Q: Online banking sounds so insecure, but I know that ‘everyone’ is doing it. I don’t need up to the minute information on my share draft account, so is there any reason to switch? Also, I don’t mind getting my statements online, but never bothered signing up. What are the pros and cons?
A: It’s understandable to be uncomfortable about making the switch from paper to online statements, but online security has come a long way. From sign-on screens that encrypt your sign-on information, to the password you use to sign on, as well as your own Internet security – your account information has several layers of security.
In addition, having your account information accessible twenty-four hours a day will become a convenience you won’t know how you did without, even if you only check it once a week. Checking on when the checks you’ve written have cleared, as well as deposits you’re waiting to post to your account are instantly known with online banking. Online banking also affords you the convenience of transferring balances between savings and checking accounts.
If you are on a shared checking account, it’s also great to have more up-to-date information to track purchases so the budget and spending stay on track.
Sometimes life gets too interesting and busy to talk about banking at the dinner table, your daily updated statement can do that for you. As far as online statements, it’s actually more convenient (because it’s often faster than the mail) and more secure. People need to pass through multiple layers of security if they were seeking access to an online statement. One that comes in the mail can be plucked right out of our mailbox and/or filing cabinet.
If you are a current member, here are instructions for setting up online banking. Don't forget to setup for eStatements and get $5.00 added to your shares account at the end of the month!