Online banking

iVillage Member
Registered: 07-01-2004
Online banking
17
Tue, 07-13-2004 - 11:40am
I have a question for everyone here. Does anyone do online banking and do you like it. I am not sure if I should do it or not. I am a little worried about doing all my bills on the computer because I am not sure how it works. Any input would be greatly appreciated.

Leanne

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Avatar for tmccray
iVillage Member
Registered: 03-26-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 12:03pm
Me, too! Me, too!!!

I want to start paying my bills online, but I'm not sure how it works. What if I can't pay a bill on the due date - will it cause an overdraft?

How much should it cost? My bank currently costs $5.95/month for up to 20 transactions. Is that reasonable? Hmmmm...book of stamps = $7.40 (20 stamps)...that's a bit of a money saver right there!!!!!!! Plus, I wouldn't have to write as many checks...

Also, does anyone here bank EXCLUSIVELY on the internet? You know, where you don't have a brick/mortar bank at all...just a web-based bank? Pros/Cons?

Great question, Leanne!

iVillage Member
Registered: 04-07-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 12:14pm
I LOVE online banking!!! I've been doing it for years, probably since the "online banking" concept was still new. I don't recall ever having a problem with it (knock on wood!)

Each bank's webpage has there own look and style, however the functions are basically the same. You would register your bills once using your account number with that bill, and then it will appear in a list. Each month, you would select that bill, enter the amount to pay, and a couple of clicks later, you're done! No waiting for checks to clear your account, no stamps, no lost mail. The money is deducted from your account balance instantly, so there is no accidentaly overspending the day before your check clears! You get a confirmation number that I record on my paper bill and file away in case there is a problem.

To answer the other poster question, I have a savings account with ING which is completely web-based. I never set foot in a bank when I opened it, and haven't since. The account is electronically linked to my regular bank's checking account, so I can move my money between them with a few clicks of my mouse. I love it!



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iVillage Member
Registered: 05-23-2004
In reply to: i_b_leanne
Tue, 07-13-2004 - 1:02pm
I bank online and I've been doing it for about 1 year (checking) with a major bank.

I have an online savings account with ING - love it, love it, love it! Also their investment products are super!

The online banking is free (both places) - and was completely an lifesaver recently in regard to "proving" payment. No digging through my paper files, no paying for a copy of a cancelled check.

Here's the scenario:

Last month I got a medical bill. A bill I already paid. A bill that I had received exactly one time and paid immediately. This time they thoughtfully included one of those nasty, little notes. You know the kind, " ... remit immediately, blah, blah, blah. You're a deadbeat, blah, blah, blah. Where's our money, blah, blah, blah." Medical is the worst for this kind of blockhead move.

My reaction, I go online, confirm my facts, email my customer service people saying, "Hey these dipsticks didn't credit me a payment." and then I call the 800 # so graciously provided, you know, " . .. call us right away to make payment arrangements". This on a bill that I received ONCE and PAID IMMEDIATELY. Go figure.

Now I'm on the phone,


"Excuse me", I say, all dewy-eyed and innocent. "I paid that".

Then the usual self-important, patronizing attitude and something like, "hoo-hoo-hoo (that's a snotty chuckle), Mrs. X, my records don't show payment. (which means you couldn't have make it because we all know that medical offices never make mistakes). What day did you mail that check? (meaning IF you sent a check, which I doubt, you sent it late and are about to offer me the excuse of southern, redneck, inbred, poor people everywhere - the check is in the mail)

"Well, shu-gah, (I CAN do that Southern thing, if you'd like) my BANK sent that check out to ya'll on such and so a day, and ya'll cashed it, because it posted on such and so a day. Shall I email you the image of the processed, cancelled check provided (free of charge) by XXX bank. I've contacted the customer service online regarding this payment and letting them know you all didn't properly credit me. Should I ask them for any futher information for ya'll shu-gah?"

That officious little bureaucrat couldn't think fast enough, my friend. "Oh, well . . . yes, do you have a fax available to you? she asked - regaining a small modicum of her former aplomb.

"Why, yes, darlin' I surely do, I'll fax that to you right now. (you see, you self-important little heifer, I'm employed, too, and even down here on the farm we have a few modern luxuries). May I have your name again? And your representative number, please. The customer service online asks for a contact person and I want to update my bank so that if any further action is needed we'll all be on the same page."

All the argument and fight drained from her - ba-bam!. It was GREAT. It was AWESOME. It was sweet revenge, honey.

Written confirmation of complete payment of account was forthcoming, the matter was settled, and Ms. Pseudo-Professional was put back in her place.

Online banking rocks!

iVillage Member
Registered: 07-26-1999
In reply to: i_b_leanne
Tue, 07-13-2004 - 1:27pm
Yes, I use two internet only banks. One is ING Direct which I use for a savings account that I don't touch.

The second is President's Choice Financial (in Canada-I don't think it operates in the USA anymore) and I use it for all of my daily banking and I also have a Mastercard that they issue.

The internet only banks that I use offer 24/7 telephone support and of course 24/7 online access to your money and the ability to do banking whenever you want. I pay my bills online...you can only pay a bill online through the bank if the money is in your account. It usually only takes up to three days for the payment to reach your creditor.

I do not pay ANY service fees for the regular daily banking that I do. There are fees for things like stop payments, getting your cancelled checks returned, etc, but I don't use those things so I don't have to pay for them.

I have seen that my utility company mentions an outside agency (not a regular bank) that seems to work as an intermediary for paying stuff online...but they charge a fee, so I wouldn't use their service when I can pay online through my bank without a fee.

The bonus with the particular online bank that I use is that they offer points for doing things like paying bills online, and the points combine with what you earn on the Mastercard...so I have got alot of stuff for free. Bottom line is I don't charge anything that I wouldn't normally buy just to get points; I use my Mastercard for things that I would get anyway, then I pay the bill by the due date, and I am making money this way...

Bottom line is that I love online banking. I can't imagine writing a check and mailing it to pay a bill.

iVillage Member
Registered: 04-07-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 1:51pm
LOL - I agree. I write one check per month - my rent.

I tried 2 years ago to open an account with PC and they rejected me because I had a bad credit rating. I didn't even ask for overdraft! I didn't realize you couldn't even open a chequing account if your credit rating sucked. But I later opened one at BMO and they were fine, so maybe it was just PC.

I later learned that PC is actually owned and/or run by CIBC, and then it made sense to me. I HATE CIBC!! They've screwed me over soooo many times on my Visa and my student loans, that I have lost complete faith in the entire company. As far as I'm concerned, they are all a bunch of imcompetant morons. So I'm actually glad I didn't get that PC account! But I know several people who are happy with their PC accounts, so maybe I just got unlucky.



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iVillage Member
Registered: 07-26-1999
In reply to: i_b_leanne
Tue, 07-13-2004 - 2:26pm
Hi!

PC Financial is technically Amicus Bank, and it is a division of CIBC. I hate CIBC too. Years ago, a roommate and I both had CIBC accounts when we were broke students. We both accidentally overdrew our accounts-both by less than $3-over the Christmas break, and they simply closed the accounts immediately without notifying us...and when we went to deposit Christmas paychecks, the accounts wouldn't work.

I've dealt with the Royal for years too, and they are pretty bad too.

The bottom line for me was that PC banking is free...and I am making money from them by collecting points. Sooo...why pay for banking services and pass up the money making opportunity. I've had my PC account for almost 2 years now, and with my points I've gotten $85 of free groceries at SuperStore (which is terrible, but cheap), and I just combined 10,000 Petro-Canada points with my PC points and used $50 of points towards an Adironack Chair for my new balcony...

I'm not trying to sell you on them, just telling you my experience with them over the last two years has been really positive...they are good on the phone too, friendly and helpful.

I did notice that when I opened my account it was a lengthy process, but I was told it was security proceedures with banking in the wake of 9/11. I recently opened an account with my brother and it was much quicker and easier. I opened a joint account with him because he has NO credit rating at all, and after 2 months they opened him a checking account on his own with all the regular privileges that I get with my (hopefully) good credit rating.

That's funny about the rent check. I just moved to a place where they ONLY accept pre-authorized direct debit for the rent...they don't even take checks for rent anymore at this place. So, there's absolutely no reason for me to write a check for the forseeable future.

I hope this info is useful to you. Oh, and as an aside, I would really prefer to deal with a credit union, but the bottom line for me was I'm making money with PC Financial with their points rewards combined with the fact that I pay no fees and have never paid interest on that credit card.

iVillage Member
Registered: 04-07-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 3:05pm
I'm so glad that PC is working out for you. I really liked the idea of no fees and free groceries too, that's why I tried to get an account. Oh well! I could probably try again, since my credit has improved significantly in the past 2 years, but I'm actually quite happy with BMO. I pay only $5.50 a month for 25 transactions (which isin't TOO bad, I mean, really, what will I do with an extra $66 a year?), plus they do Air Miles (I average almost 10 Air Miles per month with these guys). Scotia, Royal, or CIBC don't offer any kind of reward program for everyday banking, as far as I know. I also have a student line of credit with BMO that I've had since 1996, and I haven't had any major problems or complications with dealing with them on it.

I could go on for pages on CIBC!!! My Visa with them had a 19.5% interest rate. They offerred another at only 10%, and were pitching it to their high-debt customers for awhile as a means to get out of debt sooner. Imagine, a bank helping people! I knew there had to be a catch though - I wasn't approved because I didn't qualify for more credit. I explained that I didn't want MORE credit - simply transfer the balance and close the high interest account. That way I still have the same amount of credit, just a lower interest. "Nope", they said, "it doesn't work that way". I basically told them that here they are, offerring people a way out, and then telling them they can't have it. It's not like I was trying to go to another bank, I told them that the only logical reason why they couldn't transfer my balance was because they would lose out on all that interest money. She just gave me that over-sincere "I'm sorry but there's nothing I can do". That's how they treat a customer of 7+ years. That experience really soured me on CIBC overall. I showed them though, a year or two later my wonderful boyfriend let me transfer my balance onto his 7% line of credit with Capital One. CIBC Visa isin't getting ANY of my interest money now! Ha!

I remember I had numerous problems with insignificant overdraft amounts too. They never closed my account, but I know they did something else.... I think they held any deposits I made after that for 5 days or something... VERY inconvenient when the rent or other bills are due!!! OMG, I think they charged me an overdraft penalty too.... even if I was only a dollar or two in the hole...

Then there is my student loans. I don't know HOW MANY TIMES they screwed me over on those. Misplaced payments, telling me I qualify for this or that program when I don't, lost mailings, miscommunication between departments, one person telling me one thing while another tells me something else. Aaaaaaarrrghhhhh!!!! I've had it with them. I've been in the repayment process for 5 years and I swear SOMETHING went wrong at least once every 6 months (to this day they are still screwing things up - I've talked to them at least 5 times in the last couple of months). They've been an absolute nightmare!


Edited 7/13/2004 3:08 pm ET ET by unicorn21



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iVillage Member
Registered: 07-06-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 6:31pm
I've been banking on-line for several years and enjoy the convenience very much. I've never been late with a payment nor has anything happen to a transaction I've initiated.

This is not to say that the systems are perfect because mistakes can and do happen but it helps me to be more organized when it comes to bill paying, and the fact that I don't have to sit down and write lots of cheques is enough for me.

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 07-06-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 6:49pm
I too have war stories about CIBC.....way too many screw ups on their part. I was with them for 7 years before I decided in March this year that they had done enough to me so I opened an account with Bank of Nova Scotia, didn't have to pay any fees for three months and they closed my CIBC accounts and contacted all the companies I had pre-authorized payments for and transferred them to the new BNS account.

The client reps are very friendly and the people at the bank know my name when I walk in....all in all I'm very pleased I left CIBC!

Do you know that someone fraudulently opened a CIBC account in my name, when I already had two accounts with them, the person overdrew the account by hundreds and I was NEVER notified!!!!

I figured this out when I pulled my credit report and it listed potential fraud activity! This happened in 1999, and I noticed it in 2003. I pull my reports yearly and it was the first time I had seen this bank account listed (normally you don't see your bank info listed on Equifax).

I went to the branch that it was opened with and the manager was the rudest person I've ever dealt with saying that since it was so old that they had no information whatsoever on the account and that why was I wasting my (meaning her) time with this!

Hello!!! This affects me & my credit status!

I then freaked and said that how idiotic of you to never call me when you knew that under my name I had two other accounts with valid contact info...she never managed to give a comeback to that...suffice it to say that I lost any shred of confidence in CIBC after that entanglement.

The icing on the cake early this year was when they took out my RRSP contribution when I had called two months prior to put on a temp. hold and that caused me to get 3 NSF fees....it literally took a month to get everything credited...in part due to the call centre in Nova Scotia being closed for 3 days being snowed in.

At any rate, I've had several people I know who've left CIBC because of their incompetence.

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 04-07-2003
In reply to: i_b_leanne
Tue, 07-13-2004 - 7:15pm
LOL! We should start a "We Hate CIBC" club! My credit status has been affected so many times thanks to CIBC. Ooooohh...!!!!

That's so scary that someone opened an account in your name - that's why it is so smart to check your credit report at least once a year (or more). I don't always trust the bank to alert me of unusual spending/activity. (My BF's bank once called him after he made an unusually high amount of purchases one month, but as far as I know, not every bank will do this every time!)



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