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Everyone and their granny is doing that now, are they not? Before online banking I always liked direct debit and used all the tools to hand that I could to stop me from having to remember what needed paid when. But is it 100% secure?
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For speed it's a fantastic service but I miss the more personal touch and am not thrilled by how technology replaces real staff. That's progress for you. Everything will come full circle one day and we'll be back to face to face contact being in favor again.
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For speed it's a fantastic service but I miss the more personal touch and am not thrilled by how technology replaces real staff. That's progress for you. Everything will come full circle one day and we'll be back to face to face contact being in favor again.
I'm not so sure, pennywise. The banks save a fortune having customers do their own work. When you think about it, that's what's happening. All those little jobs like requesting balances, ordering a check book or a statement that used to be keyed into the system by a teller or data entry worker are gone because we do it ourselves. The savings must be astronomical.
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I appreciate not having to go to the bank on a regular basis. I have banked online for several years and especially appreciate the ACH (Automatic Clearing House) feature that allows me to to pay all bills without having to write a check or pay a penny for postage. We write less that 5 checks a year on the account, in fact my blank checks still have 19__ on them for the date. I guess I should probably order more checks from my bank, as they are free, but I get a kick out of using checks that I have had for about 10 years!
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The postage is a saving. I hate not getting a prepaid envelope with a bill. Did you see the stamps are going up again on May 11 to 44 cents? I thought we had an increase not long ago. The Postal Service also wants to cut delivery days from six to five to save money. We're to pay more for a worse service.
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The Postal Service also wants to cut delivery days from six to five to save money.
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To tell the truth, I would not mind if they cut delivery to once per week for resideltial customers as long as the credit card statements and other time sensative bills extended their payment to an extra 15 days or so. I would not mind if my junk mail got to me a week late. So what if my Sports Illustrated magazine gets here a few days later? They could really save a bunch of $ on vehicles, gas, and payroll.
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The postage is indeed a savings, but what I hate about online banking is the float time. I don't know if that is exactly the right term but it fits. If I send a check to a person via online banking, the bank tells me it will take 5 business days to process but they take the money out of my account immediately.
In one case, I sent my mom $150. The money came out of my account and my mom didn't cash it until 2 months later. OK, so that doesn't seem quite right to me. The bank has had all that time to use my money. Am I wrong? I'm not a big fan of how banks are using online banking to their advantage. Does there ever come a point beyond security where the bank is accountable for being a consumer advocate?
Best,
Kim
http://www.mangomoney.com
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Hi Kim! Nice to meet you and welcome to billeater.com. I can see it from the bank's side in that they want to be assured the check doesn't bounce when it's eventually cashed. In fact is that not better than charging a fee if the cashing of the check overdraws the customer?
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I'm counting on it being secure! I use online banking very occasionally to check a balance or that a DD has been paid out. The whole identity theft thing scares me and I login and out as fast as possible.