Online Banking Blooming, Finally
from the how-often-do-you-actually-step-inside-the-bank dept
Most people I know do most of their day-to-day banking at the ATM. And unless you need to withdraw cash, you can do most of the ATM stuff online. Consumers seem to be getting that with 32 percent of them banking online, almost double the number from 2 years ago. Ironically, privacy is one of the top reasons consumers prefer online banking. They like being able to bank without talking to anyone.
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Online Banking
I personally like banking online because of the convenience, not privacy. The fact that I can balance my checkbook instantly without waiting for the monthly statement makes it easier to handle my monthly budget...who budgets using the bank's monthly statement mailing cycle? I use my employer's payment cycle...which is more closely linked to how much money I have in the bank.
It is also much nicer to deal with bills using the automatic payment system...
Then again, security is my number one concern, and I rarely use online capabilities unless I am sure that they work hard to stay fairly secure (and don't use misconfigured Microsoft software to run everything.)
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to that point
This is ripe for fraud if people have learned to trust the names on their caller id boxes. How easy is it for a telemarketing company to trick a telco into installing a line for a variation of a popular name? How 'bout We11s Fargo? (1s instead of ls), or W.Fargo (William Fargo, inc, but we shorten our name?). Now that competition is here among telcos, are the small-and-struggling immune to temptation?
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