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Posted at May 11, 2005, 9:44 am: Doing your banking online Consumers save time, have more control By JEAN CHATZKY DAILY NEWS PERSONAL FINANCE COLUMNIST Consumers can do their banking online at home or at the office. Online banking is taking hold - for good reason. About one-third of all American adults have paid a bill online in the last year, according to Javelin Strategy. But it's not the fact that so many people are trying it that's so striking, it's that those who are trying it are liking it. A lot. According to Javelin Strategy analyst James Van Dyke, who specializes in the Internet, once people start banking online the dropout rate is a very low 5%. So is the number of people who use this service infrequently. Instead, what typically happens is that the number of services you use creeps up. You start by signing up for online banking in your local branch. Pretty soon, you're paying bills. Once you discover how very nice it is not to have to go to the post office to buy stamps, to stop at the mailbox on the way home, to lick envelopes ... and once you see that your money arrives on time without fail, you're a diehard. Eventually - like me - you're doing them all. It's a huge time-saver. It takes the average household two hours to pay roughly 15 regular bills each month by hand. Online, once you get past the set up, it takes 15 minutes. You can also bank 24/7, make fewer trips to the branches and feel as if you have more control not only over your bills, but over your finances in general. If you're thinking of joining this technological wave, what do you need to know? # Choose your bank carefully: It takes a 2-to-4 hour investment in your time to set up the process. That means that you want to be pretty sure you're happy with your bank before you begin. Most banks today will allow you to see your statements and pay your bills on their sites. The most advanced ones (including Wells Fargo and Bank of America) will allow you to receive your bills - i.e., your Visa bill or your phone bill - on their secure site at which point you can just turn around and pay them. For your off-line usage, the most important thing in choosing a bank – and keeping fees down – is that it has ATM machines convenient for you. # Watch the cost: There is really no reason to pay for banking or bill-paying online. Only about one-third of banks charge their customers to bank online. In reality, it's a big money saver for them ... customers who bank online use their tellers and branches less often and they're tremendously loyal, which saves banks recruiting bucks. Why else do you think Citibank would be giving out free iPod Shuffles to customers who – through the end of this month – open a checking account, deposit at least $1,500 and pay two bills online a month? Of those banks that do charge $5 a month or so for the privilege, most waive that charge if you're able to maintain a balance of around $5,000 in all your combined accounts. Bill paying online typically saves people around $5 a month in the cost of stamps alone. # Keep security a top priority: Surveys have shown banking online doesn't compromise security or put you at risk of identity fraud as much as having pieces of paper in your mailbox that contain financial information does. Once you start receiving bills online, you'll want to elect (it will be a choice) to eliminate paper statements. But be aware of a scam called "phishing" - where you get an E-mail, that may even appear to have come from your bank, asking for personal details (Social Security numbers, account numbers, mother's maiden name). Believe me, it's not from your bank. Your bank will never ask you for personal information in an E-mail. If you ever get an E-mail like that, delete it. If you don't own a computer... What if you'd like to bank online but you're lacking one piece of important equipment - namely a computer? Banks have some of the most secure sites on the planet, so they say it's safe to do your online banking from any computer anywhere - in a library, at a coffee shop, in an airport and even at work. The banks, however, warn people to make sure the computer they use has Internet security and, just as they would when they took out money from an ATM, make sure no one is watching as they enter passwords. Even in a safe locale, though, you may want to take a pass if you don't have your own computer - or aren't able to use one at your job. Part of the allure of banking online is being able to check balances and pay bills on your time - whether it's 5 in the morning or 11 at night. You can do the balance checking by telephone. And you can also streamline your bill payment by setting up a payment center where you open your mail. Equip it with your checkbook, pens, envelopes and stamps. That way you can receive a bill and send it out in one swift move. Original of the message was taken from http://www.auctionbytes.com/forum/phpBB/ Replies:I posted this here because many people don't use Paypal and they blame...-+Can you prove that is a fact?Tim Although I also use PayPal quite a bit, I have learned it is not as sa... Currently, whenever transaction dispute arises, only the amount in que... -+You're right, Sun818. But back to the topic -- -- I love online banking. Ditto kp I was just saying that in another fourm not 10 m ago. FACT: No they do not freeze your account on a complaint. If you have ANY questions about Paypal procedures CALL THEM. YES I did explode and this because he says he hates eBay yet still use... please drop all mention of PayPal in any discussions of online banking... The service called ACH. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. The PayPal suit was 3 years ago. Yes I did bring Paypal into the online banking because it is online ba... -+Look I have also never had a problem with paypal. Please stop rambling. I consider PayPal online banking. Are you also BRAIN DEAD XPPMAN? Do you ever read any news anywher... Ranger I knew that would be your response. WoW!!! You really are brain dead!! Why do you keep bringing up ... OK I have them straight now. PayPal has screwed my sales up more than once. From what I've read in other forums be careful, as I've seen mention o... Hello Cindy: Welcome to A/B. Just a little nibble for old time's sake. I would have to agree: A few details as to your dilemma or experienc... PS Ranger: You have still not provided this information you clai... The first article was quoted because it was at about the same time of ... Thank you classicn: From what you've pointed out so far the first... For the last time. The settlement is actually nine million two hundred fifty thousand dol... I give up. 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