|At Roundbank, we are constantly updating our systems to become compatible with the latest updates in technology. Next week, Google will be updating their Chrome platform. Since many of our online systems interact with Chrome, we will be taking down our online banking system on Friday, February 7th, 2020 to test functionalities and work through any issues. We sincerely apologize for this possible break in service but want to assure you that we are staying on top of the updates in technology and security. We value your time and will work diligently to make this transition as quick as possible without compromising the service and security that we promise to you. During this downtime, we are available in the branch or over the phone to work through any time-sensitive needs that you may have.
Note: If you experience any issues with Google Chrome next week (February 4th-6th), please try utilizing another browser such as Internet Explorer 11, Edge, or Safari. As always, you can call us to help troubleshoot any concerns.
-Your Roundbank Team
Mobile Banking Security
Only download apps from Reputable Sources:
Roundbank only list our apps in the Google App store and the Apple App Store.
Some developers install bugs or malicious activity on mobile devices by publishing malicious apps to track keystrokes and more. Always be wary of an app from an unknown publisher. Download apps only from trusted sources, and through reputable channels such as Apple’s App Store or Google Play.
Roundbank makes its mobile banking applications available on App Store and Google Play under the publisher name Roundbank or Rounbank Biz. Search for “Roundbank” in your device’s app store, or visit our website for links to download the app.
Hackers have sometimes employed unsecured public Wi-Fi networks to hijack a mobile device and track its keystrokes. They have also been known to spoof the names of reputable public hotspots to lure users into using their network. Carefully consider your Wi-Fi and Bluetooth connection settings.
We recommend using mobile banking only through your mobile device’s data service, and avoiding public Wi-Fi for banking.
Keep your Mobile Device Updated:
Keep your app up to date by checking your app store for newer versions. You can also turn on auto update so your apps auto update any time a newer version is released. You should also make sure your phones operating system is on the most current version. Updates to apps and your phone usually fix known vulnerabilities as well as add new features.
Mobile Device Security:
Keep your mobile device up to date in your Online banking profile. If you replace your mobile device, log into Online banking and remove your old device.
A mobile device without a password makes it easy to access your phone, contacts, emails, apps and more.
Use the keypad lock or phone lock on your mobile device when it is not in use. This ensures your device is password-protected, making it more difficult for someone else to access information on your device.
Text Message Banking (SMS Banking):
You may receive text message alerts or security codes from Roundbank or other financial institutions. Delete these text messages after you have reviewed or used the information in them. Never share your personal or financial information in a text message, phone call or email.
Always contact one of our branches if you feel you have suspicious activity on your account.
Links to App Stores:
What is APY?
APY stands for Annual Percentage Yield. In non-banker-jargon, APY stands for the amount an account pays to you. (APY = amount paid to you). Interest is always paid out as a percentage of your account balance and so APY will always be represented as a percent.
To better understand this, let’s look at a basic example. Pretend you have a checking account that offers 2% interest. You keep $100 in this checking account. At the end of the year, you would have $102 in the account. (2% of $100 is $2, which is the amount added to your balance in the form of interest).
Now, interest doesn’t usually get paid out just once a year. In fact, most of the time it is paid out on a monthly basis. Unfortunately, you don’t receive 2% each month. In order to figure out how much interest you will earn per month, you take the APY and divide it by 12 (because there are 12 months in a year).
Let’s look back at our original example and figure out how much interest we will earn in just one month. Our imaginary checking account offers 2% over the course of a year, so to figure out how much it pays a month we need to divide that amount by 12. 2% divided by 12 months is .16%. So, we know the account offers .16% interest a month. If we take that .16% and apply it to our balance of $100, we will see that we are earning $0.16 in interest in one month.
The lesson: High APY = Good
What is the difference between APY and APR?
APR stands for annual percentage rate, and it is the amount you are charged for access to an account. A common example of an account with APR is a credit card. When you carry a balance on a credit card, you are charged interest on that amount (which is why it is so easy to get into debt with credit cards).
Imagine you have a credit card that has a 20% APR and you have an outstanding balance of $100. We can use the same math we learned above to figure out how much extra we will owe in APR at the end of the month.
20% divided by 12 months lets us know we pay 1.66% in interest a month. If our balance is $100 it means we will incur a charge of $1.66 at the end of the month just for the privilege of having access to the line of credit.
The lesson: High APR = Bad
Which accounts have APY v.s. APR?
|Certificate of Deposit (CD)||X|
|Money Market Account||X|
What is a good APY?
We’ve learned that the higher the APR, the better (assuming you like getting money for doing nothing). Every institution offers determines their own interest rates on their accounts and the range of differences is pretty surprising.
As of this writing, here are some of the checking account interest rates at a sampling of institutions:
Chase – 0.01% to 0.09%
Bank of America – 0.01% to 0.06%
Wells Fargo – 0.01% to 0.05%
If you remember the math from above, you’re probably saying “Wait, I deposit $100 and I make one cent a year in interest?” Yes. One whole cent.
Savings accounts typically have a better APY, but not by much. The average APY on savings accounts at the time of this writing is 0.09%. That $100 will now earn you nine cents in a year.
We’re going to get selfish for a minute here, but Kasasa was built to offer accounts that actually help people, and one of the major perks is high interest on checking and savings accounts. Just take a second and perform a web search for “Kasasa” and your zip code… see what APY is being offered in your area (on average, it is 34x higher).
Interesting linksHere are some interesting links for you! Enjoy your stay :)
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