On-Line-Banking

[Michael G.]

I tried many times to convince myself that online banking is safe.
One of my concerns is what happens if an account is hacked?
There's no human to work with.

Your Thoughts

https://www.msn.com/en-us/money/personalfinance/6-huge-advantages-of-banking-online/ar-AA1dvorv?ocid=msedgntp&cvid=833d00733c9c4da2b178c962db23926a&ei=7

[dewilson58]

If you are wise with your password, online is safe.

If you want a second level of safety, engage the text notification & approval feature.

& you can always limit the funds in the accounts that are linked to online.
(not all your accounts at one bank need to be linked to online)

[Bill14564]

By online banking do you mean accessing your bank account over the internet or do you mean working with an internet-only account where no branches exist to walk into?

I have not used an internet-only account, all of mine are tied to an actual bank. These seem to be getting more common and are probably safe as long as they are backed by a known name (Chase maybe?) or they promise FDIC insurance.

I have been accessing my accounts through the internet for over ten years now with no problem. As a previous poster wrote, use good password practices and enable two-factor authentication (usually a code via text message) to minimize the potential for someone else to login as you.

I have one account set up for electronic bill pay and venmo/pay pal/zelle access. I keep the balance in this account very close to what will be actually be needed. Doing that minimizes any potential loss from an unauthorized withdrawal. Again, I have never had a problem with this.

[Arctic Fox]

I echo all of the above posts, having banked on the internet since its inception.

It has certainly become safer over the years, but one still needs to exercise common sense.

Yes, it is a pain to type in your passwords from scratch each time, but having them saved is asking for trouble. And definitely go with the two-step identification via text message.

Be aware that the banks often seem overly restrictive as to what you can do on-line, so be prepared for some frustration and having to jump through hoops even once you are securely logged in.

[Spartan86]

We have banked online for years with no trouble. We have used conventional banks, credit unions and online only banks (Capital One). Agree completely with above opinions on 2 factor authentication and would add: if the institution offers 2FA via an app such as Google Authenticator or Authy I’d choose that over the text method. As also suggested use strong passwords and better yet a good password manager - LastPass, OnePass etc. Last point, Create/use very strong passwords and 2FA if available on your email account(s) as they are often the gateway to all your online presence. Embrace the flexibility and convenience, but do so wisely. :)

[daniel200]

I have used Fidelity online banking for 30+ years.

Fidelity has US based call support. I have always found the call support helpful to quickly resolve questions. I have had my Fidelity debit card hacked a few times. Fidelity has always resolved the issue easily and refunded the money in full after a phone call.

Fidelity has a physical office here in The Villages if you want to meet face to face. I have used this office a few times when I wanted some documents notarized. But other than that, I just do my business online.

I take advantage of Fidelity’s optional feature to automatically send email notifications of all account withdrawal activity. If any money leaves my account, I instantly get an email. This makes it easy to identify suspicious activity.

There is also an account lockdown feature that allows you to lockdown and prevent money outflow for any accounts of your choosing. I lockdown my IRA, Roth and brokerage accounts. It is easy to temporarily remove the lockdown if you need to move some money.

The Fidelity money market fund FZDXX offers very competitive rates (currently 4.94%). You can easily purchase CD’s, US Treasury bonds online through Fidelity.

I think Vanguard is very similar to Fidelity in all regards except Vanguard has no local office.

[Arctic Fox]

I take advantage of Fidelity’s optional feature to automatically send email notifications of all account withdrawal activity. If any money leaves my account, I instantly get an email. This makes it easy to identify suspicious activity.

Very useful for credit cards, too.

Within minutes of her card being used, Mrs Fox receives a text message, so she can immediately sweep into action if mischief is afoot.

[JRcorvette]

I have used Fidelity online banking for 30+ years.

Fidelity has US based call support. I have always found the call support helpful to quickly resolve questions. I have had my Fidelity debit card hacked a few times. Fidelity has always resolved the issue easily and refunded the money in full after a phone call.

Fidelity has a physical office here in The Villages if you want to meet face to face. I have used this office a few times when I wanted some documents notarized. But other than that, I just do my business online.

I take advantage of Fidelity’s optional feature to automatically send email notifications of all account withdrawal activity. If any money leaves my account, I instantly get an email. This makes it easy to identify suspicious activity.

There is also an account lockdown feature that allows you to lockdown and prevent money outflow for any accounts of your choosing. I lockdown my IRA, Roth and brokerage accounts. It is easy to temporarily remove the lockdown if you need to move some money.

The Fidelity money market fund FZDXX offers very competitive rates (currently 4.94%). You can easily purchase CD’s, US Treasury bonds online through Fidelity.

I think Vanguard is very similar to Fidelity in all regards except Vanguard has no local office.

Good information. I have Fidelity but never knew about some of these features.

[gatorbill1]

Safe if you do not use public assessed WiFi

[retiredguy123]

I have used Fidelity online banking for 30+ years.

Fidelity has US based call support. I have always found the call support helpful to quickly resolve questions. I have had my Fidelity debit card hacked a few times. Fidelity has always resolved the issue easily and refunded the money in full after a phone call.

Fidelity has a physical office here in The Villages if you want to meet face to face. I have used this office a few times when I wanted some documents notarized. But other than that, I just do my business online.

I take advantage of Fidelity’s optional feature to automatically send email notifications of all account withdrawal activity. If any money leaves my account, I instantly get an email. This makes it easy to identify suspicious activity.

There is also an account lockdown feature that allows you to lockdown and prevent money outflow for any accounts of your choosing. I lockdown my IRA, Roth and brokerage accounts. It is easy to temporarily remove the lockdown if you need to move some money.

The Fidelity money market fund FZDXX offers very competitive rates (currently 4.94%). You can easily purchase CD’s, US Treasury bonds online through Fidelity.

I think Vanguard is very similar to Fidelity in all regards except Vanguard has no local office.
Note that Fidelity and Vanguard are not banks, they are investment companies.

[retiredguy123]

I tried many times to convince myself that online banking is safe.
One of my concerns is what happens if an account is hacked?
There's no human to work with.

Your Thoughts

https://www.msn.com/en-us/money/personalfinance/6-huge-advantages-of-banking-online/ar-AA1dvorv?ocid=msedgntp&cvid=833d00733c9c4da2b178c962db23926a&ei=7
OP, you need to clarify what you mean by on-line banking. To me, banks are only good for a checking account and a credit card. I pay all of my regular bills with on-line electronic payments. It is safer than mailing paper checks. I don't see any advantage to use anything but a local bank that has a local branch office.

For larger investments, I don't use a bank. I use an investment company like Vanguard Investments and Fidelity Investments. Those companies rely almost exclusively with on-line electronic transactions, and they are very safe.

[MrFlorida]

How do you thing banks transfer money ? The internet....

[Michael G.]

Note that Fidelity and Vanguard are not banks, they are investment companies.

So, for simple CD's or savings accounts with Fidelity or Vanguard, is there
commissions you pay to use their services?

[retiredguy123]

So, for simple CD's or savings accounts with Fidelity or Vanguard, is there
commissions you pay to use their services?
There are no commissions to buy brokered CDs from Fidelity or Vanguard. There are two main differences between buying a CD from a bank or a broker. When you cash in a bank CD early, you will pay a fixed penalty, but you will still get your face value. With a broker, you can sell the CD early with no penalty, but you will get the current market value, which could be more or less than the face value. But, if you keep the CD until maturity, there are basically no differences. With the brokered CDs, you have access to hundreds of CDs instead of being stuck with the few CDs offered by a single bank. I stopped buying CDs from banks many years ago.

Note that Fidelity and Vanguard are currently offering money market accounts that are paying over 5 percent with total liquidity. Better than most bank savings accounts.

[Two Bills]

Nearly all I do is online these days.
Banking, savings, health, shopping, etc. etc.
I could basically never leave the house were I so inclined.
Now I can travel, and keep in touch with all accounts at the press of a button, from most anywhere in the world
If you get a good online protection service, strong passwords, telephone transaction verification there is minimal risk.
Nothing is 100%, but I have been doing this for a long time now without problems.

[ThirdOfFive]

I tried many times to convince myself that online banking is safe.
One of my concerns is what happens if an account is hacked?
There's no human to work with.

Your Thoughts

https://www.msn.com/en-us/money/personalfinance/6-huge-advantages-of-banking-online/ar-AA1dvorv?ocid=msedgntp&cvid=833d00733c9c4da2b178c962db23926a&ei=7
One of my brothers basically eschews anything that even faintly smells of online, wi-fi, social media, etc. etc. He lives deep in the woods of northern Minnesota. He owns no computer and never has. His phone is a landline, still in Dad's name--and Dad died in 2004. What bills he has, he pays in cash, or the occasional check. Every transaction...banking, bill paying, whatever...is handled in person.

As he once observed, "just because you're paranoid does NOT mean that they're not out to get you".

I used to think that he was off-the-wall extreme in his approach to things. Today, as the months go by, I'm less and less sure of that.

[npwalters]

I have used 3 or 4 online only (no brick and mortar) banks over the years. There is a human involved if you have an issue. You just call the number associated with the bank or send an email and they will assist you.

This applies to the larger - most well known ones - like Vio. I currently use Morgan Stanley thru Etrade. They pay 4% on standard savings and my local bank pays .03%.

I still need a local bank for things like ATM, safe deposit, quick access to funds, etc.

[rsmurano]

I’ve been accessing my bank online for over 23 years to pay my bills and move money around. I’ve also been controlling my investments online for 20+ years. In the old days, I used Quicken but for over a decade the banks have made advances in their bill pay app. I use a brick and mortar bank because if I have to deposit cash or take out a large amount of cash, I can just go into a local branch.

Anytime you do anything online in regards to banking/finance/brokerages, protect yourself. I use LifeLock and VPN. Anytime I make a payment or get a charge against any of my credit cards, or do any kind of trade or get dividends, I’m alerted by LifeLock. Plus my bank alerts me if a strange charge comes in. VPN provides security because your IP presents itself as it’s in another state, or wherever.

Also, a lot of the investment brokerages are also banks. These institutions can provide home loans and secured loans against your assets. I’ve built 3 custom homes using my brokers secured loan feature so I was the bank and didn’t have to pay all the fees to take out a loan. I get up to 10 years of interest only payback to payoff the loan. I save 2-3% of the home purchase price using this feature over getting a conventional home loan and construction loan. Then I pay this off when my existing house sells.

[Klearhead]

Chase bank has it covered...as well as it can be on the financial side. The personal side info lost you still need to fix with or without on line banking.

[Sandy and Ed]

I’ve been accessing my bank online for over 23 years to pay my bills and move money around. I’ve also been controlling my investments online for 20+ years. In the old days, I used Quicken but for over a decade the banks have made advances in their bill pay app. I use a brick and mortar bank because if I have to deposit cash or take out a large amount of cash, I can just go into a local branch.

Anytime you do anything online in regards to banking/finance/brokerages, protect yourself. I use LifeLock and VPN. Anytime I make a payment or get a charge against any of my credit cards, or do any kind of trade or get dividends, I’m alerted by LifeLock. Plus my bank alerts me if a strange charge comes in. VPN provides security because your IP presents itself as it’s in another state, or wherever.

Also, a lot of the investment brokerages are also banks. These institutions can provide home loans and secured loans against your assets. I’ve built 3 custom homes using my brokers secured loan feature so I was the bank and didn’t have to pay all the fees to take out a loan. I get up to 10 years of interest only payback to payoff the loan. I save 2-3% of the home purchase price using this feature over getting a conventional home loan and construction loan. Then I pay this off when my existing house sells.
Yup! We always “loan” ourselves the money we need.

[msilagy]

My account online was hacked thru my daughters as she was on my account - we all got our money back from Chase, however the wire transfers were sent to Mexico and Chase was too late in trying to retrieve them. So they were out the money however they made good for $11k for me and 5k for my daughter. I wouldn't bank any other way.....just set up alerts that Chase informs you when wire transfers are sent out over $1, We did not have that set up. There are tight security measures you can enact on the website to tighten up your account. Sending checks thru the mail is antiquated but if that's your choice, then it is. I love online banking as I can check my account as many times as I want to be sure all is good. They can steal checks out of envelopes too to get info.

[JoelJohnson]

I've been online banking for many years and I feel safe, of course I use a Chromebook (which CAN NOT get a virus).

[Villages Kahuna]

Other than some very specialized purpose like getting a cashier’s check or our safety deposit box, I haven’t been inside any of my bank branches for common “banking” purposes in about 20 years. I do everything online. I particularly like the ability to deposit checks right from my desktop at home.

I’ve never had any kind of security problem. But even if I did, any losses up to $250,000 would be covered by FDIC insurance.

Oh, I forgot. I often visit Citizen First branches to get a bag of their popcorn. It’s the best.

[MidWestIA]

Online ALWAYS turn on vpn for $ or identity stuff you do. AND freeze your credit all 3 agencies

[Joe C.]

IMHO

Someday, a lot of people who do online banking, are going to wake up and find that their account is either inaccessible or empty ..... with no recourse.

I hope it never happens, but again, IMHO, it's a distinct possibility.:pray::pray::pray:

[Dilligas]

If you are wise with your password, online is safe.

If you want a second level of safety, engage the text notification & approval feature.

& you can always limit the funds in the accounts that are linked to online.
(not all your accounts at one bank need to be linked to online)
In addition to good passwords and dual authorization, you can have a text sent to you when money is withdrawn, received, or moved. This same feature should be done with credit cards ( I think debit cards are not as safe), and you should freeze credit bureaus, and Social Security account.

[Bill14564]

I've been online banking for many years and I feel safe, of course I use a Chromebook (which CAN NOT get a virus).

Regardless of the marketing, I would bet that a Chromebook *can* get a virus. It's always a bad idea to bet against a motivated hacker. Plus, beyond the strict definition of virus, there are several other categories of malware that would be troublesome.

Can Chromebooks get viruses? (https://www.androidauthority.com/can-chromebooks-get-viruses-3340223/)

[SIRE1]

Most of the reports I've seen of an account being "hacked' is from an attack into the banks or companies main computer system and not through your day to day internet connections. The hackers get into the main computer system and get access to information for thousands of accounts. So even if you dealt only in person with the bank, they set up your account on THEIR computer and maintain all of the records on THEIR system. So if a hacker can get access to THEIR computer, your information is at risk whether you've used online transactions or not. Just a thought.

[Michael G.]

Here's what Clack Howard say's about Vanguard:

Vanguard Review 2023: Pros & Cons (https://clark.com/personal-finance-credit/investing-retirement/vanguard-review/?utm_source=Clark.com&utm_campaign=716e69c032-EMAIL_CAMPAIGN_2023_07_03_11_40&utm_medium=email&utm_term=0_-716e69c032-%5BLIST_EMAIL_ID%5D)

[Bogie Shooter]

Other than some very specialized purpose like getting a cashier’s check or our safety deposit box, I haven’t been inside any of my bank branches for common “banking” purposes in about 20 years. I do everything online. I particularly like the ability to deposit checks right from my desktop at home.

I’ve never had any kind of security problem. But even if I did, any losses up to $250,000 would be covered by FDIC insurance.

Oh, I forgot. I often visit Citizen First branches to get a bag of their popcorn. It’s the best.

I agree about the popcorn but…….I miss the apples.😎

[Michael G.]

AND freeze your credit all 3 agencies

I can't believe we need to remind people this.
EVERYONE needs to have their credit frozen.