Petty Vents

[roadfix]

Don't you worry that hackers can get access to your account info? That's what I worry about.

Not really.......although I only keep just enough balance in my checking account for my monthly expenditures, and no more. The rest are stash of cash at home and deposits in other non-banking institutions, but those accounts are also online accessible for convenience.

An employee in your banking institution can just as easily steal account info as a computer hacker can, I would imagine.... I would not worry about banking online.

 

[taxlady]

Don't most banks offer guarantees about online banking?

 

[GotGarlic]

Don't most banks offer guarantees about online banking?

If it's in an actual bank account (not a money market or investment account), it's insured by the FDIC up to $250,000. We use online banking and don't worry about it. Banks themselves have been moving money around electronically for decades.

 

[roadfix]

One thing I never do is to log onto any of my accounts using public wi-fi, if that makes any difference...

 

[taxlady]

If it's in an actual bank account (not a money market or investment account), it's insured by the FDIC up to $250,000. We use online banking and don't worry about it. Banks themselves have been moving money around electronically for decades.

I thought the FDIC was like the Canadian, CDIC,

"CDIC’s deposit insurance insures Canadians’ savings against the failure of a bank or other financial institution if it is a CDIC member. CDIC’s deposit insurance does NOT protect against fraud, theft or scams. - See more at: What Is Deposit Insurance?"

I tried, but couldn't find anything as definite about the FDIC.

My bank has a "security guarantee" against online fraud. RBC Online Banking Security Guarantee - RBC Royal Bank

 

[CarolPa]

I thought the FDIC was like the Canadian, CDIC,

"CDIC’s deposit insurance insures Canadians’ savings against the failure of a bank or other financial institution if it is a CDIC member. CDIC’s deposit insurance does NOT protect against fraud, theft or scams. - See more at: What Is Deposit Insurance?"

I tried, but couldn't find anything as definite about the FDIC.

My bank has a "security guarantee" against online fraud. RBC Online Banking Security Guarantee - RBC Royal Bank

This is what I believe also, Taxlady. I'm pretty sure that when I got this account I asked about it and was told I was not protected against fraud if I used online banking. I realize so many people do it all the time without any problems. Many people think I'm nuts when I say I still mail checks to pay my bills. I guess I'm old fashioned.

 

[GotGarlic]

My bad. I should have checked before posting.

 

[taxlady]

This is what I believe also, Taxlady. I'm pretty sure that when I got this account I asked about it and was told I was not protected against fraud if I used online banking. I realize so many people do it all the time without any problems. Many people think I'm nuts when I say I still mail checks to pay my bills. I guess I'm old fashioned.

I don't think you're nuts. I just think you are going through effort you don't need.

Ask your bank if they have something like that "security guarantee" that my bank has for online banking. The CDIC protects my money from the bank failing and my bank protects me from online banking fraud.

Most of the problems are from not being careful with the password, using a public computer and not clearing the cache when your done, etc. I haven't had any problems (7-9-13*) yet. I have been doing online banking since before it was done on the web. The bank gave me software on a floppy disk to do my banking online.

* Danish superstition equivalent to knocking on wood.

 

[Addie]

I got rid of both my credit cards. Now when I shop on line, I use PayPal.

 

[bakechef]

This is what I believe also, Taxlady. I'm pretty sure that when I got this account I asked about it and was told I was not protected against fraud if I used online banking. I realize so many people do it all the time without any problems. Many people think I'm nuts when I say I still mail checks to pay my bills. I guess I'm old fashioned.

Well think of it this way, all of those people handling your check have your account number,routing number, name and address. An online payment may never be seen or handled by a person.

 

[roadfix]

I got rid of both my credit cards. Now when I shop on line, I use PayPal.

I use PayPal for Ebay purchases and with other online merchants who use Paypal. But I use my credit card only, no bank account. Checkout is lightening fast like Amazon because credit card, billing, and shipping info are already there on file.

And speaking of credit cards, I carry and use only one rewards card. In the last 25 years or so I don't think I've ever paid a dime on credit card interest. I pay in full each month and banks hate that.....)

 

[CarolPa]

I use PayPal for Ebay purchases and with other online merchants who use Paypal. But I use my credit card only, no bank account. Checkout is lightening fast like Amazon because credit card, billing, and shipping info are already there on file.

And speaking of credit cards, I carry and use only one rewards card. In the last 25 years or so I don't think I've ever paid a dime on credit card interest. I pay in full each month and banks hate that.....)

They may hate it, but they keep increasing my credit limit, even though I never come close to the limit I have now.

 

[CarolPa]

I got rid of both my credit cards. Now when I shop on line, I use PayPal.

How do you get billed with PayPal?

 

[roadfix]

You can give PayPay your checking account or credit card info. You can also keep a cash account/balance with them. There are several ways to make payment using PayPal.

 

[roadfix]

They may hate it, but they keep increasing my credit limit, even though I never come close to the limit I have now.

Simply having a very high limit on a line of credit can affect your credit purchasing power in some instances, like if you're trying to finance a new car or applying for a home loan, for example. You can potentially max out on your credit, increasing your monthly payment obligations.

 

[CarolPa]

Simply having a very high limit on a line of credit can affect your credit purchasing power in some instances, like if you're trying to finance a new car or applying for a home loan, for example. You can potentially max out on your credit, increasing your monthly payment obligations.

I've heard that, but I've never had a problem. I have a very high credit score and any time I've bought a car my loan goes through right away with a low interest rate. I have also heard that having a lot of available credit is good if you don't owe anything on the credit. I don't know the terminology, something like the credit to debt ratio. I also heard that canceling credit cards can lower your credit score.

 

[CarolPa]

You can give PayPay your checking account or credit card info. You can also keep a cash account/balance with them. There are several ways to make payment using PayPal.

I knew about giving them your credit card info, but Addie said she had cancelled her credit cards and now uses PayPal. I was wondering how they bill her if she didn't have credit cards. I didn't think about giving them your checking account number, but then, I wouldn't give them that info. I tried PayPal once because it was the only way I could pay for the item I wanted. Shortly after opening the PayPal account, the credit card number I gave them was compromised. I cancelled the PayPal account right after that. I don't know if it was compromised because of PayPal. It could have been a coincidence.

 

[vitauta]

i consider paypal to be the safest way to pay for my online purchases. i don't have any hard evidence to back up this confidence in paypal, other than they appear to be very security conscious in their operations.
i still use a cc for most purchases, though. for me, paypal has been good for only about 1/3 of my purchases.

 

[roadfix]

Years ago when PP was still a new operation I withdrew my checking account info from them as I didn't feel comfortable with them having that info. But with CC info, no problem. I still use them today. In fact, I bought an Ebay item just last night and checked out using PP.

As far as having a high credit limit, take this extreme example. If you have a $100,000 credit limit with a current zero balance owed and you're applying for a home loan. That high credit limit equates to a potential monthly payment of $,1000 a month which gets factored into your debt to income ratio when applying for that loan. And that can mean getting your loan approved or not for some people regardless of a good credit score.

 

[Aunt Bea]

I think PayPal is safe. The thing I don't like about them is that they are constantly trying to get more personal information from me.