Is It Safe To Bank With an 'Eletronic Bank? (Full Version)

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candystripper -> Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 7:10:30 AM)

I keep seeing ads for 'electronic' banks.  I'm a bit cautious about my money (never mind someone else's).  Can anyone tell me whether it is safe to do business with an 'electronic bank'?  Can you recommend one?
 
I'm in the U.S.; I'd be a bit leery of doing business with a company 'located' in other parts of the world, because U.S. banking regulations would not apply.  Where is an electronic bank 'located'?  I know a web site, etc., is located where its server is, but a bank presumably has more than one.
 
Thanks guys.
 
candystripper  [sm=pole.gif]



UncleNasty -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 9:50:54 AM)

Only if you think eating electronic food is healthy, or can warm yourself with electronic fire, or swim in an electronic pool.

I don't find "fictions" to be good for much else besdies entertainment. So much belief in the fictional, the unreal, is one of the ways we've landed in this very real economic morass.

Uncle Nasty



AMaster -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 10:26:25 AM)

I've had few problems with electronic banking.  Go with an established facility in the US.  Do a little research to make sure it is an established bank, and make sure the one you pick is not in any trouble.  In my area more brick and mortar Banks have gone under than electronic ones.  You have to be very careful about where you money is no matter what kind of institution you use.

My pay check has been deposited electronically in a conventional bank for over 25 years. I've payed mot of my bills on line for the past ten years. I decided to go all electronic three years ago because of a higher interest rate on my accounts.. The only problem I've had is accessing my money from an ATM. Not all real banks accept my card, and most charge a fee because I do not have an account in the bank that owns the ATM. 

** edited for spelling.........  #@%$#$%#@!! defective key board!!!!!!



LaTigresse -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 11:21:11 AM)

Electronic banking does not have to be with a bank out of country. I do electronic banking with one that has a branch only 5 miles from my farm. It's just that, with my hours, electronic is much easier for me.



variation30 -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 11:47:51 AM)

quote:

ORIGINAL: candystripper

I keep seeing ads for 'electronic' banks.  I'm a bit cautious about my money (never mind someone else's).  Can anyone tell me whether it is safe to do business with an 'electronic bank'?  Can you recommend one?
 
I'm in the U.S.; I'd be a bit leery of doing business with a company 'located' in other parts of the world, because U.S. banking regulations would not apply.  Where is an electronic bank 'located'?  I know a web site, etc., is located where its server is, but a bank presumably has more than one.
 
Thanks guys.
 
candystripper  [sm=pole.gif]


there was a very, very nice way to secure your money be setting up an orange account and automating a process of buying t-bills. you woudln't be making a ton of money, but you'd be able to build up a decent reserve out of it.

but back to electronic banks...I'd trust them as much as I'd trust any bank right now. that means I wouldn't trust them very much. look up ing direct, though. I haven't read into this in a while but I'd imagine they're still doing alright when compared to other similar institutions (even after the crash).

as far as where they are located, well, depends on the bank. they're branchless. I know ing is in the northeast US somewhere. http://home.ingdirect.com/about/about.asp?s=News#09292007 has some info, but I'd definitely read up about it elsewhere.

I don't know what you mean when you ask if it's 'safe'. they're a part of the fdic, if that's what you mean.



pahunkboy -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 11:54:51 AM)

join a credit union.    one in the state you live in. forget electronic banks- they are a sinking ship.

http://consumerist.com/5084297/american-express-becomes-a-bank-and-wants-bailout-money    amer exppress is now a bank.  took them less then 30 days to become one.  now they want bail out money.





housesub4you -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 12:43:47 PM)

I use a US based online bank and my money is just as secure as if I put it in the bank down the street.  Same FDIC insurance and all. the only difference is my checking account earns 4.5 %apr and the savings a little more

I have had the account for 3 years and never had a problem with them. When I went for a mortage, the mortage comapany had no problem with my savings and checking in an online bank.



candystripper -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 8:15:20 PM)

quote:

ORIGINAL: pahunkboy

join a credit union.    one in the state you live in. forget electronic banks- they are a sinking ship.

http://consumerist.com/5084297/american-express-becomes-a-bank-and-wants-bailout-money    amer exppress is now a bank.  took them less then 30 days to become one.  now they want bail out money.





Ya, that's where I banked in Florida, pahunkboy.  I spoke to my brother and he says there are no credit unions in Cleveland, though I think COSEY (the association for small businesses) may have one.
 
Thanks.
 
candystripper  [sm=pole.gif]



MmeGigs -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 9:04:00 PM)

quote:

ORIGINAL: candystripper
I keep seeing ads for 'electronic' banks.  I'm a bit cautious about my money (never mind someone else's).  Can anyone tell me whether it is safe to do business with an 'electronic bank'?  Can you recommend one?


I like my bank well enough, but will no longer use them for paying bills.  I've ended up with late fees due to the lapse of time between my payment of the bill through my bank and when the check is received by the company I'm paying.  

The bank doesn't really give a rat's ass about late payments.  They are my problem as are any additional fees that may be assessed, regardless of how far in advance I've requested the payment through my bank.  I got a late fee from a credit card on a payment I made through my bank on the 20th of the month for a bill due the 10th of the following month with a 5-day grace period.  The bank's check took 25 days to get to my credit card, but a check I mailed myself never took more than 5 days to get there and get credited to my account.

I like making direct online payments, but will never again trust a third party to send a check for my bills.



NuevaVida -> RE: Is It Safe To Bank With an 'Eletronic Bank? (11/12/2008 9:09:50 PM)

I'm quite happy with my bank and electronic banking. They are US based, and I do all my banking from the comfort of my own home - bill pay, balance transfers, direct deposit, you name it.



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