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General discussion

Do you do online financial transactions? Why or why not?

Jun 6, 2007 7:41AM PDT

Do you do online financial transactions (online purchases, paying bills, banking, and so on)?

-- Yes, I do everything financial online. (Everything? Please explain.)
-- Yes, but very cautiously. (How so?)
-- Most of the time. (When do you not?)
-- Certain things only. (Please explain.)
-- No, I refuse to do so. (Why not?)
-- Absolutely not! Finances and online do not mix in my world. (Please explain.)
-- I would love to, but I'm afraid. (What scares you?)

Discussion is locked

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Use cautiously
Jun 6, 2007 11:07PM PDT

I started doing online bill pay from my bank last year..very convenient but I'm still very cautious when it comes to online bill pay/and purchasing. I only use one credit card for all my online purchases - I don't use my real credit card number but a randomly generated number from a secure program provided by my credit card company, or I use paypal. I only purchase and do online banking from one computer - I make sure that it has the up-to-date anti-virus, spyware, and firewall programs and all OS security patches are up to date and I check my bank and credit card accounts at least twice a week to make sure there are no suspect purchases or withdrawals.

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Certain Things only
Jun 6, 2007 11:28PM PDT

I pay only certain bills online due to the fact that they are a great distance from me and when I get my monthly SS check it usually pushes the due date too tight to mail and get there on time.

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Afraid of managing finances online?
Jun 6, 2007 11:35PM PDT

Wake up! Your financial information is already online. You may as well create an online account so you can keep an eye on it. Crooks have had ways to get your credit card info, ssn, birthdate, etc. long before it was online. Online banking gives you the opportunity to see what's coming out of your account as many times through the month as you like - even several times per day. You don't have to wait a month for your statement or until you get an overdraft notice to see if there are any suspicious or erroneous transactions. Plus you can keep tabs on exactly when transactions clear and checks are cashed. As for online payments, it's much faster, much simpler, you get a tracking number, & no worries that it gets lost in the mail.

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Not me
Jun 7, 2007 12:38AM PDT

Absolutely not! No matter what the banks tell you, they have no way to make their systems 100% secure. I personally know of companies who have the ability to get your bank balance with very little information from you. I'm not going there.

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Online financial transactions
Jun 7, 2007 1:37AM PDT

I try to perform on-line transactions when possible. I prefer online operations. However, I am cautious as to what type of site I use.
Almost all of my banking is online. I often purchase items online using both a CC and PayPal. I try to keep all my on-line purchases to just one credit card and I watch the statements/transactions like a hawk for any suspicious activity.

As for phone banking --- I don't have any experience in that area. I worry about transmitting information across my cell phone as well as someone watching over my shoulder (low tech approach to stealing).

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Online transactions
May 10, 2009 9:33PM PDT

I have been making transactions online for quit sometime now.

Initially like anybody else, i too was hesitant of paying it over the internet for which security issue was the primary concern. But now I'm more comfortable making my payments online as it saves time and is also convenient.

Few months ago i installed a toolbar called Billeo which helps for online bill payments. It has impressed me with features such as password manager, auto fill forms and gives me payment reminders and also tracks my expenses. I feel it is safe as it saves my credit card and password information on my computer. Moreover it is Verisign and Truste certified. Check it out, really a nice one. http://www.billeo.com

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Everything on line.
Jun 7, 2007 1:38AM PDT

I have been paying 99.9% of all bills and numerous personal transactions with on line banking for four years. The only things I write checks for are birthdays and Christmas for the children and grand children. Before starting this though, I made sure I had a written guarantee from my bank that if any money was removed from my account fraudulently, they would reimburse within 24 hours; most banks now do this. I don't want too many people having access to my "stuff" and I like having exact control over my money so I don't use auto pay features too much. I just get on line and pay bills as they arrive. I know this may sound a little strange to some of you, but I only use one credit card, and since it is a rebate card, I get on line every night and payoff whatever I have charged. That way I get the rebate and don't have a balance - almost like paying cash. I usually receive a check in the vicinity of $600 per year; about $50 per month for 30 seconds a day to pay this while I am on-line anyway equals virtually free money! Some may call this cheap; I call it thrifty!

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Even check depositing IS possible on-line!
Jun 7, 2007 2:10AM PDT

I don't even have to make a trip to the bank to deposit checks. My bank has "Deposit @ Home" and this feature uses Java and my scanner to scan the check - front & back. The money is immediately available to me and I can then destroy the check. Too cool!

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only use pay pal
Jun 7, 2007 2:33AM PDT

i only purchase on the internet and when i do so i use pay pal only. I dont pay any bills using my charge cards

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Reply to Lee Koo
Jun 7, 2007 2:46AM PDT

I have been using online banking for a number of years. Basically, it has been safe; however, I did have 2 unauthorized debits from sources I did not know. The first time it was a $1000.00 purchase and the bank called me to verify it. I said this was a fraudulent purchase and immediately the bank stopped the transaction. It seemed with all the protection I had, still there can be vulnerabilities. If it were not for online banking, I probably would not have been notified and would have left me with an extensive overdrawn account. I know the bank would eventually make good on this but the time involved would have been considerable. There was one other time but the amount of withdrawal was of a small amount. The best part of all this is that the bank took prompt action. There are no sure things in life as their are pros and cons to most anything. Will I still do banking online? YES.

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Some, but not all online. I doubt I would use my cell.
Jun 7, 2007 3:11AM PDT

I do some banking and bill paying online. I have been doing my banking for years. (since they offered it in 199Cool

I take care of several of my bills online as well. But not all.

If an online system won't take a credit card (or debit card) I mail them a check. I will not use my bank routing and account information online. If someone scams your debit card, you have recourse that you can do to get that money back, If they steal your checking account info and steal from you that way, you will probably never see that money again. and you have to spend more for the lawyers to fix the mess.

I have had this happen once before and I eventually got re-imbursed, but at a cost much greater than the charge. Lawyer fees and being forced to close the account and open a new one were just part of the damage.

Wink

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Internet and Mobile Financial Duties:
Jun 7, 2007 4:30AM PDT

The answer is no not on computer and would not pay on a mobile phone. To be honest with every one Trust I don't know who's tapped on my line. When I pay a bill I want to be looking at who I'm giving my money to. No I would not pay that way. Internet or Mobile phone no I would not do it.

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Everything except my cars and my homes
Jun 7, 2007 4:34AM PDT

I have been using online banking ever since they first started. I think that's been over 25 years now. They first started with basic banking transcations such as transfers between customer and merchant accounts then they went to online check printing then full EFT. The problems I ever had were always minor and were always "user" related.

The only hard transactions that I wouldn't do are auto and home transactions, because I think that the title and deed paperwork is just too complex for it to be done properly online. You really have to watch with the auto title re-issues due to flood damage, and you really have to watch for deed restrictions and previous liens. It's better to have a paper trail if you have a legal snafu.

Don't forget the bank are doing EFT's 24/7. They couldn't survive otherwise! But they're insured.

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some online financial transactions
Jun 7, 2007 4:38AM PDT

The real choices seem to be: all, some or none. choices: certain things only and yes, but cautiously are actually: some transactions. I think a lot of us are still "testing" the waters.

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yes
Jun 7, 2007 4:55AM PDT

I am unhappy with a magazine or a service that will not furnish a web site that I can do my business with them on line, it is ridiculous to
make out a check, address an envelope, and have some one carry it to
required destination.

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No, I Refuse to do so.
Jun 7, 2007 10:44AM PDT

We already have enough threats and people being cheated out of their money. I have to put some of my "personal" information on the net when I use it, but why would I open myself and my "personal information and finances" up for more attacks? I keep my financial information to myself and don't want to share it on-line with a bunch of crooks. I even limit myself to how many times I go to my Credit Union account so that I will not be a target, especially if I started using it very often.
No thank you. I am already a target by just using my ATM Card, or buying anything on-line (which I very, very seldom do) and I want to keep my information as private as I possibly can.

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Yes, We do everything financial online
Jun 7, 2007 5:56PM PDT

Yes, we do 99.99% of all on line. My husband is disabled and just moving is very painful. He started paying bills and doing our Banking on line many years ago. We have one Computer that is used for all on line Banking and is cleaned daily. Two other computers are for everyday use.

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The terrifying triumph of irrationality...................
Jun 7, 2007 6:15PM PDT

In a world were we are (allegedly) better educated, (certainly) have easier access to information of all kinds and (equally certainly) can communicate more readily than ever it IS terrifying to find so many people succumbing to irrational fears and so lacking in analysis of actual FACTS as opposed to grabbing hold of a few negative incidents and generalising them.
See http://www.emarketer.com/Article.aspx?id=1004939&src=article1_newsltr
as an illustration of what the FEARS of the US public are achieving.
Forgive the apparent "off thread" divergence, but it is the same type of irrational fear that leads to truly stupid and paranoid reactions to alleged terrorist threats and all manner of other current "problems". Such reactions ****** or even reverse the progress of our world, moving us into a suspicion and myth driven society where "belief" matters more than reasoned argument based on evidence. Fear is a great cause of inward looking, isolationist thinking, the creation of alienation and "them/us" thinking.
Until you know the % of compromised online transactions from all those that occur (in all likelihood a TINY number) - don't behave as if you are under severe threat. In any event - at what probability of an event do you endure a risk that is unacceptable? 1 in 10,000,000?? 1 in 1,000,000? 1 in 10,000? Have you even thought about this? Do you have any idea of your real probability of, say, being shot dead by a stranger (as opposed to a member of your family - which is rather higher!), killed in a motor accident, robbed in the street?
Engage brain first!

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Most of the time
Jun 7, 2007 11:05PM PDT

I am with a nationwide bank and must make deposits in person, i.e. gift checks. Government checks are automatic deposits.
For payments, some things, i.e. renewing drivers registration, must be done by mail.
Otherwise, I think online banking has been the best thing for me. I had to get it, due to ACH fraud by a health club. That allowed me continuous access without having to call the bank, and I could do a daily watch to see when illegal withdrawals were made. Then, all I had to do was run a copy of the transaction history for evidence.

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You have no idea how vulnerable you are
Jun 7, 2007 11:28PM PDT

I retired from Verizon as a Network Technician after a 33 year career. I understand the nature of the network and the fact that it probably will NEVER be safe to post sensitive financial information online and ESPECIALLY by cell phone. Your money is your life's blood and I would not trust it to a network vulnerable to attack from hackers or frequency surfers.

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I am super cautious
Jun 8, 2007 3:10AM PDT

I answered ONLY very cautiously. While the basic internet is safe and secure as long as encrypted, there are many ways to get exposed.

ON your computer there are virus and keylogger programs, not to mention phishing scams. So I try to only use bill paying on my Mac, vs the PC.

As far as using a cell phone, I would say NOT YET. If I were quite secure that the transaction could not be copied, then I might consider it.

I would like to get into an automated bill paying system since it is much easier in paying and tracking items, but many banks each have their own system, you must use IE (absolutly no way there and there is no current IE for Macs)so as I see it. I am ready but the systems are not set up for security, ease of use, and control.

Hmmmm, maybe if Apple got involved and tied in the iPhone, that would be a great excuse to pay out the big bucks for one. Hey, its the newest toy out there (due June 29). Happy

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comments to your message.
Jun 8, 2007 10:08AM PDT

Hi Elderstorm:

Your right, discretion is highly advised. I also will not bank on the cell. I do even know if there is a virus checker or firewall on my mobile internet service.

Regards,

zzmel

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WOW! I didn't think there was so much interest in this topi
Jun 8, 2007 2:20AM PDT

I was amazed of how many responses I have received on this topic. The advantages to online banking is that it is very convenient. Of course we all are vulnerable once our personal information is given. I just don't randomly purchase from anyone, only the places that have credentials. I generally look for the seal which states that they have been approved. I generally check out BBB. I check how long they have been in business. I make certain of all security is in place. Generally, I believe it is safe but like all things, precaution is prudent.

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I do everything online
Jun 8, 2007 3:00AM PDT

I have purchased auto parts, clothes, electronics, auto accessories, through the internet. I also pay bills through the bank or through the company website, itself.
I have also had problems with my bank cards being hacked and used for unauthorized purchases. I reside in Texas and have had purchases show up in Virginia, California and Colorado. Upon discovery of the unauthorized charges, replacing my card as many as three times in a single year is and was the only corrective action. This action is the reason I am a strong advocate for keeping the recipts until the account statement is received and the transactions are hard posted to your account. When that is complete there is still reason to hold onto the receipt for at least two maybe three months, due to the delay time in some establishments processing transactions to individual accounts. As everyone knows the receipt is the only proof of the purchase.

Now with all of that said, it all depends on the individual paying attention to the information and watching the account religiously.
This is also redundant to some, but this is the lesson of hard knocks I have learned, keeping up with technology and the ease of business this allows consumers to possess.

With all of the selections available to answer this topic with, I could have selected everyone of them. Which, how do you select all of the choices when only one will do?

Even though this is another redundant response, the key to everything is the padlock in the lower right corner of the screen when you are making transactions using card information, and important personal information. When making online purchases, the basics of online purchasing is always prevalent, and cannot be overlooked ever. The one purchase where you did not pay attention may be the one where your card is hacked and over the limit purchases are charged.

I recently was browsing through CareerBuilder searching for employment, when an advertisement for an antivirus program popup obscured the screen. It informed me that my system was contaminated, and that I needed to purchase this antivirus, spam ware program to protect my hard drive from thieves. I exited it out and the entire web page disappeared, including CareerBuilder, after exploring what it was first. Further research of the popup revealed it was just that, an attempt to acquire my card information, I could find nothing on the brand name or anything else. My gut instinct, really cranked up when I noticed in the lower right corner was the padlock identifying it as a secure site. It happened two other times, this week for example I have searched CareerBuilder everyday and have not had the popup raise the shackles on the back of my neck. Nevertheless I still watch my account for any suspicious transactions, after more than a month due to the possibility that the program released a worm or something else that tracks your important information.
It may sound paranoid, however, having my card used without my approval as many times as it has, is the reason I pay attention to my transactions.
For the two percent at the bottom who responded they would like to but were afraid, the key word to online transactions: Vigilance!

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all online
Jun 8, 2007 3:57AM PDT

i have used electronic banking since the early days of checkfree in 1987-1988.
never had any problems, in fact the one or two times there was a question about a payment all it took was an email or two to clear it up.
as for online purchases, use a credit card, if you are paranoid some of the providers have the 'throw away' numbers. then there is 'paypal' as well.

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Most of the time.
Jun 8, 2007 7:02AM PDT

I don't do on-line transactions in a few cases:

1) Rent. These are done via checks and not on-line.
2) Depositing my paycheck/withdrawing cash. I don't see how I could do these on-line.
3) Pre-authorized debits. Some of my bills like my cable and electric are automatically debited from my bank account but this wasn't set up on-line.

Regards,
JB

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Hey JB
Jun 8, 2007 10:02AM PDT

If you are working or have some kind of fixed income, you can apply for automatic deposit. This way the check goes directly to the bank and even a day earlier.

Regards,

zzmel

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Same as JB
Jun 17, 2007 4:53PM PDT

I get a check once a month I don't see it my wife writes all
the checks. She has a computer at work but as far as paying our bills on or by computer no way. I had a friend and he got burnt by using his credit card so I'm with JB as far as using computer paying bills.

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Most of the time - right on!
Jun 17, 2007 3:28PM PDT

I agree full heartedly. There are some things that just can't be done online or are better done in person or by check etc. Much shopping is cheaper if it can be done without the S/H added on. I've found that it is the more expensive items and harder to find items that are better priced online. As also mentioned frequently all over any online transactions must be done with caution and where possiible with notable sources to warrant/protect/insure your purchases. Use the online like you would any other local store in which you would shop around for the best deals and take advantage of the offers knowing that many times something sounding too good to be true probably is. You may though have found the bargain of a lifetime.
Tom.

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Yes, through the bank website
Jun 8, 2007 10:22AM PDT

I pay all our bills on line especially with the new cost of stamps and gas. I like being able to see the balance and with the bill pay, I can see when the money goes out and when it is received. When I have to pay my Mom's bills, writing out checks and mailing them seems so inefficient.
I have had one instance of identity theft through PayPal..someone was able to not only get into my account and change my password, they were able to see my credit card information and charged a calling card and calling minutes to it. A T & T would not believe my husband didn't order the card (on my personal debit card with a picture of me on it that was in my wallet) because he might not have wanted me to know about it. They said he had done it through the internet, which is totally ******** since he is not computer literate...I have to turn it on for him to use the hunting games. They also refused to tell me where the calls were made or to whom. They even refused to believe him when he told them he had not done it. At least my banker believed him and refunded the charges even if A T & T would not. This person also sent themselves $300 one time and $400 later in the day. Since the identity theft on PayPal, I have rarely used it, giving them only a virtual number that expires quickly. I do not trust their security. My bank notified me the same day the $700 charges hit my account, and I was able to deal with it that day.