On line banking

cheloneApril 2, 2005

I would like to know if any of you do this. I was checking on CD rates today and INGdirect is offering rates nearly 1.5% higher than any of our local banks.

But I'm nervous about security. Not on their end, but on MINE. How do you "close the door" and completely remove the "bread crumb" trail so a lucky hacker can't simply pick up the scent? Are my fears unfounded?

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I've been doing online banking for eons, and pay all my bills online as well. So far, I have yet to encounter any security breaches.

For security, get a firewall for your machine.

    Bookmark   April 3, 2005 at 2:22PM
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My mother is a worrier and for years has been giving me clippings about internet dangers. However, her latest clipping (from the Wall Street Journal) was about how it can actually be safer to use online banking. This is why--people who rely on monthly account statements can go a full month not knowing that someone has been using stolen checks, or credit or debit card numbers. But people who bank online usually keep tabs on their accounts several times a week. They are able to see something strange going on right away and can nip it in the bud.

I also read one of the big ways people do identity theft is that people leave outgoing checks in their mailbox for the mailman to pick up. Someone else comes along, and takes them from the mailbox to get the full name, address, account numbers, etc. Apparently that's much more common than intercepting something online.

I do worry a little about banking online, but I'd hate to give it up. I learned a lot about protecting myself from adware/spyware and viruses here on the THS Computer help board. They are very helpful and would help you figure out firewall settings, too.

I think of it like driving. You *could* have an accident, but most people wouldn't want to give it up. You just give yourself the best chances for safety by using a seatbelt, not speeding, and not drinking and driving.


    Bookmark   April 3, 2005 at 6:16PM
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I too have been banking online for some time. Although I don't have as much computer protection as I probably should, I review my accounts so often that I recently discovered someone did access my account through the bill-pay feature.

I caught it so quickly that the transfer was stopped and we really didn't lose anything. On the other hand, as posted above, my sister found out she was missing $600 because someone watched her husband use his pin number at a Circle K. It took several weeks for her to get the money back.

I love ING and have used them for 3 years now, too.

    Bookmark   April 4, 2005 at 12:24AM
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Count me as another very happy ING customer started out with a small savings account, now have a Mortgage, home equity line of credit, and multiple savings accounts. They are a very good bank and VERY secure they not only have login and password, they also have a rolling security question(different each time you log in). Very safe, better service, and most important MUCH better rates.

    Bookmark   April 5, 2005 at 12:16PM
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The income that ING pays is ...

... interest.

I don't like earning interest, as I outlined in another thread.

Good wishes for thoughtful, wise use of money. For not just you and yours, but for others, as well. We have a hurting world - from which we thought that we could insulate ourselves ... but found out differently.

ole joyful

    Bookmark   April 5, 2005 at 4:16PM
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I have a retirement account with ING, only because they bought out Aetna. It's about 25% smaller than it was a few years ago since they didn't do a very good job investing. Fortunately, I have some better performing accounts elsewhere, but I'm still pretty peeved and thinking about moving it to a better fund.

If you want to invest your money in some other country and help their economy, go for it.

    Bookmark   April 10, 2005 at 7:21PM
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I love my online bank account. The online bank keeps better track of my money then I ever did. By using my debit card I can see many transactions the same day I make them. Some stuff like buying gas for the car on Saturday might not show until Monday morning. When using my debit card all the details are filled in for me: who got the money, when they got it, how much, and how much money is left. Often there is a toll-free number in the transaction description in case I have a question. All this downloads into an Excel spreadsheet so I can make charts of particular expenses or look at long term trends. There are several download formats if you like using MS Money or other financial software like that.

Just to make things real fun I have my pay direct-deposited and all my regular bills like the mortgage are on auto-pay. It has worked well for a couple years. I love being able to peek at my balance before leaving town or buying some new toy.

    Bookmark   April 11, 2005 at 3:30AM
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