Comments on: Personal Finance 101: An Online Banking Primer

By: Jim Lippard

Jim Lippard — Tue, 13 Jul 2010 02:20:50 +0000

@John (#1): In addition to the two answers already given (mail your deposits or keep a local account, deposit there and transfer, both of which I’ve used), some banks are starting to allow customers to scan checks and deposit them electronically–currently this service is offered by USAA Federal Savings Bank (Deposit@Home via flatbed scanner, or Deposit Mobile via iPhone camera) and by Chase Bank (Chase Quick Deposit, which also works via scanner or iPhone camera).

By: Angie

Angie — Fri, 26 Mar 2010 21:58:58 +0000

The Wall Street Journal just did a good article on this topic over the weekend.

By: AJ

AJ — Fri, 26 Mar 2010 21:16:33 +0000

One problem: With current interest rates, being within a single percentage point isn’t all that helpful, since that’s pretty much anything above zero.

By: Eric

Eric — Fri, 26 Mar 2010 19:26:03 +0000

@John: You either mail them in, or you keep your local brick/mortar bank account open, deposit it there, and EFT the money into your online account.

By: lurker carl

lurker carl — Fri, 26 Mar 2010 19:18:31 +0000

Two concerns with on-line bankings. Don’t ever put all your ‘eggs’ in one basket, so to speak.

1. When the customer becomes unable to manage their finances, either temporarily or permanently. An intermediary must take control; who would know such accounts exist or how to access without user IDs and passwords? There is a lot to be said for a monthly statements coming by snail mail.

2. Wide spread and prolonged electrical power outage. Impossible to manage accounts without internet and zero access money without electricity.

By: John

John — Fri, 26 Mar 2010 17:25:45 +0000

But how do you deposit checks if you can’t visit there’s no teller to visit?