Scott Hanselman recently asked are you banking online? I’ve been doing all my banking/bills online for the last few years. However recently I’ve run into some issues that have me seriously considering going back to paper.
1) Online banking availability. I do bills at night, usually around midnight EST. I’ve consistently hit downtime messages, slow responses and dropped connections during this time. I assume the majority of online traffic happens during the day, so banks choose to upgrade and maintain their system at night. At the very least this is an annoyance, and I pay the bill the next morning. At most it turns into a late fee, since I forget to pay the bill the next morning. That sucks.
2) Obscure/Complicated sign in procedures. A lot of sites have started moving towards security questions to access your account. Does anyone actually remember these? I’m currently locked out of my ING Direct account because the system thinks I’m answering the question “What street did you grow up on?” incorrectly.
Take a look at some of the absurd questions I was recently asked to choose on a credit card site:
What is the most unusual job you have had?
What is your youngest child’s nickname?
What is your favorite song?
Name the place you’d go to on your ideal vacation?
Name the highest mountain you’ve been to the top of?
If you could control your height, how tall would you be?
Name of a college you applied to but did not attend?
What is your most unique characteristic?
Who is your favorite person from history?
Which foreign country would you like to visit?
What is your favorite flower?
What is the last name of the funniest friend you know?
For the security question to be effective it has to be a) memorable and b) have one and only one answer. Some of these questions (what is your favorite flower?) I’ve never thought of, while others (What is your favorite song?) could have multiple answers that change depending on my mood right now.
I think the best way to go with these security questions is to pick a single word (your first name, your birth month, etc) and make that the answer to every question. This defeats the purpose of the security question, but it supports the purpose of actually accessing your account.
So, do any of you guys bank online? Why or why not? Have you run into any issues?