On-line Banking

I still haven't made the change either. Everybody I know uses online banking and I'm still writing checks and sticking stamps. They say I'm crazy. I guess I'll move on over some day.

Since I seem to be spending half my time at the computer, I may as well do my banking from here - right? :lol:

Do some of you bank on-line? Any problems you've come across? Benefits.

Specifically, we were thinking of putting $$ into savings (CD) from someplace like -ING.

I could check on a message board like Kiplinger's but that wouldn't be near as fun.

Hi Rita!
I do all my banking and bill-paying on-line. It's an awesome timesaver! Never had any problems, so all I have is good things to say! The important thing to remember is to make sure that you're on a secure server. When paying bills, basically, all you have to do is put in your checking account information once, and from then on you can get on-line whenever you want and pay the bill! I pay credit card bills, DISH satellite bills, utilities, mortgage, etc. Never had a security problem. Plus you almost always get a confirmation number, and you can get in anytime 24/7 to check status of the account.

As for online-banking....I can get into my checking/savings account 24/7 to transfer $$$, check balances, check to see what checks have cleared, payments have posted, etc. I'm hooked!

Ditto what Rita said. I don't even think I would know how to lick and envelope or stamp anymore!! Plus, it save alot of money in check re-orders. I rarely write a check anymore. I love, on-line banking, on-line bill pay!!! I have never had any problems!

I bank online using Bank of America's Private Bank, and it is so convenient. I can switch money around from my different accounts and pay bills online. The only thing I ever have to go to the bank for is to cash a check or to make a cash deposit.

One problem I have with online bill paying is that it's slow. Our bank says allow 3 days for electronic payment and 5 days for mail (such as utilities in SoWal which don't accept electronic payment). And the weekend doesn't count as 2 of the days and holidays don't count. So it can literally take a week to use online bill paying to pay Chelco, whereas if I mail a check, it'll be there in 2-3 days.

Another problem is that even though the recipient might not get paid for a week, the bank debits the money from your account virtually immediately (so you lose the interest on the money). If you mail the payment, you don't lose your funds until after the recipient deposits the check and receives payment from your bank.

We use it and love it. I do agree with BR. Some payments go through almost instantly while others can take as long as 5 days. But for transferring $$ etc. it's a snap.

Yes, that's how I fund my daughter's weekly allowance (recurring transfers) and steal money from my husband's account when I've overspent.

We use it and love it. I do agree with BR. Some payments go through almost instantly while others can take as long as 5 days. But for transferring $$ etc. it's a snap.

Oh yeah...Debbifunn figured out Hasn't happened since. :(

We do it ALL on line. After all, it's becoming a paperless society, thank god.

I still haven't made the change either. Everybody I know uses online banking and I'm still writing checks and sticking stamps. They say I'm crazy. I guess I'll move on over some day.

i'm with you - still pay bills the old way. the main reason i haven't done it online is because i manage to mess this computer up soooo much, i am not comfortable relying on it to pay bills !

i use it to transfer money between checking/savings, and to monitor our checking account - that's how we discovered our mail had been stolen and checks were being used. it is definitely good for these types of things. the main reason i started using it was that both of our employers went to direct deposit of payroll, so i always make sure our money is in there before paying my massive amount of bills.

see posts 7 & 8.
I use both regular checking with local banks (because I like to be able to ask for favors when the occasion calls) and with an online bank, which has served me well. The only problems I have with online banking is that the bank keeps the float (not that it amounts to much) and the payments can take as much as five business days, which would make my Amer. Express payments late each time. One other inconvenience with my online bank is the delay from mailing checks to them to it actually being deposited into my account.

One advantage to the online bank is that it pays a higher interest than most local banks.

Advantage of using local banks is that I like to be able to have my bankers know me which makes getting loans and shuffling paper much easier. My local bankers take great care of me. I guess it helps to know the owners and the execs.

see posts 7 & 8.
I use both regular checking with local banks (because I like to be able to ask for favors when the occasion calls) and with an online bank, which has served me well. The only problems I have with online banking is that the bank keeps the float (not that it amounts to much) and the payments can take as much as five business days, which would make my Amer. Express payments late each time. One other inconvenience with my online bank is the delay from mailing checks to them to it actually being deposited into my account.

One advantage to the online bank is that it pays a higher interest than most local banks.

Advantage of using local banks is that I like to be able to have my bankers know me which makes getting loans and shuffling paper much easier. My local bankers take great care of me. I guess it helps to know the owners and the execs.

This is how I am with my insurance needs SJ. I like to be able to speak with someone face to face, someone whom I know, rather than sit and wait for "the next available representative" to get with me on the telephone.

This is how I am with my insurance needs SJ. I like to be able to speak with someone face to face, someone whom I know, rather than sit and wait for "the next available representative" to get with me on the telephone.

here here bsmart ! my insurance agent lives across the street - can't get much closer than that. i would rather pay a little more for personal service than just be a number

.....

One advantage to the online bank is that it pays a higher interest than most local banks.

Advantage of using local banks is that I like to be able to have my bankers know me which makes getting loans and shuffling paper much easier. My local bankers take great care of me. I guess it helps to know the owners and the execs.

We are very satisfied with our credit union and they know us by name, which we have found to be helpful. But we had noticed the higher interest rates on some savings products of the on-line banks which are enticing us to put some moneys there also. I think we'll give it a shot, but keep our familiar contacts also.

Thanks everyone for your comments.

We are very satisfied with our credit union and they know us by name, which we have found to be helpful. But we had noticed the higher interest rates on some savings products of the on-line banks which are enticing us to put some moneys there also. I think we'll give it a shot, but keep our familiar contacts also.

Thanks everyone for your comments.

Nothing is set is stone. Take the online banks rates to your local bank and see if they will compete to keep you as a customer. My local banks like my business and will compete to keep me satisfied, and I am far from being a wealthy guy.

When on-line banking became "free" at Wachovia I switched and I love it. I can go on vacation (or away from home) and schedule all my bills to be paid. I've never been late and I don't schedule early payments. I even pay bills that require a check to be written. No complaints from this "oldtimer" Actually, I love it!!!!

Just need more money to spend! :rolling:

I've avoided online "bill paying" and "internet banks" for the reasons cited by SJ and Beach Runner. Handle primary banking with credit union - has all of the web-based account management stuff and we use that facility frequently. Check mailing "lag time" is, at least in our case, very predictable (and our limited experiences with the alternatives were not). I'm also adverse to the "debit-up-front-pay-out-later" aspect of the electronic alternative. I've also had to make use of the "paper-trail" established by a check several times in the past decade. :(

My local bank recently began offering online billpay, and I'm thinking of trying it if/when I change ISPs and get a significantly faster internet connection.

Till then, it's write, lick and stamp - with the occasional emergency pay-by-phone.