OK, this thread has gone off in a strange direction. DrewDad is simply incorrect.
For all practical purposes, if used correctly, SSL is safe and secure even over an insecure network. This is true whether the connection is over WiFi or over a cellular connection.
Let me explain.
SSL was designed to prevent the type of Man in the Middle attacks that DrewDad is worried about with
certificates.
When you connect with your bank, you receive a certificate that contains a bunch of information about the bank including its URL, and a public key. You can use this public key to send a message the only the bank can read (using public key cryptography which I can explain if anyone is interested). This allows you to send a secret (basically a random message) to the bank that the attacker can't read as well as your own public key. The bank sends you back your message (to prove that it is not being relayed be an attacker), and then a cryptographic key that is now guaranteed to be known only by you and the bank.
The key to these certificates are Certifying Authorities which are companies that everyone trusts to "sign" certificates of the reputable companies and websites they vouch for. Signing is a mathematical way to generate a message that can only be made by someone who knows a secret, but can be verified by all. If something is signed you can't change it without making the verification fail.
You can see these certificates if you go to a secure website (such as gmail). On my browser it is in two places, a little lock icon on the bottom right, and a colored var on the address bar. If you click on this, you will get a window that has a bunch of information that is registered with the certifying agency about that website.
I recently found a website with an invalid certificate (this was an error on the website's part, not anything sinister, but it gives an example of a bad certificate). Try this link
https://email.godaddy.com to see what happens.
A man in the middle attacker will have trouble faking a valid certificate because they will be unable to create a digital signature.
If there is an invalid certificate, your browser will generate an error message. One obvious safety rule is
Don't ignore such an error message.
There are some esoteric ways found by researchers to get around this protection. They are interesting to computer science geeks, but they aren't very practical for real would be criminals, and the browser companies respond pretty quickly anyway. And, because they rely on getting a certificate, it is very difficult for a criminal to do this without leaving a trail back to himself.
In short, doing banking over a secure connection on either your cell phone, or on a public wi-fi network is not risky at all.