Banking online - is it really secure?

Banking online - is it really secure?
I couldn't decide where to post this question - Computers? Internet? General? So I decided Computers might generate the most replies, but if it should go under another category, I hope someone will move it over.

There is no absolute guarantee of security but, IMO, it is "secure enough". Banks will usually cover your losses if someone gets into your account and you can limit your possible losses by only putting enough in your checking account to take care of your bills (i.e. not linking all of your savings accounts for example).

I haven't written a paper check out in over 2 years. It's a wonderful thing.

I agree. I've done online banking for over 2 years now, and haven't
had any problems. Take precautions with an unusual ID and password, check your account daily and you'll be safe.

Paying bills online is the way to go, and luckily my bank will only
withraw the funds once the recepient submits the check - not like Wells Fargo where the funds are deducted from your account when they
transfer the check.

If the bank account if FDIC insured, you should be OK. However, it may take time ( months?) to recover lost money, should anyone
hack into your account.

I write checks, so I have some sort of hard copy as a backup.

Keep a minimal amount in the account, and you'll probably be OK.

I've been using it for a couple of years to transfer funds between accounts. No problems.

I love it. I check the account every few days, so I never have to reconcile an entire month's worth of transactions.

I use the money market account from my brokerage account to transfer money into my bank account, which I then write checks.

Relative to your arthritis, can't you buy a stamp plus pad with your signature on it, so you don't have to ever write you signature again?

we don't have any of our financial information on our computer (i worked as an auditor for too many years , i guess ).
we do use the ABM for most cash withdrawals since our banking agreement protects us against banking errors .
we have one "cash account" that only holds enough money for ABM cash withdrawals , automatic withdrawals (telephone , utilities and similar) ... and a few cheques .
our "real money" is with another bank in an interest-bearing account that only allows ABM transfers to our chequing account with the same bank ;
it does not permit cash withdrawals or cheques to be written against it .
it's a bit cumbersome - but certainly quite secure .
btw almost all our purchses (let's say above $10-20) are made by credit-card . it enables us to control our cashflow and pays us with "airmiles" for our shopping ; not a bad deal , we think .
hbg

That's dangerous advice, Miller. A stamp with one's signature could
fall into the wrong hands very easily. There is absolutely no objection
to paying bills online, and writing checks manually, paying postage and
hassle at the postoffice is quite antiquated by today's standards.

I still pay my bills through snailmail. Creature of habit and all of that...

It's nice to have options.

I too love it. It makes bill pay easy and fast. I can balance it every day if I want. I've never had problems.

Oh yeah, paying bills on line is where it's at.

Now, when I HAVE to write the occassional check, like once every 2 months, it feels like such a hassle.

I'm glad I switched tom kitten.

As with all things security online.

Don't use passwords that are easy to guess.

Make sure you protect your computer from viruses and trojan attacks with an up to date virus software.

Don't use the link in an email even if it looks like it is from your bank. Put the bank address in your favorites on your browser and only go that way to get there. (It is this one that is probably the cause of most online fraud. You get an email that looks like it is from your bank saying they need you to log in because someone may have accessed your account and then give you link to the SUPPOSED log in page. People fall for phishing scams all the time. It is easy to do if you aren't paying much attention. )



As long as you are reasonably careful, online banking is even safer than paying by mail. A recent scam here had a US mail employee diverting mail with checks to a group that washed and rewrote the checks.

wow parados, good info about not linking to your bank from an email...

I'll get an email from my bank saying my statement is now available, etc. but I usually don't link from there, I just delete the email because I don't automatically want to look at my account that very second. I wouldn't of thought there would have been any problem with that.

Thanks for the tip.

Antiquated? Is that why my Post Office is always so crowded, with people buying stamps, mailing packages...etc?

So do I. My checks are free, I get the canceled back and I can always check on my account via phone. Also, no worry about someone hacking into my computer to steal my money.

I use online banking for some things but still pay my bills the old-fashioned way. Not knocking one way or the other. I like having the option.

I use the internet for stock and mutual fund trading.