Do you bank online?

Didn't know where to put this, so I put it in this forum. I don't bank online. Have been very leary of it. However, I am so tired of drowning in paperwork, bills and handwritten checks, it's becoming more tempting. What got me to reconsider was I'm hearing more and more people do it and have had no security issues. Also, my mother recently was in a large, university hospital in Chicago. Amazing what they're doing now with laptops. Not once in her ten day stay did I see a chart with written notes on it. Every room, from ICU to regular, had notebook computers. All notes, charting, progress, physician's orders, etc. was input into the laptop. It was all very streamlined and there was no confusion trying to decipher a physician's handwriting and what appealed to me most: no paper clutter anywhere. I would love my home office to function in such an organized, no clutter fashion.

So the tempation to pay bills online is definately growing.

So I'm looking for input: pros, cons, personal experiences, etc. TIA ~Kat

Its fine with me I do all of my banking and bill paying online where possible.Its all encrypted so its more secure than doing it over an open line on the phone,a lot quicker and less tyresome than standing in a queue having gone round the car park three times to find a space :rolleyes: :D

I've been banking and dealing with credit cards and paying bills online for many years. Never had a problem. It's very fast and convenient and you can download records/spreadsheets for taxes etc too.

Just use a good password with upper and lower case letters and numbers too. Something that no one would be able to guess with at least 10 characters (Don't use real words or birthdates or names etc)

I love it!

Thanks for the opinions! One more question I forgot to ask. Probably sounds ignorant, I've never even activated my online account, so not sure how the process works. Do you just pay your bills online via your online account, and assign a payee? Or do you use a program such as Quicken or M$ Money to do it? (I use Quicken for taxes, but that's about it. )

It probably depends on the specific banks format but in my case I set up an acc't with each of my payees via an id number they give me... could be a billing number, an acc't number, credit card no. etc. then I just enter an am't next to the name of the company, press "pay" and the deal is done. All records are retrievable in various formats, in my case

Intuit Quicken 2002 and higher
Microsoft Money 98 and higher
Intuit Quickbooks 7 and higher
Simply Accounting 7.0 and higher
Spreadsheet (CSV)

I was doubtful at first but I gradually got used to it; now I can't imagine doing it the old way. You can pay bills whenever you want to; your cash flow is improved--you can pay almost until the last minute, and most payees credit or debit your account within 24 hours; no more allowing 7 days for the mail to deliver payments and fewer stamps to buy; and the convenience is unbeatable. I print out receipts for all transactions so I have a date-stamped proof of payment with the payment confirmation number included. I prefer to pay all creditors directly, rather than through my bank, unless they have no on-line pay option. I have different user names and passwords for all creditors, and the bank's info is different from any creditor. If any user info was ever to fall into the wrong hands the damage would be limited to that account only rather than "putting all my eggs in one basket." By all means, try it!

Oh yeah, that's another thing. You can set up post dated payments as well. Say you're going to be away for an extended period of time or you have a repeating bill that needs to be paid every month (like your ISP) and you don't want to be bothered to do it every time you can set up a schedule to pay bills that way too. very convenient.

2 other things I felt might be worth mentioning...

1st, even though you aren't e-banking, your bank (and everyone else's) has been online for a very long time. Your info is available to all your banks branches, at every employee's terminal. And all banks use the web to transfer this data around. So adding your PC to the mix would not radically change things. (I know this may seem glaringly obvious but many of us forget our info is already all over the web on a daily basis.)

That said, the addition of your PC could be the weakest link in this secure chain. It's important that you keep your PC clean from malware. A fully patched Windows OS, up to date antivirus, a properly setup and tested firewall (check yours at the Shields Up test https://www.grc.com/x/ne.dll?bh0bkyd2 ), a safely configured browser, adware/spyware scanners like Ad-Aware and Spybot Search & Destroy and so forth. That and (as already mentioned above) a good, lengthy, hard to guess password...

Yep, I love online banking, I wouldn't do it any other way now.

But as Han says, you do need to pay attention to security. And I definitely wouldn't advise logging into your bank from any other computer except your own.

NEVER reply to, or go to a web site, in response to an email that requests personal information. "Phishers" may claim your account has been compromised, or they need to update their files, etc. They set up web sites that look like your bank's site (or credit card, etc) and disguise the URL.

WHat Jerry said. If you have any doubt, use the link in your faves, or type the url yourself. Don't click any links in an email

I have been using Money 98 now since....... 1998 ( who'da thunkit..),, and i love it.,

I put all ,my debit/cash/cheque purchases into categories within the 'chequebook, and when I get home , from shopping I log on to my bank site ,and sit for a few minutes and type in all the amounts I spent, out of what account, what the means of payment was.. cash /debit / or cheque. then categorize the purchase was it food / gift/ bill payment/ car maintenance/ liquor purchase etc... was the food purchase - grocery / fast food /or dining out ? .. was the car maintenance - car wash /oil change /new tires / etc etc etc etc etc..

You must do this everyday, or else it will get out of hand asnd you won't use the program properly.. Do it each day and keep it UP TO DATE ..
then you can ask your self.. how much have I spent on fast food this month?
when was the last time I got a haircut ( that would be under heath / haircut ..

How much did I spend on that oil change 3 months ago???

It took me a number of years to get my categories just perfect..,and I know where every penny goes each month., and ...If I just withdraw cash and spend it 'nilly dilly' everywhere.., I put in : cash withdrawal / household-expenses .

At the end of the year on January 1st ., backup the whole '.mny program ' on a cd , and then delete only the opening page of the money cheque book called the 'account manager' you have to right click each of your banking chequebooks ( I use three /institutions-banks ), and by doing that , you can then create your new or existing banking institutions at that point, typing in the details and balance of each., therefore when you go into each account - the history is new and fresh and empty for the new year, and ALL OF YOUR categories are still there from last year., then when you close off, you save it it to a new name e.g. 'checkbooks06' .....

Hope this tutorial helps..

Adding to what Jerry and JPnyc said, phishers can be very convincing. I had one recently from "Bank of America" that was too real not to believe. Thank God for Yankee caution. I entered fake information (user name, passcode) and did not get an error page. A legitimate correspondence wouldn't accept wrong info...for that matter a legitimate correspondence wouldn't ask for it, period.

I usually file those out with :
First name Ura
Surname Ass
Address 1 knowwhere ulive :D

Ditto on all the carefulness, i had an email a while back that was supposed to be from Paypal, i didn't trust it because of the bad layout and it looked childish, so i signed into my account online to check for any changes or blocks in place and all was fine......message deleted.

If you do get a really dodgy looking email post a screenshot here and someone will give their opinion, though its usually easy to tell if they are fake.;)

Liam

Not a good idea even to go to the site, even if you do give false info. Many of them not only try to get your sensitive info, but download trojans, keyloggers, or other malware onto your PC. I filter those emails into the trash right off, so I'm never seeing em.

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Not a good idea even to go to the site, even if you do give false info. Many of them not only try to get your sensitive info, but download trojans, keyloggers, or other malware onto your PC. I filter those emails into the trash right off, so I'm never seeing em.

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I meant i went to the site manually, not through a link in the mail, i think a lot of banks and online money transfer services would telephone you as you have to verify the account details with them by phone when you open an account, email seems a little bit too impersonal and not as safe(obviously).


Liam

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i had an email a while back that was supposed to be from Paypal, i didn't trust it because of the bad layout and it looked childish, so i signed into my account online to check for any changes or blocks in place and all was fine......message deleted.

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I also received one recently (and not the first by any means) and was (finally) curious. I did a VIEW | PAGE SOURCE on their email message (in Outlook). Lo and behold, the link to "PayPal" was actually to a numerical IP address. Using that address in WHOIS (http://www.networksolutions.com/whois/index.jhtml), it turned out to be a "business" (and not PayPal) in Australia.

Financial institutions (including eBay and PayPal) do make it known that NO financial institution will notify you of things this way.

make all ebay phishing to [email protected] they (with all their money and power), will investigate and prosecute..,,, ..

I too bank online! I have my paycheck dirrect deposited. With gasoline approaching $3.00 a gallon.... and the internet is free up here.... I save time and money doing it online and I can get info immediately on accounts.

I do have reservations about security and such but I am always patched up and scan my system at least a few times a week for spyware, trojans, and viruses. So because I am dilligent about maintaining my computer I feel much more secure about banking online!

No problems here either and agree with the others. :)

Thanks everyone for all the input. Really appreciate it. I do have a few more questions, as there's a couple things I'm still a little anxious about. (Hanging out here taught me to stay on the healthy side of paranoid ;).

1: Where we bank we have 3 accounts, including the checking account I would use for online. If I activate the checking account only for online banking, am I compromising the security of the savings accounts under the same name(s) at the same bank? Would it be better to use a separate checking account from a separate bank for online banking, so there is a limited amount of funds that could be accessed?

2: I recently went to high speed (cable). I use AdAware, Spybot, Spyware Blaster, and AVG Free and ZA Free. I'm extremely careful, not had a major virus in 3 years, never a Trojan, and in 7 years online only two viruses total. My question: is free ZA and AVG enough, or if I do online banking should I upgrade to a purchased version? Would I get any additional security features from a pay version of a firewall or AV that would be of benefit for online banking? I used to use Norton AV, but honestly I like AVG much better: does the job and is sleek, streamlined and unobtrusive.

3: I already know the answer to this one, I think. I want to create a network between my notebook and desktop. I'd then use the notebook for onling banking (located in a more "private" area of the house and would not get as much use as the desktop). However, I wanted a wireless network - would that be another security compromise?

TIA ~Kathy

1st question i'm not sure personally as i only have one account, and someone will offer an opinion on that after me i'm sure.:)

2nd question: i don't think there are differences between the free and paid versions of the popular firewalls and antivirus programs, apart from additional features such as impoved email protection or more options for control.

3rd question, i'm not an expert in the Networking field but i'm sure you could purchase a wireless router with a built in hard firewall and then with additional software firewall (XP + third party) and antivirus programs installed i think it would be pretty secure.;)

Best bet may be to ask in the relevant forum, or someone with better knowledge of Networking and security may add some opinions here.:)


Liam

for KatMac..,
Does your internet allow you to browse and look into your checking account for all three accounts,, If so Do the banking like I suggested in my post a bit back,, DO Not just trust / or allow the banking to do all the downloads for you to your account in the PC.., Too confusing , and you'll want to double check it any way., Just install a money 98 thru money 04?.., and set up all three accounts like i suggested and then after you go shopping, when you get home, within the day, sit down and enter all your entries., ..

about the others who have answered back to this post as well, just make sure your IE 6 has cypher strength 128 bit., that is the key to a secure internet as well., Plus your firewalls will be very protective as well.

I love online banking also and have been paying bills online for about 7 years and have never had any issues. It's saves me from having to go to the post office and buying stamps every month. I get daily notices from my bank and it tells me my withdraws and deposits posted for that day. Couldn't live without it, plus it allows me to catch charges that I didn't make or place...

Well, I just delved deeper into the nitty gritty of how my bank handles online banking. Looks like by default it's all accounts activated online automatically once you activate one. That includes checking , savings, credit cards, loans, CDs, the whole nine yards. Sheesh. I don't have all my eggs in one basket, but I don't like the idea of activating my online account for checking and having the two savings accounts thrown into the soup by default. I'll have to call the bank and see if they will remove the savings accounts from online access. Perhaps my thinking is skewed, but I feel the more accounts active online, the more the security risk?

There will always be a security risk, even outside of online banking there are risks, such as someone taking your mail or losing your credit card or someone finding a receipt with a credit card number and expiration date on it and using it. Not all receipt void the first 12 numbers of your receipt, I've found some places that don't.

KatMac: I would agree with your feelings that the less you offer to the web, the better. If there is any way to limit what bank accounts are web-enabled, it surely would not hurt to do so. If you can't, then at least you know what is out there. (This is of course keeping in mind that the bank is already connected to the web anyway. Even if your own personal access remains restricted.)

You question if you are safe enough with your current setup. I'm sure that if 100 of us answered that, you'd get nearly 100 different opinions. :D That said, I do have a couple of suggestions.

From time to time, check the list of programs that are listed in ZoneAlarm. Make sure there aren't any new ones that you don't recognize. If you see some you don't know, do some research and make sure they are safe.

Also important, it's very rare that any programs need server permission in ZA. So act as server entries should all be permanently denied. (If this does prevent a program from working that worked before, it would again pay to research what's going on before just granting server rights. Server rights are an open, incoming door into your PC.)

You could also consider using an anti-trojan program to scan your setup once in a while. If you are running XP, I'd recommend free ewido. http://www.ewido.net/en/ It is the full version for 2 weeks and then reverts to just a scanner after that. It definitely scans for different things than the programs you are already using. (If you don't have XP, consider free a-squared. http://www.emsisoft.com/en/software/free/ It's similar to ewido and would be a worthwhile addition to your arsenal.)

I'm not comfortable in trying to tell someone what AV they should be running. After all, there are lots of choices out there. I do have my own thoughts but unless asked for specific advice, I'll just say that whatever you run, keep it up to date. And I will also say that I would advocate doing a complete, manual scan on a regular basis. (Of course, these are good ideas with any AV.)

Network-wise, purchase and install a router. Make sure that it offers something called NAT (network address translation.) This provides one more layer of security between your PCs and the web. When using NAT, the numerical IP address of each of your computers is different than the IP address the web sees. This makes looking into your PCs much harder.
Also, if going to a wireless network, do some research on things you can do (encryption, MAC filtering, etc.) to tighten up the security between your wireless PC and the wireless access point (which would likely be your new router.) (Wireless users here at VDr could help you with this kind of stuff.)

Hope this helps a little... ;)

There are dangers in every activity. We must weigh the benefits against the dangers. If you drive there is a very real possibility that you will die in an auto accident, but for most of us the convenience is worth the risk. I choose not to use online banking but I'm retired and my banking activities are relatively infrequent. If you follow the suggestions in this thread the risk will be small and, for you, probably worth the risk.

BTW - The greater threat may be an attack on your bank's computer rather than on your's. Or the stupid errors made by banks, card issuers, etc. Its a rare week that no one reports the loss of their backup tapes, or emails with confidential info sent to the wrong party, etc, etc, etc. There's nothing you can do about it and using online banking doesn't contribute to the problem.

OK, as usual, you all have been a wealth of info. Many thanks! I think I've found a workable solution for my personal comfort level: if I can get my bank to restrict online access to one account only, I'll go for it.

Meantime, I see now I need to get things up to snuff before I do any kind of online banking. I had not heard of ewido before (HAN, thank you! You've been a wealth of info.) I do run XP, so downloaded and ran ewido. Well, much to my shock ewido found 183 spyware/tracking cookies that Spyware Blaster didn't block and neither SpyBot nor AdAware detected (all of which I keep updated meticulously). So I need to go through my PC with a fine tooth comb before I even consider anything else at this point. And ewido looks like a program well worth purchasing.

Some of the malware/cookies found were in Docs & Settings\Cookies folder, but most were in Mozilla, Firebird and Firefox Profiles folder. Quite frustrating and confusing. I use Mozilla primarily. With all the armour I use, I just don't get how this stuff got past it or went undetected. :confused:

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Originally Posted by lgbpop

I prefer to pay all creditors directly, rather than through my bank, unless they have no on-line pay option. I have different user names and passwords for all creditors, and the bank's info is different from any creditor. If any user info was ever to fall into the wrong hands the damage would be limited to that account only rather than "putting all my eggs in one basket." By all means, try it!

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OK, I'm up and banking online and this is the first question I encountered. I went to pay my cellular bill and thought, hmm, do I pay through Cellular carrier site or from my bank's site and designate payment to cell carrier. I reread the posts here and found lgbpop's method and reasoning, which makes sense. So I'm curious. How many of you pay via vendor's sites, and how many pay strictly through the bank site? I thought the bank's site would be more secure than a vendor's, but again, lgbpop's reasoning also makes sense.

If the option is there to use Debit payment through a certain site, and i think i can trust it (Certain PC component sites and Amazon etc) then i just do that, or if a Paypal option is available through a certain site i would also do that, otherwise i would get bank details from that end and do a transfer from the bank's site. Sometimes i find it safer if you need to sign up for an account too, so you need to securely log-in and then send payment through a vendor, or debit card.

Liam

I do it through the banks site whenever possible. I know it's secure and it's more convenient as well... the past payment records are all in one place & easily retrievable.

One stop shopping... Umm, paying.