Online Banking

[MikeRuth]

I do my banking online with a password protected wireless connection right now.  I'm wondering, for those on the road who don't have their own wi-fi yet or choose not to have it, whether they do anything specific to protect their online banking?

I don't know what kind of setup I'll have to begin with so one of the things I thought about was libraries.  In my town I can get a 1 hour pass to the library computer without having a library card if I need to print something or if for some reason I can't get online at home I can run up and pay my bills from those computers.  I've never used the wi-fi at McD's for it because it's easier to use the library computers than to haul mine up there.

I'm not terribly internet savvy so don't know whether the risks are large to use public wi-fi for banking purposes. So, if your own wi-fi was down or you don't have it, how would you or do you do your online banking?  Has anybody used any libraries out in UT/AZ/NV/CO/CA areas for this purpose?

Thanks!

I had made a previous comment but I'm now not sure if you talking about using some one else  PC (public, as in library, hotel etc) or using your own on a open wifi network. 
If using your own then another good option is to use a VPN and the TORVpn is a decent one, not to mention free under 1 gig of data a month. And if all you doing is some email and bill paying you won't even scratch the surface of 1gig. 

some info on it. http://www.pcmag.com/article2/0,2817,2403171,00.asp

 

[anewbiewannabe]

Mike, thanks again. I'm actually trying to figure the safest way to do online banking if I don't have my own password protected wi-fi, which is definitely a possibility at first because of finances. Depending on how this computer holds out I might not even have a computer at first.  Libraries came to mind because I had to use mine to print a few things this past year and I saw their set-up.

I might visit sites and explore the internet on free wi-fi, but it seems like banking would be best done with more protection.  I'll check out the VPN and TORVpn when my brain is more awake.  I don't even have a clue what they are right now. LOL

 

[gypsychic]

Anewbie,

I've used online banking to pay bills, access my accounts and transfer money at libraries in 3 different states over the course of the last 8-10 years. I rarely pay for wifi at home. I've never had any kind of problem with my account. Also, I've never been to a library that had computer that I wasn't able to plug in a usb memory stick. I've used libraries in larger towns so maybe that is why.

I wouldn't use any public wifi for any sensitive information.

Just a perspective from someone who has done what you are asking about many, many times. As someone pointed out earlier, I usually, but not always, restart the computer after I'm done and I always log out of my banking session. Other than that I take no additional precautions.

 

[ccbreder]

I don't know much about wifi open networks. My Ally Bank has free checks, free ATM card, refund of all atm fees, free Bill-pay, and free transfers to other bank accounts even outside Ally. After first opening a checking account very easy to open additional savings and CD accounts. I can deposit with bill pay from BOA account or a scanned copy or phone photo of a check. the only thing I can't do is deposit at an ATM as I can with BOA. As far as security, if I use a different computer than I have registered, Ally sends me a one-time use, short term, 8 digit number to my cell phone to log into my accounts.
I am not familiar with Wally prepaid cards, and don't know if I can deposit at any ATM. But I trust a Federal Regulated Bank much more than any commercial retail store. PrePaid cards are not very well regulated. Just be sure to log out of the Bank Site when finished.

 

[compassrose]

I have done online banking for several years . I dumped my BOA for a Wal-Mart VISA Money Card and get my paycheck direct deposited to it.

Reload cash at any Wal-mart Cash register $3
Cash a paycheck & add all or part of check to card
Load card online from a bank, credit union or other financial institution
Reload card with a "MoneyPak" from Wal-Mart or Green Dot retailer
Direct Deposit (you get a routing number and a "checking account" number when you get your personalized card)
WalMart Money Center Express ATM withdrawals $2 (not in all stores and not to be confused with the instore bank)

I have my entire paycheck direct deposited. If $1000 is deposited in a single calendar month the NEXT months fees are waived. When I need cash, I buy something, anything and get the cash back option. I have had my debit card compromised. Got all the money back but it did take a couple weeks (same as with BOA). The card I have is branded VISA. That means VISA backs it and you have the same protections as any VISA credit card. This applies to Mastercard branded debit cards as well. I now go online and change my PIN number the day before my paycheck is due to be deposited. I change it anytime I feel like changing it. I usually change it weekly. Sometimes I will change it several times a week. Yes, I have gotten paranoid. I also have opened up a Schwab account as well. That was a bit of a pita since the credit bureaus are a couple years behind on my address. Schwab had to call me and ask several questions to make sure I was who I said I was. (like past addresses.... there were so many! I guess I need to write them all down one day and put on the computer). I haven't been in a brix-&-mortar bank in many years.

I also have a paypal account (business) with mastercard to access the funds. Moving money around is a hassle. Schwab wants everything mailed in from what I can tell. I'll have to work on that one.

BTW, there are no more BOA's in NM. There might be one up in ABQ but I think Iheard they closed that one down as well.

 

[anewbiewannabe]

Thanks again everyone! I really appreciate all the perspectives and information.

I think I figured out why my small town library doesn't allow usb or dvd---they have a pretty sweet set up that could be more at risk that way and they probably don't have any IT person full time and couldn't afford to hire someone to fix it if it became an issue with intentional or accidental transfer of malware. I always log out of all windows before closing them and log out of my temporary sign in at the end of each session. Everyone either has a library ID # or a guest # that they have to use to access the computer and it brings up a new session each time you sign in. I'll ask the next time I'm in about the wi-fi it appears they have for those that bring their own computer.

 

[akrvbob]

I've just started using a pre-paid Visa card but my concern is the near constant stories you hear of websites being hacked and people's credit or debit card numbers being stolen.

Did you know that they can put a reader on a gas pump that will then record everyones CC number that uses that pump? It's really scarry.

I'm considering getting several pre-paid cards and loading them the first of the month. One will be for gas and I'll budget the amount I want to spend on gas and then when it's gone, it's gone, I stop driving. If the card gets hacked I can't lose too much. Same with food since that's my next biggest expense. I'll get another card to use only online and only put money in t to actually make an online purchase.

Three great things happen: 1) If I'm hacked I can't lose much 2) I can put a pretty strict control over my budget 3) it make it harder to spend money and I think that's a good idea.

But, I'm just exploring it so I don't know yet if it will really work.
Bob

 

[anewbiewannabe]

Bob, that's actually an interesting idea that could work for a lot of people possibly.  It's kind of like the money in the envelope system I was talking about on another thread.

I haven't had a debit card in *cough* 30 years or more because it was easier to keep track of my balance with a checkbook.  My daughter uses her debit card all the time and we were talking about it the other day---sounds like they have pretty much the same limits in the case of theft as credit cards, but my issue would be how long would it take to get it straightened out since in a way that money is already spent and I'm in a position where that's a consideration.  With credit cards the amount disputed is taken off the bill during the dispute so there's no temporary loss of purchase power. So, actually, if you are hacked you should, depending on the institution backing the card, be able to retrieve most if not all of the money depending on what the card company sets as your personal liability. I haven't checked into that personally so don't know if my daughter understands accurately.

Other than from a stupid online purchase I've never had any problems with hacks and such in all the years I've been using them for gas and everything else.  The credit card company actually caught the fraudulent use and denied it so it didn't even show up on my account ever.  They just sent me an email about it and suggested I get a new card number---which I did.  I've never had any issues using my cards with ebay or paypal either.  I kind of view the credit card as another layer of protection for ebay and paypal because if I can't get a problem sorted with one of them then I can use the other, but I've not had to do that.  That one purchase at the beginning of this paragraph was from product specific site and then somebody tried to use my number for a walmart purchase almost immediately.  Just on principle whatever it was that I had ordered I canceled as soon as I got the email---I think it was some vanity purchase, not something I had to have.

I guess in some ways, even though I started this thread because of risk, I've been more of a risk-taker on some of this than many.

I have to keep whatever system I use as simple as possible and preferably stored on a computer because it's amazing how I can lose things when I put them where they belong.  

 

[LeeRevell]

I once tried the prepaid card thing, thinking it would keep me out of trouble, credit wise.
NEVER, EVER, use an outfit called First Premier Bank! AVOID them like the plague!!
My $350 limit CC with them cost me nearly $1000 when they allowed an offshore entity (I tracked them to France) to run up charges on my card twice the limit! I had to fully pay off that damned card to get out from under them. MY MONEY! LOST!! They are crooks, either in cahoots with the criminals or just didn't care. I did not have the finaces to pursue them legally at the time. JUST AVOID THEM!

It left a very bad taste in my mouth for PP cards. I do keep the credit limit on my CapOne account comfortably low so I can keep it payed off. Twice they tried to 'reward' me by increasing my credit limit. I contacted them immediately and had them set it back. I check my account at least daily.
When I got my account info and money stolen via PayPal (which I also now absolutely avoid!) and another attempt made later, CapOne made it right quickly. Stolen money was returned, and I got a new card and acct number. Their customer service is very good. Online allows me to see my account and keep a close check on it. Paper billing is crap. By the time you get the bill notice it is three weeks out of date.

 

[Almost There]

Prepaid cards can have another problem that very few people are aware of. Always, always read the fine print and then memorize it.

A friend who was using prepaid loaded it up with money so she could use it for gas purchases while on a 2 week vacation. She then found that the company had a cap on the card as to how much you could put on it. But wait, they accepted her money and then told her she couldn't use it and that it would take 6 weeks for them to process a refund to bring her back below the maximum limit. This was with only a week before she was leaving on holidays...sigh! This effectively tied up 1/2 of her vacation money. Being a quick thinker she figured she'd just use the card for all her purchases like groceries and camping fees and thereby bring the card down below max in a few days - problem solved right!! Not so fast, they also had a daily maximum that could be spent. She ended up having to borrow cash to go on vacation and repaying it when the refund finally came in. Had she not been able to borrow the cash, her carefully planned and saved for vacation could have gone up in flames in a heartbeat.

Once the card was reduced to a zero balance she cut it up in disgust. 

 

[ccbreder]

I have had debit cards since they started with them. I have had credit cards for years. I have not had any problem with these bank cards, ever. I have lost money with pre-paid and "gift" cards when the issuing company/store went bankrupt and also when I lost my wallet.

 

[RVTravel]

I have had my Chase credit card fraudulently used twice in the last year.

 

[ccbreder]

RV, what was the out come for you?

 

[RVTravel]

Both transactions were immediately caught by Chase. They denied the charge and immediately emailed me. I called, canceled card and they sent me a new card with different account number. Somebody please take the target off my back ; ).

 

[anewbiewannabe]

Both transactions were immediately caught by Chase. They denied the charge and immediately emailed me. I called, canceled card and they sent me a new card with different account number. Somebody please take the target off my back ; ).

Did you happen to notice any coincidental timing on the charges like after purchasing something from a website or over the phone? I really loved that my credit card company caught the charges, denied them, and notified me immediately. It can be annoying when I make an out of the ordinary purchase and they question it---I had to talk to them on the phone to verify it was me when I replaced my washer---but it was nice to know they were paying attention enough to challenge it.

 

[Optimistic Paranoid]

Did you happen to notice any coincidental timing on the charges like after purchasing something from a website or over the phone? I really loved that my credit card company caught the charges, denied them, and notified me immediately.  It can be annoying when I make an out of the ordinary purchase and they question it---I had to talk to them on the phone to verify it was me when I replaced my washer---but it was nice to know they were paying attention enough to challenge it.

The truth of the matter is, credit card fraud has gotten so bad, the bank's losses have gotten so bad, that we can expect to see a LOT more of this in the future.  It will probably be worse for those of us that wander.  Having an address in, say, SD and having a charge show up from a stick and brick store in TX is exactly the kind of thing the computers are likely to flag.

Regards
John

BTW, American Express and Walmart are jointly offering  a new service called Bluebird.  Check it out, it might be just what you are looking for.

 

[gojo]

Every time when I go to AT&T store and use my credit card there is fraud. About two months ago when my wife and I were walking out of the AT&T store. I made a statement to her, wonder if there's going to be extra charges made on the card. Dog gun, two weeks later, we got an email to contact our credit card company. There were $2800 charged to our card. They told us we didn't have to pay the bill. We even reported them, nothing has been done, as far as I know.

 

[RVTravel]

anewbiewannabe, I did not notice anything strange about when I used the card. I would love to know exactly what is done by credit card companies or law enforcement to combat this fraud. Do they review your charges and categorize most likely scenarios of abuse?, etc. I'm surprised the industry still has not found a way to stop the fraud that goes on at gas station skimmers.

 

[ccbreder]

While i did not get scammed, there were two scammers in my home town, one at a gas station, another at a liquor store. They both were caught after about two days. it took that long to realize and investigate. No customer was out money for more than three days before being made whole. Including Debit cards. The individuals were arrested. I stopped shopping at both places.