Wednesday, August 11, 2010

Wholesaler and Dropshippers - How to Verify the Legitimacy of Your Internet Banking Company



Like every businessmen and women, we want to make sure that we conduct business with someone who is reliable and legal. We want to make sure that our wholesaler, supplier, retailer, drop shipper and especially our bank is legitimate. Anyone can simply set up a website and pose to be a bank. Fraudsters will do anything to sap everything you worked hard for down to the last drop. Most importantly for beginners, you need to make sure that your internet banking company is legitimate to do business by considering the pointers listed below.

� Visit your prospective bank's website. You should visit your potential bank's website and look for significant details that will help you find out if they are indeed a legitimate bank. Check the bank's credentials. Their official name should be listed on their website. Bank's profile should be available, which includes the bank's organizational chart, company history, internet banking history, etc. The bank's company profile should indicate the physical address of their headquarters.

� Registered or Member of FDIC (Federal Deposit Insurance Corporation). FDIC has its own database where you can verify if the internet banking company that you are transacting with is covered by FDIC insurance. By simply going to their "Bank Find" site and check if the bank name or address you are looking for is there. Furthermore, if the bank is legitimate they will not hesitate to provide you details of their FDIC coverage. Some signs that you are on the right track is when you see "Member FDIC", with FDIC logo or "FDIC Insured". Again, it is not sufficient; the bank's official name should be listed with FDIC. If your internet banking company is not on the list, it is time to look for another one. It will be unwise to entrust your hard earned money to an uninsured bank.

Now you have some pointers on how to verify the legitimacy of an internet banking company. Just one more precaution, once you have chosen an online bank that fits your needs, be cautious on how you access their website and when providing your banking details. Be careful when typing in your bank's URL. Some unscrupulous individuals will design a website and create a URL almost similar to your bank. So if you incorrectly typed in your banks URL, you will be led to the fraudster's website who will track the details you will put in, including your password.

Always make and take the necessary precaution to secure your wholesale, retail or drop shipping business.

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