Banking online - Brief Article

Black Enterprise, August, 2001 by S.A.D.

Q I've heard so much about online banking, but I'm nervous about putting all my financial information out in cyberspace. How safe is it?

--C. Patridge Weehawken, New Jersey

A Contrary to popular belief, online banking is quite secure. Major institutions such as Citibank (www.citibank.com), Chase (www.chase.com), and Fleet Bank (www.fleet.com) operate on secure servers, so your financial information is unlikely to get hijacked (unlikely, but not impossible). Nevertheless, the benefits of online banking far outweigh the minimal risk. For starters, when you bank online, you often get services such as free bill payment (although some banks charge for such services) and reduced or eliminated monthly fees. So you can finally say bye-bye to paper checks.

I've been banking online for more than five years now and love the convenience, ease of use, and the extra cash I save in banking fees, as well as stamp and envelope purchases each month. Best of all, though, rye become better at managing my finances; with automated features such as regular transfers between checking and savings accounts, I no longer feel tempted to spend money that should be saved. And with just a few mouse clicks, I can easily check my balances and pay bills. Couldn't be simpler.

Is online banking safe? So far, I'm not complaining.

Mail your technology-related concerns to Cyberwise at BLACK ENTERPRISE, 130 Fifth Ave., New York, NY 10011, or send an e-mail to donaldsons@blackenterprise.com.