- Do not save your login credentials
- Include special characters in your passwords
- Use both upper and lower case alphabets
Make sure you change your password every three to six months. It helps lower the odds of getting your bank account hacked. You can also use the password manager to protect your passwords and make the use of complicated passwords easier.
5. Avoid Using Public Wi-Fi
You cannot trust public Wi-Fi to be secure for accessing bank accounts in the UAE. You must prefer using your phone's data to avoid your bank account details from being compromised. If you don't have an internet connection and need to use a public network, try sticking with the encrypted sites and disable public file sharing.
If you are accessing any third-party website using a public network, you must check for the link starting with 'HTTPS' with the lock icon at the left side of the URL in your browser. You can also try creating a virtual private network that only you can access. You can set this up using your laptop, desktop, and mobile devices.
6. Download Financial Apps from Safe Resources
Most bank accounts in the UAE offer mobile app login. You need to download the bank's mobile app to access your bank account using your smartphone. These apps help you make transactions online, pay your bills, etc. The mobile app for a bank works almost same as the internet banking does.
Ensure you download the bank's official app from safe resources like Google Play Store or Apple App Store and use it to carry out your banking activities. Avoid downloading your financial apps using any unknown links or third-party resources.
The next thing to keep in mind is being careful about who you are giving access to your app and mobile banking details. For instance, you might install a budgeting app to manage your monthly or yearly finances, and it asks for access to your online banking details. It can put your bank account information at significant risk as these secondary apps are not secure.
And if you are downloading these financial apps from a trusted source, make sure you check the reviews and ratings before you download them. Also, research the app's security policies and if there is a history of any data breach.
7. Beware of Phishing Scams
Phishing scams usually trick you into providing your personal information to help hackers get into your bank account. They can be in different forms, like emails telling you that you need to log in to your account using the given link and update your information.
The scammers can also send you a link via text message and tell you to log in to your bank account. These links seem to be legit site, but they are dummy websites specifically created for phishing purposes.
Clicking on these links automatically download malware software on your device and give the scammers access to log your keystrokes. Providing your details on such platforms could be risky and can get your account compromised.
Even if you have typed in your login details without realizing it, you need to check any emails coming in to request your information. On receiving any such email, make sure you check the sender's name, where the link leads to and if you find it suspicious, call your bank's local branch to check the same with them.
Phishing can also take place using phone calls. So, avoid sharing your bank account information over the phone with someone who refers to your bank. The banks never ask for such information as they have automated IVR systems for verification and details sharing.
The Bottom Line
Personal banking facilities in the banks help people manage their finances differently and save more money. Most banks allow applicants to open a bank account online and manage their finances closely.
In addition, they also offer measures to help you keep your bank accounts safe. These measures include not sharing your account information with anyone, changing your password frequently, not logging in to your account using an unsecured network, etc.
To add an extra layer of security, you can rely on additional security matrices like firewall, a password lock for your laptop, a fingerprint lock for your mobile phones, and much more.
Keep your account safe at all times by following these simple steps.