Thread: Online banking

How many people of you do online banking?
I never have and -if possible- never will. I drive to the bank if I want to pay bills. When people ask me: you're a computer geek, software developer and system admin. How come you of all people don't use online banking?

To which my stock answer is: because I am a computer geek, software developer and system admin.

Honestly, there is so much shockingly bad security around that it is appalling, even in the banking business. My banking contracts all exclude online banking.

I online bank. I just don't have the time to go to the bank every time I have to pay a bill or transfer money somewhere. I just don't. So I online bank and it works fine for me. Besides that if a hacker cracks the bank then it's not my fault but the banks and I'll be insured for any monetairy values lost anyway.

I'm the same as you Bruno, I will never online bank. I think the security they have is atrocious!

And, having worked for a major retail bank in the UK and seen how lousy their IN BRANCH security is and how easily people can get past it, I have no intention of entrusting my money to their online facilities.

I hope to make it to a European get together at some point, so remind me and I'll tell you some of the stories as and when we meet. Some of them would make your hair go grey!

I do online banking, but at the moment I am student so the most money that is ever in my account is my rent check. I figure if someone is going to go through all the trouble of getting into someone account, its going to at least be someone with a little more money.

I'm confused about the driving to the bank to pay bills though. Can't you just pay via debit card online, the same way we pay for purchases from amazon or other sites? Unless of course I am being a naive student and larger bills require bank transfers or something.

Oh, and because I forgot to mention this is the above post but it makes me sound like I don't know what I'm talking about without it, I pay cable, power, and rent online. It is a pretty great deal.

That would still be 'online' banking

Btw, it's not just the banks security that worries me. Internet providers, web mail, etc... There are so many chinks in the armour that protection is impossible.

They don't care about how much money you have. Every 100$ counts. If you can harvest account information of 1000 people, and get 100$ from every account, that's still 100K.

Sure, you can get your money back. Eventually. -IF- it is the bank's fault. If someone managed a man in the middle attack or you got a virus that sniffs your keyboard, or you clicked on an emailed link to your bank (some of them are very authentic looking) it is -your- fault.

I go to the bank to deposit, but all my bills are automatic payment from my checking account. This saves me the trouble of having to remember the due dates, passwords to accounts and the headaches of late charges.

The online security at my bank seems pretty tight. I get an email notice anytime a purchase or withdrawal is made from the account. Also, no online account transactions can be made without ringing my cell phone and waiting for code confirmation. I like having access to my account when I travel so I can pay bills while I'm away for extended trips.

I'm sure smart crooks can find away around all secrity features, but the alternative is not completely safe either. Getting statements in the mail, using a credit card, or just driving up to the bank all have risks greater than zero.

Still, I have never tried to convert anyone to online banking. I didn't want to be blaimed if something bad happened. I just feel like for me, online is better. (I feel less safe after reading Bruno's post. )

Originally Posted by Bruno

That would still be 'online' banking

Btw, it's not just the banks security that worries me. Internet providers, web mail, etc... There are so many chinks in the armour that protection is impossible.

They don't care about how much money you have. Every 100$ counts. If you can harvest account information of 1000 people, and get 100$ from every account, that's still 100K.

Sure, you can get your money back. Eventually. -IF- it is the bank's fault. If someone managed a man in the middle attack or you got a virus that sniffs your keyboard, or you clicked on an emailed link to your bank (some of them are very authentic looking) it is -your- fault.

I online bank mainly because of the easiness and the additional charges if you pay at the counter. Seriously, it would be a called robbery if they wore masks and they were not a bank. Unfortunately still, they apparently have decided I need to pay for the transaction I make myself with my funds from my own bankaccount. Grrrr.

And security is kinda moot point since some poor sod might lose (or legitimately sell without smashing the drive) his laptop or usb-stick with unencrypted data there. There has been too many of these kind of breaches at least in uk. Fortunately not here yet.

Originally Posted by Bruno

How many people of you do online banking?
I never have and -if possible- never will. I drive to the bank if I want to pay bills. When people ask me: you're a computer geek, software developer and system admin. How come you of all people don't use online banking?

To which my stock answer is: because I am a computer geek, software developer and system admin.

Honestly, there is so much shockingly bad security around that it is appalling, even in the banking business. My banking contracts all exclude online banking.

I do 100% of my banking online. In fact, the only time a teller sees me is when I turn my coins into cash.