[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

[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]

Originally Posted by daniel200

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]

Originally Posted by 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.

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

[gatorbill1]

Safe if you do not use public assessed WiFi

[retiredguy123]

Originally Posted by 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.

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

[retiredguy123]

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

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.]

Originally Posted by retiredguy123

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]

Originally Posted by Michael G.

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.