Using the Internet for something as secure as banking is the last thing an Internet new starter is likely to do. However it is the most useful of all the jobs I use the Internet for. I use it at least three times a day.
 

An important reason for you

Internet banking is secure. If you use password hygiene you can stay trouble-free (* see about passwords below). I have used Internet banking for six years without the slightest hint of trouble.

Other reasons

Internet banking is available 24 hours a day, 7 days a week. Imagine you come home Sunday night, starving from a big weekend. Your debit/credit card is bone dry. You jump online and transfer a few dollars, then zip up to the pizza place for a midnight snack. Problem solved.

You can pay bills online, automatically if your budget is running smoothly. If your budget is faltering, you can pay bills manually at the last minute.

You can easily move money between your online accounts. The pizza scenario above shows how easy it is to move money in an emergency. You may often want to move money in a planned way. For example I work freelance and pay myself with a transfer between my business and personal accounts.

More reasons

You have seen how we can transfer money amongst our bank accounts. We can also transfer to other people’s accounts. My son has moved to Melbourne and I am slipping him a few dollars until he is on his feet. This money is easily transferred with a permanent record of the transactions.

You can easily link your bank accounts to finance software. Business and personal money management software such as Microsoft Money or Quicken Quick-Books can import transaction records seamlessly from your bank account.

Most powerful reason

Internet banking has the potential of saving you a great deal of time. Firstly there is no waiting in line in teller queues. At the moment I choose to deposit cheques at Automatic Teller Machines. When I get around to arranging postal deposits I don’t plan to go anywhere near a bank. Secondly you get access to balances and statements instantly. You can see the effects of an Electronic Funds Transfer deposit as soon as it is available.

* About passwords

Earlier on we said that Internet banking was secure. This security depends on what I call password hygiene. There are three parts to this:

  1. You must keep your password secure. No keeping the password in your wallet. No telling other people. I’ve got a memory aid so I can keep a long password in my head.
  2. You must make the password as long as you possibly can. This is the simple solution to making a password hard to guess.
  3. You must change your password regularly. I change mine every three months when I’ve got the strength to do it.

Get started today!

Walk into your bank and arrange for Internet access to your bank account. Choose a password using this method: Choose a word at least 6 letters long. Change one of the letters to a capital, and one to a number. Practice retrieving it. Make a bookmark in your browser to your bank. And away you go.

PS Do you have questions?

If I persuaded you to make a start on Internet banking and you have trouble, make a comment at the bottom of this page. I’ll do my best to reply quickly.