This week (May 8, 1996):
Electronic Banking

Electronic Banking: your electronic bank goes with you wherever you move, can be accessed from any computer -- and eventually from your telephone or tv! How comfortable do you feel banking via electrons? Is it the Way of the future?

Work & Money survey questions change each Wednesday.

Netsiren: I think this form of banking would have to be used for a good number of years, tested and proven to be safe before I would even think to use it. If it came right down to it and I still didn't feel safe, I think I would revert to hiding my money under a mattress.

RupertRoesler: eBanking certainly IS the future of banking.

marcs: I've seen it, my parents do it, I'd love the convenience, but it's a little scary. I think the technology has a way to go yet, to provide the security against fraud to protect the consumer.

ManuelC: Not only I would feel more comfortable, but I will require it. Why ? Because money the way we know it has to keep up with technology and the XXI century; elecronic money transactions will open a new variety of services and business opportunities, it will reduce bureaucracy on financial corporations and will make money management clearer and easier. Of course there will be new bargainers and robbers, but it is stupid that I have to spend 3 or 4 working hours on paperwork and 2 or 3 days of financial transactions the old way just to get my wage.

peterme: It's no less safe than any other mode of banking. People fearing the Internet only betray their own ignorance of how the world works. Plus, it'll be easier to deal with. Since the dropping of the gold standard, money IS electrons, so e-banking is the truest form.

Shazam420: I think it's great! Yeah, yea... SECURITY, SECURITY, SECURITY ! is the cry often called when speaking of the internet -- especially when discussing online transactions, be it banking, or sales, or whatever. The truth of the matter is this: there are far more people that are aware of the holes in conventional banking than there are people that can exploit insecure online transactions. In fact, if you are using secure software, online transactions are thousands of times safer than even having a bank account. As another member said, however, it is probably best to simply keep your money in your mattress!

jopauski: I do not feel comfortable with allowing access to your bank accounts via phone/computer/TV. I feel that with all the computer hacking going on, it would be inevitable that these accounts could and would eventually accessed fraudulently. It sounds like a great idea if the world was honest, but living in today's society does not give me this impression. I feel that this will probably be the "wave of the future". It's only a matter of time before these accounts will be fraudulently compromised.

Rose222: I don't trust my money to the electronic world. More and more people are learning how to break into computers stealing codes top secret information and other things. I would rather be inconvenienced than broke.

pretense: Sure, it's portable and fun, but who can be sure of the darn security. Remember, with a virtual bank, you have no ugly $8 an hour security guard with a loaded weapon. How can I give up that kind of comfort?

TBlackmore: I only use electronic banking ( money machines) for cash withdrawals. I'm not brave enough to put my cash into a piece of electronic hardware. Maybe I'll get a little more confidence in electronic banking when I can get cash to come out of one of the floppy drive slots on my pc!

gchildress: I've depended on it for awhile now, and think it needs to be here to stay. Use the tools available to you to make your life easier. Online or electronic banking saves me time, $, and labor, and is faster/more efficient than snail mail. Besides, we're all sooner or later going to depend on it, so get on now, and learn. It's great!

mhart: I think it is fabulous, if security is not a problem.

jlewis: I can't wait. I already pay all bills and keep the checkbook balanced via computer and modem. Getting my balance, etc. is just a small step forward. Let's hope, however, that the banking guys don't yield to the temptation to charge more when their personnel needs are less.

JackM: I believe it IS the way of the future. Can't be stopped, at least overall. ("Trading" is likely to increase.) I am currently uncomfortable with electronic banking. In part, because I don't feel all the "bugs" have been worked out yet; and another part, because I am still working on how to balance my checkbook!

Sakkapol: I don't like it.

Sandbox: My paycheque goes directly from headoffice to my bank account. I use my computer to find out how much has been deposited, and with a few extra clicks I find, at any time, my bank balance. I make all my purchases with a debit card. (When my balance gets precarious, I revert to my credit card) I hardly ever see actual money anymore. (except on poker nite) Online banking? As another Tripod member alluded to: The Electron Century is fast approaching. When it arrives, online banking will be passe.

KMorrison: Banks are already using electronic means to transfer our money back and forth, so what's the difference if we do it ourselves? It's the same system, and I'd guess the security would be no better (or worse). There have certainly been cases of fraud in our banking system.

akes: Electronic Banking? Yes!!! It�s no doubt about it. Why shall my delivery of energy, gas, food, telephony send me paperbills, and the banks send me their notes that they shall draw my money for my interest for a loan. It�s much better that they give me a e-mail then I can give a OK to withdraw the money.

otis: I've been using electronic bill paying for more than two years. I have never had a problem with security. The only problem I have is making sure there is enough money in the bank to cover the payments. I think its great. The people that worry about the security are just not aware of how it works. Its just as safe as anything else.

Marsaya: My husband and I already do much of our banking through direct deposit and electronic funds transfers. We find it VERY convenient, and feel that it is no less secure than credit cards and the like.

Weirick4: I want it and plan to get it as soon as it is available in my city! I like anything that saves me time and effort. I think it may be safer than regular banking.

GordonG: If a ten year old hacker in England could get into the Pentagon's computers do you really feel your banks computers are safe? NOT. Though this is the way of the future they still have a long way to go before I feel comfortable with it.

Chief: Electronic banking is nothing new. Banks have been doing electronic transactions for years. Like so many other services, automation is starting to trickle-down to the consumer level. Middle man beware!!!! Is it safe? Is giving your credit card number to someone over the phone? Take the necessary precautions and it's a breeze. Who needs bankers anyway?

tjwtjw: I enjoy the convienience of transferring funds and keeping track of my register online. Saves me gas and time--got that mattress ready, though, just in case some little hacker knows how to get to my meager earnings!

Pelsfk: Why should anyone worry about computers handling our cash? The biggest swindle I ever heard of concerning computers was when a bank employee made it take ten cents off each account and put into his. TEN CENTS!!! who cares?????

wolfster: I like it for small transactions on the net. But I don't believe it is secure enough to trust with real money -- >$10.

Beldark: Not comfortable with current banking transactions via Internet. E-commerce will eventually become the way of the future.

Razour: I think EBanking is still safer. There are still more people who know how to mug you than know how to hack into your banking account. What's the chances that you will get mugged if someone knows that all you are carrying is an electronic card that they won't even be able to use?

cmillard: I am all for electronic banking. I do most of my transactions via atm and have my paycheck direct deposited into my account. Usually there are fewer lines and no chance you'll get some cretin of a teller who wants to chat about the mysteries of life. The only thing that annoys me are the atm fees banks charge. Usury is the word, I think.