How do you feel about banking online?

Ruth n Jersey said:
When I was growing up in the 50s my mom and grandma would take a day each month to take care of any banking right in town.
Later on when my mom lived with me she was still able to pick and choose a bank nearby.
After she passed and left some savings to me I decided to do the same but as time went on the little banks had very low interests rates.
My cousin suggested that I shop around for better rates even if it meant going out of state. This was a big leap for me.
After awhile I got comfortable doing that.
Now with the low rates for CDs all over the country it seems the better rates are from online banks.
They aren't good but a little better.
I do not have stocks and couldn't handle the stress, I'm not a risk taker and would never put my savings in the hands of an accountant either.
Have any of you opened a cd or other accounts online?
Do you feel it is safe to do so?
Maybe its time for me to take another leap.
Click to expand...

I've had my retirement portfolio at Schwab since 1997 so all investments, CDs, etc. are all there (I don't have any CDs right now though).

A friend suggested trying online banking to me in 2004. I tried it and have never looked back. When I got a smart phone a few years ago I started doing "Mobile Deposit," where you take a photo of your check right at home and it gets deposited.

Every recurring bill I have is paid automatically out of my checking account: utilities, credit card, home and auto insurance, etc. There are a couple that aren't recurring, but with a few mouse clicks I pay them online. Income and property taxes I still have to write physical checks for.

IMO, online banking is the greatest invention since sliced bread, caller ID, and intermittent wipers. :)
 
timoc said:

Honestly, I read this as.....​

​

How do you feel about bonking online?​

​

The truth is, I wouldn't mind trying it online or on the couch. :)​

Click to expand...
Better stick with the couch! ;)

Bonking, or "hitting the wall," is a term most athletes recognize. While it isn't something all will experience, when you bonk, you'll know it. It's unmistakable—the feeling of severe weakness, fatigue, confusion, and disorientation is something you will not want to experience more than once.
 
Aunt Bea said:
Better stick with the couch! ;)

Bonking, or "hitting the wall," is a term most athletes recognize. While it isn't something all will experience, when you bonk, you'll know it. It's unmistakable—the feeling of severe weakness, fatigue, confusion, and disorientation is something you will not want to experience more than once.
Click to expand...
@Aunt Bea after all these opinions I feel like I've been bonked on the head. lol
Seriously though thanks for all the input. I've decided to put it in my mattress.
 
Aunt Bea said:
Better stick with the couch! ;)

Bonking, or "hitting the wall," is a term most athletes recognize. While it isn't something all will experience, when you bonk, you'll know it. It's unmistakable—the feeling of severe weakness, fatigue, confusion, and disorientation is something you will not want to experience more than once.
Click to expand...
Aunt Bea, far from me to explain to a lady the Brit-speak crudity of bonking, but if it needs spelling out try coitus.
 
We use some features like automatic monthly satellite bill, but use mail for electricity, car insurance, and doctors. We pay cash for other needed stuff. I still don't trust the safety of it. Hackers are very sophisticated, and this ransomware hack is quickly gaining attention. Here are a few pointers I found.

Are online banks safe to use?​

Yes, online banks are safe. As long as an online bank is insured by the FDIC, it will offer the same coverage as the FDIC-insured bank down the street. Use the FDIC’s BankFind tool to confirm the online bank is insured. This tool allows you to search a bank by its name or web address.

In some cases, the two financial institutions might actually share the same insurance. Take Citizens Access or Investors eAccess as an example:

  • Citizens Access is an online bank that’s a division of Citizens Bank. The two are treated as the same entity, under the same FDIC certificate, when calculating FDIC insurance.
  • Investors eAccess is an online bank, and is a trade name of Investors Bank. Deposits at Investors eAccess are deposits of Investors Bank for FDIC purposes.
These banks are examples of a common trend: that the online bank you’re considering for its high yield might be related to a familiar traditional bank. Keep in mind that since these banks are related, your FDIC insurance may be limited to $250,000 between the two banks. Always check with your bank and use the FDIC’s EDIE Estimator to make sure your money is all covered under FDIC insurance.

https://www.bankrate.com/banking/are-online-banks-safe/
 
horseless carriage said:
Aunt Bea, far from me to explain to a lady the Brit-speak crudity of bonking, but if it needs spelling out try coitus.
Click to expand...
“What is your name?" asked Lear.
Caius," said Kent.
And whence do you hail?"
From Bonking, sire."
Well, yes, lad, as do we all," said Lear, "but from what town?” - Christopher Moore, Fool

I think that we had better get back to banking! :giggle:
 
Paco Dennis said:
We use some features like automatic monthly satellite bill, but use mail for electricity, car insurance, and doctors. We pay cash for other needed stuff. I still don't trust the safety of it. Hackers are very sophisticated, and this ransomware hack is quickly gaining attention. Here are a few pointers I found.

Are online banks safe to use?​

Yes, online banks are safe. As long as an online bank is insured by the FDIC, it will offer the same coverage as the FDIC-insured bank down the street. Use the FDIC’s BankFind tool to confirm the online bank is insured. This tool allows you to search a bank by its name or web address.

In some cases, the two financial institutions might actually share the same insurance. Take Citizens Access or Investors eAccess as an example:

  • Citizens Access is an online bank that’s a division of Citizens Bank. The two are treated as the same entity, under the same FDIC certificate, when calculating FDIC insurance.
  • Investors eAccess is an online bank, and is a trade name of Investors Bank. Deposits at Investors eAccess are deposits of Investors Bank for FDIC purposes.
These banks are examples of a common trend: that the online bank you’re considering for its high yield might be related to a familiar traditional bank. Keep in mind that since these banks are related, your FDIC insurance may be limited to $250,000 between the two banks. Always check with your bank and use the FDIC’s EDIE Estimator to make sure your money is all covered under FDIC insurance.

https://www.bankrate.com/banking/are-online-banks-safe/
Click to expand...

My sister insisted on doing everything the old fashioned way by check, etc., which she thought was safer, UNTIL somebody got ahold of one of her checks she had "safely" mailed, washed it and changed the payee and amount and got a huge chunk out of her account (the bank finally gave her her money back, but it was a hassle). The old fashioned way is no safer than online -- ever think about how many hands a handwritten check goes through? Everybody who handles your check has your banking information and can easily enough replicate your check.
 
Murrmurr said:
I use 2 different banks, one holds my savings accounts and the other is where my checking account is. I do bank online, but only with the bank that has my checking account.
Click to expand...
My bank allows as many free checking accounts as you want. So I have two. My regular one and the one I link to my Paypal account. That one I keep a few hundred dollars in for online shopping if I buy. Many places take Paypal now.
 
I do all of my banking online with a national bank that's also in my neighborhood. It's extremely convenient and they pay absolutely all of my bills for me except for the ones that are automatically put onto my credit cards -- and then my bank automatically pays my credit cards. All of the banks involved send me notifications every time they pay anything; so, I know immediately when a payment is sent and for how much (except for tips on credit cards and gasoline purchases at the pumps). I also know the moment something is deposited such as my social security check or anything else. I even save on stamps and envelopes this way. Marvelous!
 
Ruth n Jersey said:
When I was growing up in the 50s my mom and grandma would take a day each month to take care of any banking right in town.
Later on when my mom lived with me she was still able to pick and choose a bank nearby.
After she passed and left some savings to me I decided to do the same but as time went on the little banks had very low interests rates.
My cousin suggested that I shop around for better rates even if it meant going out of state. This was a big leap for me.
After awhile I got comfortable doing that.
Now with the low rates for CDs all over the country it seems the better rates are from online banks.
They aren't good but a little better.
I do not have stocks and couldn't handle the stress, I'm not a risk taker and would never put my savings in the hands of an accountant either.
Have any of you opened a cd or other accounts online?
Do you feel it is safe to do so?
Maybe its time for me to take another leap.
Click to expand...
Simple answer . No. I control my own finances. I don't trust banks, they're in the business to make money. If not for credit, I'd put it all in a coffee can. Cash money talks.
 
Hubby and I operate our bank accounts separately although all accounts are in both our names. I use a mutual bank (formerly a credit union) and my allocated pensions are paid into the main account, which I dub my working account. My debit card is linked to this account and the bills and expenditure that I manage are linked to this account. The recurring bills that I pay are mostly taken care of by direct debit. The balance in the working account is limited to $3000. When the balance goes above this amount I transfer the surplus to a second linked account that I call my nest egg. This one is not linked to the card and can only be accessed by me online. This means that if I should lose my wallet, my debit card cannot be used to take all of the money that I have in the bank. I never carry more than $200 in cash. Hubby still has an account with a cheque facility but it is hardly ever used. A recent parking fine he was given was paid online, so no cheque needed.

As well as having most bills taken care of without effort on my part, I can also pay for online purchases directly and send money to the bank accounts of my grandchildren when they need some help. Hubby and I can transfer money to one another when one of us is being hit hard by something unexpected.

Online banking is a blessing but it still needs to be carefully thought out. I don't use Paypal because I am reluctant to provide my bank details to them. I am probably being overcautious but I am more confident to manage my finances where I am in control.
 

Back
Top