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'Linking Accounts' Online questions / concerns

Posted by cathie54 (My Page) on
Sun, Nov 6, 11 at 23:39

Well they make it "easy". I have a couple of Credit Unions, & they say one can just "link accounts" online to make things easier. (For transfers between accts)

I have a situation coming upon me in a week or two which the linked accounts would be SO MUCH benefit to me...for a short while.
I have a problem linking accounts though. I do not like the idea of it. AT ALL.

I guess what I am looking for is any CONS to this. (The "PROS" are obvious). I just feel like somewhere 'down the road', there would be...something...which I didn't think of or expect.

Thx in advance for anyone who can shead light on this for me.


Follow-Up Postings:

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RE: 'Linking Accounts' Online questions / concerns

I have done it for years with no problems.

It does usually take a couple days for the transfers to go through.


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RE: 'Linking Accounts' Online questions / concerns

I have been doing transfers for years with no problems.

"I do not like the idea of it. AT ALL. "
Then you probably should NOT do it....


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RE: 'Linking Accounts' Online questions / concerns

Well, the cons are "you don't like it." That isn't really a function of the actual transaction though.

As for safety, inter-institutional transfers are about as safe as you are going to get. It is much safer than mailing a check with all the routing info on it.


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RE: 'Linking Accounts' Online questions / concerns

You don't know why you don't like it. You don't seem to have much knowledge of bank operations, so you're operating in a vacuum. I can tell you that if there's one area where computers have done a whole lot of good, it's in back-office bank operations.

Interbank transfers are faster, easier, and far more accurate than 'the old days' when people had to hand-count check totals and bundle them up for mailing to the clearing houses.

We also have done on-line transfers for years - our savings are with one on-line institution, our checking and second savings are with a local big bank.

No problems have occurred on any of our many transactions. Interbank transfers are transmitted electronically through the Fed Reserve clearing houses and as billl points out, safer than any written check.

Oddly, one minor problem we had recently was with the automatic check deposit at an ATM. The scan read the check as $300 less than it should have. But that was an easy fix, and does not relate to on-line linkage of accounts.


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RE: 'Linking Accounts' Online questions / concerns

"I just feel like somewhere 'down the road', there would be...something...which I didn't think of or expect."

That's pretty much true of everything, isn't it? No one knows what the future may bring. Letting the fear of "something" that you "didn't think of or expect" in the future guide your actions now paralyzes your ability to make a rational decsion.

The truth is, once you've committed yourself to online banking, you should go all the way with it and that means taking advantage of the safety, speed and convenience of inter-bank transfers. But if you're totally afraid of banking on the Internet, then you'll have to resign yourself to doing it the old fashioned way.


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RE: 'Linking Accounts' Online questions / concerns

What is it that makes you "not like the idea at all?" What kind of nightmare scenario are you envisioning?


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RE: 'Linking Accounts' Online questions / concerns

I'm back. Thx for the responses. I'm going to do it, I think. The "fear" is I feel sorta like I'd be "putting all my eggs in one basket". But then, if someone wanted to find all my (very few) assets - well, reality is it wouldn't take much. I just was seeking anyone who has any Negative experiences with doing such.

I do have online banking set up for these. I've just not "linked" them. (However, I have not gone 'paperless'. I like to have the papers all over my non-existant desk. lol)

Yes, I was adverse to the ATM machines also. Took me a few years to trust those machines. But look what happened 'down the road'...not 'really' that safe once the thieves decided they could steal info sitting in that car across the street.
Another thing about the ATM's, It's spooky out there at night, and many years ago I deposited TWO checks into ONE deposit epp, and the good ol' BofA LOST one of the checks and made ME jump thru hoops before they corrected it. But, that is another story.


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RE: 'Linking Accounts' Online questions / concerns

not 'really' that safe once the thieves decided they could steal info sitting in that car across the street.

I don't understand what you mean by this?

As others have said, the huge benefits of technology in banking far out weight any isolated incidents that may have occurred along the way. No matter how you bank, there are going to be occasional glitches, and technology has really cut down on those occurrences.


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RE: 'Linking Accounts' Online questions / concerns

I didn't like it either, but was told, no one can get any money out of my accounts using the internet, not even me. Money can only be transferred from one account to another and my name must be on both accounts. I still don't bank on the internet, it makes me uncomfortable and I had trouble with the passwords. My banks are within a mile of my home, so no problem doing it in person.


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RE: 'Linking Accounts' Online questions / concerns

"not 'really' that safe once the thieves decided they could steal info sitting in that car across the street."

"I don't understand what you mean by this? "

I think she was referring to the skimmers that have been found on ATM's.


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RE: 'Linking Accounts' Online questions / concerns

I suspect what she was referring to is people sitting in a car with a computer and accessing wireless networks of people who don't bother to enable password protection on their routers. If you want to fuel your paranoia, check out this link...

Here is a link that might be useful: Wardriving


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RE: 'Linking Accounts' Online questions / concerns

"no one can get any money out of my accounts using the internet, not even me."

You are kidding right? If hackers can break into Google's computers and the computers of the US federal government, they absolutely can get to your money via the internet. My bank notified me earlier this year that my passwords were stolen from one of their vendors.


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RE: 'Linking Accounts' Online questions / concerns

"My bank notified me earlier this year that my passwords were stolen from one of their vendors."

Your bank could have hired someone to steal your information and sell it to others.

A link that might be useful:

www.msnbc.msn.com/id/8420965/ns/business-online_banking/t/banks-face-challenge-screening-employees/#.Tu4FUhzthfM


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A number of insiders at banks, etc.....

"Your bank could have hired someone to steal your information and sell it to others."

Correction: Could have hired someone who purposely came to work there in order to steal for themselves or for others.

Another link that may be useful:

krebsonsecurity.com/2011/12/ny-id-theft-ring-used-insiders-gang-members/


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RE: 'Linking Accounts' Online questions / concerns

There are people in places like Algeria that work day and night figuring out ways to crash and burn the internet - especially the infidel Americans information.


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RE: 'Linking Accounts' Online questions / concerns

"places like Algeria"?...preying on "infidel Americans?

I can only guess at what this is supposed to mean, but I won't. The problem of hackers does not emanate from a few particular countries, regions, or nationalities. In fact, if you were to limit Internet problems to only those created by true, blue American hackers, there would still be more than enough grief to go around.


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