[ThirdOfFive]

Originally Posted by 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/pers...2db23926a&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]

Originally Posted by 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.

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.

[Dilligas]

Originally Posted by 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)

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]

Originally Posted by 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).

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?

[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

[Bogie Shooter]

Originally Posted by 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.

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