Online banking?

[Chainsaw]

I recently started using online billing with my phone bill so that I could get the long distance per/min rate that I wanted.
I'm not sure whether the encryption is 40 or 128 bit for this billing, but for billing only, I'm not too worried.

Since I got this service, I've been more curious about online banking. I wouldn't even consider anything but a 128 bit, FDIC insured account for banking, but wonder how safe online banking is?

I keep reasonable security on my machine, the best I can get for free, but am holding doubts about theirs. What are your thoughts about using online banking?

c:::CHNsaw

[Ygor]

We've been using it about a year now on one bank, just started it at the local credit union here.
We like it a lot and have had no real problems with it yet. I prefer a machine to a human looking at my account, until a problem arises. The only problem I've had at all was with my password, didn't know it was case-sensitive.(I saw no mention of that at the time!)

[medo]

Hello,

We do not use full on-line banking just because of (fear) a possible break-in to our account. Maybe we are a little paranoid, but at this stage we just check the balance of our account because it is a passive action (maybe we are wrong?).

Medo


http://sysopt.earthweb.com/forum/smile.gif

[Chainsaw]

Thanks for the replies Ygor & Medo.
I guess I'm a bit paranoid too, but the convience factor keeps me at least a bit interested in the possibility of using it.
The bank I use, just introduced online banking recently, so I will probably wait at least a year to see how it goes with them.
I also never use my credit card on line, but then again, I may never use it off line again either, I just got it paid down to $0, yea!
Thanks again for the replies,
c:::CHNsaw

[socalgal]

I too *was* using online banking for the convenience factor. But continuing glitches in the name/account entering process made me uncomfortable, so I use my hard statements exclusively.

What would happen is I would enter the info, click Ok and the info would disappear without giving me access to my account. Vaporized. Where did it go? Unknown.

Calls to the bank assuring me that my info/account was not compromised did not allay my concerns; I had the PIN changed, the glitches continued, I discontinued.

128bit is secure though, IMO.

[Chainsaw]

Thanks for the input Socalgal.
I hear what you are saying, the last place I need an error is in my bank account!
The online phone bill seems pretty handy though and after I get used to it, should be fine.

Later,
c:::CHNsaw

[CMonster]

I've been using Bank America online banking for about 3+ years without any problems at all.

But even if I did not use the available online features I am not so naive as to believe that my account isn't in the same database on the same computer system as everyone elses. My point is that it is just as easy (or difficult) for a "hacker" to obtain access to my account either way.

Yes, strong encryption and extra network security is always highly recommended when using any online financial transaction. Perhaps more important is the security of your personal system - obivously a trojan capable of keystroke logging, such as "Back Orifice," would be a disaster.

[ablang]

My experience w/ online banking is great! 2 years so far and no breakins (knock on wood).

The 2 best I have seen so far are Union Bank of California, and Citi f/i. Why? Because they pay you to start an account!
http://www.citifi.com

[Maginno]

I've been using Security First Network Bank, (SFNB) subsidary of Royal Bank Financial Group. They are absolutely great. 6% on my checking (I think it is 4% now) free e-pay's, free postage paid deposit envelopes, etc) You can pay just about anyone with e-pay, I use it for all my credit cards, bills, car payments, etc... Customer service is top notch! I used Netb@nk for awhile, but their service was horrible and it took two signups to get setup. SFNB offers pretty much everything a bank can offer without an office (No loans). Based in Atlanta, GA. http://www.sfnb.com is the link to check them out. Also, http://www.gomez.com rates banks on their online features.

[Chainsaw]

Wow, some truly positive feedback!
Thank you for the links and for sharing your experiences.
I suppose I had better get used to online "whatever"; soon, virtually everything will be handled predominantly via online connection (if it isn't already that way). Before ya know it, the only hard cash left will be in the hands of coin collectors and little ol' grannies with coffee cans burried in their back yards, egads! http://sysopt.earthweb.com/forum/wink.gif


c:::CHNsaw

[Dputiger]

I don't use online banking exactly, but I do monitor my accounts/transactions from Bank One. It's very easy to use and combined with Quicken, let's me balance my check register on a daily basis--which can be very handy.

[SoopaStar]

I have a checking account with Union Planters (www.unionplanter.com) and have been using their online Servers (UPonline) for well over a year now. I have all my credit card payments and my Sprint PCS payment scheduled to go out on the same day every month. If the payment I have doesn't match up with the payment I need to make, I just hop online and send a second check. Its so easy and conveient.

Paul

[Zak]

I've been using on-line banking for about 2 years now with Canada Trust. I use it mainly for looking at my account balances and transactions. I also use it to transfer money between accounts and to download account information to Quicken.

The only problem I have is with my passbook, I only take it in to be updated about every 4 months, and it takes 20 minutes to update. http://sysopt.earthweb.com/forum/wink.gif

[This message has been edited by Zak (edited 07-29-2000).]

[RampageIII]

I've used online banking for nearly 3 yrs. and have had no problems. As a matter of fact, the system wouldn't allow access without 128 encryption! And the convenience of transfering between accounts has been a real godsend at times. Of course a lot depends on the bank you deal with as to how well the services work for you.

[jjsole]

I use ONLINE BANKING to send checks/do transfers through Quicken. GREAT! All transactions download too. No real problems over 3 years except when vendor occasionally said they didn't get a check (but they'll do that anyways!) Also, setting up payments to go out automatically every month boosted my credit rating because I'm never late now.

Theres also BANKING ONLINE (as BankOne calls it) where you can see your account via the web and setup your payments/payees all on the internet. Security is fine, but I MUCH prefer the control via Quicken (not all banks can be accessed by Quicken, but all major ones and many others - see quicken site). The issue here is that you need to manually download/import transactions into Quicken (or the inferior MS Money) to do accounting.

The other option is going with a strict ONLINE BANK (without ANY branches) - much different though. They offer the very best i-rate yields for all accounts (to attract customers), but the drawback is that all non-electronic deposits need to be snail-mailed in to them (scary!) and your paper checks will most likely be 'out of state' (because they are usually only licensed in 1-3 states, and chances are your not in one of them - I'm not in either of them). Also, neither of these can be directly downloaded from inside quicken (as of 3 months ago).



[This message has been edited by jjsole (edited 07-29-2000).]

[Chainsaw]

Thanks to all of you who replied, it's all been very helpful info. and gives me a pretty good idea of what to expect from the industry.

http://sysopt.earthweb.com/forum/smile.gif
c:::CHNsaw

[rh71]

I was an intern as a tester for HSBC's online banking tool. Security is a huge part of the development and infrastructure - true for any large bank, I'm sure. But the only visible security measure to take is to ensure it says https:// where the URL is (look for SSL!). E-commerce, where buying with credit card numbers being passed electronically, has shown to be safe for some time now. I wouldn't worry too much... besides, what kind of 'online banking' activity do you wish to take part in?

My employer uses direct deposit into my bank account and the only thing I need to do is view the balance online. What else is involved?

[Chainsaw]

Very good advice rh71. (watching for https http://sysopt.earthweb.com/forum/smile.gifI already have auto deposit, so I supose I would only use an online account for overseeing and checking the transactions and possibly for downloading to Quicken for balancing my account.
Thanks,
c:::CHNsaw