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Online Banking Concerns


USA Today has a good article on the the latest efforts by banks to strengthen security of their online banking. You may have noticed more and more banks and credit unions adding security questions and image verification to the login procedures. The latest bank that I've seen to do this is GMAC Bank. Last year Federal regulators issued requirements for banks to implement these improvements by the end of 2006.

Security is just one of the conerns about online banking. The problems at E-LOAN is another issue (see post). Whether the problems are from mistakes or from theft, you want to be able to get help from a bank within a reasonable amount of time. Many are describing their experience with E-LOAN's customer service like communicating with a black hole. Perhaps E-LOAN is overwhelmed by the number of customers trying to contact them about the transfer problems. Whatever the problem, it doesn't help build faith in online banks.