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My Opinion on Online Banking

Revised on

Originally posted on February 5th, 2003

Propellerhead technology married to Caveman Managers...

I am most likely the premier proponent for online anything. Really. I do everything online. I love the online / Internet community. It's here to stay and like it or not it will envelope you sooner or later.

That being said, there's only one thing keeping most people from embracing online banking and online purchasing... the unmitigated fear of some asswipe getting your credit card or SSN number and screwing you over.

I've personally never had a problem with any online service with the exception of PayPal (I call em Paysuck) and eBay. But now I can add a new one... online banking. I use Quicken and Quickbooks to manage my personal life and business and online banking is very very convenient for getting the most up to date information about my credit card purchases and banking transactions. No question about it, it really is nice, almost like having a personal assistant doing the books for you.

But then it happened... Houston...we have a problem...

I was paying my car insurance (via online banking) and I got a notice in the mail from my insurer that they haven't received my payment. I looked in my Quicken register and found that they did indeed get it. They said they didn't...

I called my bank and they started an investigation...

Weeks went by...

More late notices and nasty statement about sending me to a collection agency...

Meanwhile more items from other businesses I deal with were also reporting that I didn't pay them. I started hounding my bank to fix this. After about 3 months of constant daily emails, phone calls, and letters It was fixed. All that convenience and money saving on stamps sales pitch went right out the window.

It was such a bad experience, I switched back to writing checks and mailing them in.

So, in my opinion, Online Banking works about 97% of the time, but when it breaks I found the experience very very frustrating. The people behind the scenes are apathetic, the managers at the banks are still in the dark ages and nothing beats good old fashioned check writing.







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