Comments on: Five Advantages and Disadvantages to Online Banking http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/ A narrative financial and investment column Fri, 05 Sep 2008 17:44:19 +0000 http://wordpress.org/?v=2.6 By: BELLO FOLASADE BOLAJI http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-2519 BELLO FOLASADE BOLAJI Wed, 23 Jul 2008 11:36:41 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-2519 What are the disadvantages and more advantages of online banking What are the disadvantages and more advantages of online banking

]]> By: Danny http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-2444 Danny Tue, 15 Jul 2008 20:21:37 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-2444 Money orders work the other way too. You had mentioned that you couldn't / shouldn't deposit cash by mail. You could instead use the cash to purchase a money order payable to yourself, and then mail it in with a deposit slip as you would any other check. Cost is a buck or 2, but probably less than your interbank transfer fee. Money orders work the other way too. You had mentioned that you couldn’t / shouldn’t deposit cash by mail. You could instead use the cash to purchase a money order payable to yourself, and then mail it in with a deposit slip as you would any other check. Cost is a buck or 2, but probably less than your interbank transfer fee.

]]> By: ndonye http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1984 ndonye Mon, 17 Mar 2008 15:25:46 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1984 Whatever way we choose to look at it, banking on the net is certainly better than the traditional banking. Even the inconveniences mentioned are still less than one would encounter in a traditional banking situation. One thing that stands out is the fact that banking is all about money. And in today's knowledge driven economies, every minute can be translated into cash, if only one can find out ways. So the minutes one would have otherwise wasted in bank qeues in the traditional banking situation are saved, and converted into money. One serious concern that tends to come up regarding banking on the net is the issue of security. But then again, the incidences of this are few and far apart, and taking protective measures goes a long way in reducing them even further. Generally speaking, weighing between guaranteed convenience and 'a low probability' security scare, I think I would opt for the convenience, since this is assured. Whatever way we choose to look at it, banking on the net is certainly better than the traditional banking. Even the inconveniences mentioned are still less than one would encounter in a traditional banking situation. One thing that stands out is the fact that banking is all about money. And in today’s knowledge driven economies, every minute can be translated into cash, if only one can find out ways. So the minutes one would have otherwise wasted in bank qeues in the traditional banking situation are saved, and converted into money. One serious concern that tends to come up regarding banking on the net is the issue of security. But then again, the incidences of this are few and far apart, and taking protective measures goes a long way in reducing them even further. Generally speaking, weighing between guaranteed convenience and ‘a low probability’ security scare, I think I would opt for the convenience, since this is assured.

]]> By: Jon @ The Money Mythos http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1902 Jon @ The Money Mythos Wed, 27 Feb 2008 17:37:59 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1902 Great point. I hadn't thought about withdrawing cash from my online account and getting a money order. I wouldn't want to do it all the time but for those emergency situations $1 isn't bad at all. Great point. I hadn’t thought about withdrawing cash from my online account and getting a money order. I wouldn’t want to do it all the time but for those emergency situations $1 isn’t bad at all.

]]> By: jane http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1901 jane Wed, 27 Feb 2008 17:26:58 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1901 One other option instead of a paper check for those times that it doesn't work out. Money orders using cash from the ATM. Sure they are 1.05 to 1.50 each but it'll do the job. Or getting cash from the ATM than depositing it in your local bank to cover your check instant availablity. If you need more that the ATM daily withdrawl limit, i.e. the $500 at my bank you just call them and ask that the limit be raised for the day. One other option instead of a paper check for those times that it doesn’t work out. Money orders using cash from the ATM. Sure they are 1.05 to 1.50 each but it’ll do the job. Or getting cash from the ATM than depositing it in your local bank to cover your check instant availablity. If you need more that the ATM daily withdrawl limit, i.e. the $500 at my bank you just call them and ask that the limit be raised for the day.

]]> By: Growing Money » Blog Archive » Carnival of Personal Finance #141 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1887 Growing Money » Blog Archive » Carnival of Personal Finance #141 Tue, 26 Feb 2008 13:20:50 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1887 [...] is the Enemy of Progress My Sources of Alternative Income and How I Make Them Work For Me Five Advantages and Disadvantages to Online Banking Wedding as a Status [...] [...] is the Enemy of Progress My Sources of Alternative Income and How I Make Them Work For Me Five Advantages and Disadvantages to Online Banking Wedding as a Status [...]

]]> By: Carnival of Personal Finance #141 : Carnival of Personal Finance http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1883 Carnival of Personal Finance #141 : Carnival of Personal Finance Tue, 26 Feb 2008 04:37:00 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1883 [...] Five Advantages and Disadvantages to Online Banking [...] [...] Five Advantages and Disadvantages to Online Banking [...]

]]> By: Bob McDonald http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1882 Bob McDonald Tue, 26 Feb 2008 03:14:22 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1882 I started with ING but have since moved to EverBank, which does offer checkwriting, but I hardly ever use it as I kept my local account. There are always times when you really need that "bank down the street," and it's easy to move money between them. Great Article, Bob McD I started with ING but have since moved to EverBank, which does offer checkwriting, but I hardly ever use it as I kept my local account. There are always times when you really need that “bank down the street,” and it’s easy to move money between them.

Great Article,

Bob McD

]]> By: Dividends4Life http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1880 Dividends4Life Mon, 25 Feb 2008 18:46:30 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1880 Interesting read. I keep one local checking account with minimal cash in it for some of the items you mention. I also have a Capital One MMA that pays decent interest and offers check writing. Best Wishes, D4L Interesting read. I keep one local checking account with minimal cash in it for some of the items you mention. I also have a Capital One MMA that pays decent interest and offers check writing.

Best Wishes,
D4L

]]> By: The Happy Rock http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1875 The Happy Rock Mon, 25 Feb 2008 15:17:56 +0000 http://www.moneymythos.com/2008/02/18/five-advantages-and-disadvantages-to-online-banking/#comment-1875 I have been using ING as my checking a savings for almost a year now, and I have learned to write almost no paper checks. When I first switched, I wrote a couple of months. Now, pretty much everywhere will take credit/debit if they take checks. The world is adjusting to all electronic, and so am I. I also haven't needed counter services like I thought either which makes me pretty close to canceling my Wachovia account. I don't agree that going to an ATM is easier, since I never go now...mailing is easier for me. And interest does add up. I made almost 1000 in interest last year. I have been using ING as my checking a savings for almost a year now, and I have learned to write almost no paper checks.

When I first switched, I wrote a couple of months. Now, pretty much everywhere will take credit/debit if they take checks. The world is adjusting to all electronic, and so am I.

I also haven’t needed counter services like I thought either which makes me pretty close to canceling my Wachovia account.

I don’t agree that going to an ATM is easier, since I never go now…mailing is easier for me.

And interest does add up. I made almost 1000 in interest last year.

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