General Question

goootli's avatar

What's your own personal experience with online banking?

Asked by goootli (162points) March 26th, 2010

Were you scared to use it at first?
Is it a more convenient way for you to do your banking?

Observing members: 0 Composing members: 0

22 Answers

LuckyGuy's avatar

I do it. It is convenient but I still ask for the statements to be mailed.
Write down your password and keep it in a safe place. It’s a hassle to get a new one if/when you forget it.

Cruiser's avatar

It is awesome! Just change your passwords often and you are good to go! So much nice than drive through and stamps.

Blackberry's avatar

It’s great, I’ve been using it for about 5 years. At one point I had not been to an actual bank for like 6 months lol.

benhodgson's avatar

I’ve only ever had positive experiences with online banking.

I’ve used three separate UK banks’ OLB systems now. They vary in quality and usability but generally they’re massively useful.

IchtheosaurusRex's avatar

I don’t know how I managed without it. No matter how tidy you keep your check register, it won’t tell you when your checks or deposits clear.

autumn43's avatar

I started using it last summer. It’s great to always be able to see what your balance is and transfer money from one account to another. Before banking online my husband would pay the bills and he would write checks even if we didn’t have the money in the account yet (overdraft! Fees!) This way, your money comes out of your account on the day you authorize. I can’t believe I didn’t do it sooner.

lucillelucillelucille's avatar

I like it very much :)

erichw1504's avatar

No, I wasn’t scared to use it at all. I have a lot of experience working on the internet, so I know what I’m doing. Bank of America’s website is very secure and easy to use. I just make sure that there is the little padlock icon on the status bar of my browser.

It is much more convenient than driving to the bank or ATM to check your balance, make transfers, etc.

Jayy's avatar

Its convenient no doubt and pretty safe. A word of warning though I had a friend who downloaded a lot and got a virus. A week later 10,000 big ones disappeared from his bank account. So if you’re a regular downloader or visit fishy websites then I wouldn’t recommend it no matter how convenient.

jeffgoldblumsprivatefacilities's avatar

I wouldn’t trust it for a second. I had a friend lose quite a bit of money because he had a keylogger program on his computer while he was doing some online banking. He spent nearly a year trying to sort out all the details and clear his name, and still never got the money back.

I’ll spend 20 minutes and drive to the bank in person. The peace of mind is worth more than a few minutes convenience.

mattbrowne's avatar

Very good. Your PC needs to be protected though.

Ame_Evil's avatar

Coupled with shopping online, I love online banking. So much easier to see how much money you have at any given time. The only problem I have is when I lose my details and have to order new ones.

Also my bank has some decent security. I have a card reader which stops people being able to take money from my account. The problems I have is with online shopping security because all they require is card details which anyone can take, whereas a card reader requires the actual card and pin for it to work.

MrItty's avatar

I don’t remember the last time I wrote a check to pay a bill or visited a branch to transfer money. I use online banking – via my two banks as well as my credit cards’ websites – for all financial transactions.

If you think that’s less secure than using an ATM or talking to a human being, you’re deluding yourself.

MrItty's avatar

@jeffgoldblumsprivatefacilities your friend didn’t lose money because of online banking. He lost money because someone with access to his computer committed a crime. If that person had that level of access to your friend’s life, that person could have just as easily stolen your friend’s credit cards or checkbook. The computer was the tool by which they committed the crime, not the source of the crime.

jeffgoldblumsprivatefacilities's avatar

@MrItty I understand that, but I still have my reservations about using a computer. Irrational? Probably, but I still don’t mind just going to the bank in person.

Idknown's avatar

@jeffgoldblumsprivatefacilities The hours kill me though. As a working professional, I don’t get off work at a convenient time. To be fair, they have been better about their hours recently.

Also – it isn’t hard to secure your computer. Many people take it for granted, but an anti-virus, and a spyware scanner is all it takes. You can then step up with a firewall program like zonealarm.

Securing my computer is as important as locking my door on the way out. As more and more of our lives go virtual – this will be a necessity. Learn it – and stick to it.

To the OP – online banking is a vital tool for me just to check my balances and pay bills. Save so much time in the long run, which is important for me.

meagan's avatar

Easy peezy. I’ve been online banking for years. Its pretty simple.

OpryLeigh's avatar

It’s made certain things easier. I can check my balance without having to go out in the rain to find a bank or sit on the phone for hours talking to an automated message! For the most part, I have found online banking to be convenient.

tedibear's avatar

I love love love love love love love it! I’ve found it to be far more convenient than writing checks and having to go to the bank. (And I work for a bank with a branch right downstairs!) One the very rare occasion that I write a check, I find it to be a pain. Something akin to the idea of going back to a rotary phone. As for safety, I would rather send an electronic payment without my bank information than to mail a check with my name, address, account number, routing number and signature on it through the US Mail.

gailcalled's avatar

I use it for everything but getting cash and depositing a monthly (what I live on) check.

Simplifies my life except for the few local people who want checks (snow plow guy, lawn mowers and dentists.)

josephnc1975's avatar

My main beef with online banking and bill pay is that while it may be convenient, you still have to be careful. All too many times, I have seen people say that their payment was made and it has been taken out of their account, when in fact it wasn’t paid. This is due to the fact that 9 times out of 10, your bank takes the money out of your account and cuts a bank check and mails it to your creditor. If your creditor doesn’t receive it, then you have to track it down. I’d just assume make my payments directly with the creditor online or have my payments put on auto-draft.

MrItty's avatar

@josephnc1975 if that happens to you, you have a shitty online bank. Mine credits the account of the payee on the same day they withdraw the money from my account. Indeed, they have a guarantee in place that if you get charged a late fee due to them not crediting the payee quickly enough, they’ll credit you the late fee themselves.

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