DIGITAL BANKING

[3CATSAILOR]

So much for On Line Banking. I am told at Cedar Point. On Line Banking is gone. It is now replaced by Digital Banking. All of us are told to love it. I didn't see any problem on On LIne Banking. The same bank said it was safe and secure. Now they tell us it is better for us. I have heard Conspiracy Theories about Digital Banking. Most are just that. A theory. However, every so often, some of those Conspiracy Theories prove accurate. Time will tell.

Just in case, does anyone know of a bank that isn't going to go Digital Banking, or already have?

 

[PJay]

However, every so often, some of those Conspiracy Theories prove accurate.

 

[Gilligan]

What's different?...or "new"?

 

[PrchJrkr]

What's different?...or "new"?

They've found a way to "upgrade" their digital banking and make it worse. It's uglier, requires more clicks, and unlike Navy Federal, some things still require calling them. I only keep an account open with them because my first Wifey worked there and convinced my entire immediate family to open accounts. It was easier for us transfer funds between accounts, since we all had accounts there. It's probably no worse than others, except they required a bunch of user input to get things back to how it "was" set up. The new interface is ugly and time consuming, if you ask me. Their only upside is a brick office on every corner. Navy Federal, not so much. CPFCU spends a hell of a lot on employee perks, some of which paid off during first Wifey's long fight with the bastard.

 

[GregV814]

At first glance it doesnt look good. There are normally no brick & mortar buildings, fewer employees and all run by computers BUT fewer regulations and consumer protections. OOOOOOOh it can be hacked...

Well, Hell, we are hacked 24-7 anyway. I swear you could "toot" followed by 27 remedies for gas like Gas-X, Tums... etc... we are there already folks.

 

[PrchJrkr]

At first glance it doesnt look good. There are normally no brick & mortar buildings, fewer employees and all run by computers BUT fewer regulations and consumer protections. OOOOOOOh it can be hacked...

Well, Hell, we are hacked 24-7 anyway. I swear you could "toot" followed by 27 remedies for gas like Gas-X, Tums... etc... we are there already folks.

That's another thing. Within 3 years my account was compromised, card cut off, and money unavailable until the following business day, which happened to be a Monday, with CPFCU.

In that same time, NFCU card never hacked. I used them both about the same for online purchases during the same timeframe. NFCU got hit once much later, but it was during the week. That hacker must not have been as savvy. They should have waited until Friday/Saturday like the others did. No walk in services until Monday.

 

[Gilligan]

They've found a way to "upgrade" their digital banking and make it worse. It's uglier, requires more clicks, and unlike Navy Federal, some things still require calling them. I only keep an account open with them because my first Wifey worked there and convinced my entire immediate family to open accounts. It was easier for us transfer funds between accounts, since we all had accounts there. It's probably no worse than others, except they required a bunch of user input to get things back to how it "was" set up. The new interface is ugly and time consuming, if you ask me. Their only upside is a brick office on every corner. Navy Federal, not so much. CPFCU spends a hell of a lot on employee perks, some of which paid off during first Wifey's long fight with the bastard.

Hmm. I've got my personal and business accounts with Truist. The online features in both handle nearly all my banking needs with little fuss or muss...some transactions require that they text a code to my cell phone so I can enter it to confirm a particular action. I can pay suppliers via ACH direct. I can transfer money to my own or to other personal accounts using Zelle. Deposit checks via my cell phone. All good...I hope they don't screw with it.

oh..and Truist was superbly responsive when it came to covering stolen checks. The $40,000 or so was replaced within barely a week.

 

[vraiblonde]

I see no real difference and thought online banking *was* digital banking - now they just call it something else to sound modern and edgy.

 

[Tech]

Hmm. I've got my personal and business accounts with Truist. The online features in both handle nearly all my banking needs with little fuss or muss...some transactions require that they text a code to my cell phone so I can enter it to confirm a particular action. I can pay suppliers via ACH direct. I can transfer money to my own or to other personal accounts using Zelle. Deposit checks via my cell phone. All good...I hope they don't screw with it.

oh..and Truist was superbly responsive when it came to covering stolen checks. The $40,000 or so was replaced within barely a week.

When they first merged the new bank online sucked, got better or did I learned how to use it?

 

[Gilligan]

When they first merged the new bank online sucked, got better or did I learned how to use it?

We were with Suntrust before the merger and were considering moving our accounts. The improved business banking services and better online features available overall after the merger were what kept us from moving.

 

[dave20]

I'm not sure if has anything to do with the institution you are dealing with but the government is pushing a Central Bank Digital Currency which would basically create a government based crypto currency. This would mean that the government would be able to monitor your expenditures and possibly exercise control over what you do with your money and/or your access to your account.
I don't believe that Canada used this technology to cut off the Truckers during their protests a while back but they did limit their access to their own funds on the orders of the government. Would be much easier with digital currency controlled by the government.
Anyway I'm not saying that is what your institution is doing but sounds odd to call it digital banking instead of online banking like most other brick and mortar institutions. Maybe they are getting away from actual physical locations and that's the reason for the change.

 

[GregV814]

my son is on a kick that soon...maybe sooner...the dollar will be severely devalued to what our Overlords think it should be...Not that bizarre.

 

[Tech]

We were with Suntrust before the merger and were considering moving our accounts. The improved business banking services and better online features available overall after the merger were what kept us from moving.

I was BB&T.

 

[3CATSAILOR]

What's different?...or "new"?

Good question. I am still trying to find a Manager at CPFCU that actually knows something about Digital Banking. Some folks say they do. But, when you start asking questions, you can tell they don't really know. I hope to find out next week. I'll post it here once I find out. It has to be different from On LIne Banking. Otherwise, why would they put the expense out for it? I'm also going to check the legal/safety side of it

 

[3CATSAILOR]

I'm not sure if has anything to do with the institution you are dealing with but the government is pushing a Central Bank Digital Currency which would basically create a government based crypto currency. This would mean that the government would be able to monitor your expenditures and possibly exercise control over what you do with your money and/or your access to your account.
I don't believe that Canada used this technology to cut off the Truckers during their protests a while back but they did limit their access to their own funds on the orders of the government. Would be much easier with digital currency controlled by the government.
Anyway I'm not saying that is what your institution is doing but sounds odd to call it digital banking instead of online banking like most other brick and mortar institutions. Maybe they are getting away from actual physical locations and that's the reason for the change.

I have a neighbor that is a high ranking Intellegence Agent for the military. I'll have to check on this angle. Wow, it can be a major thing for just about anyone in the U.S. if true. Thanks for the info ! I will come back here and let you know what he said.

 

[Clem72]

As far as I can see there is not real definition of digital banking beyond "more services than online banking" or a "combination of online and mobile banking".

Same sheet different name.

 

[PeoplesElbow]

Good question. I am still trying to find a Manager at CPFCU that actually knows something about Digital Banking. Some folks say they do. But, when you start asking questions, you can tell they don't really know. I hope to find out next week. I'll post it here once I find out. It has to be different from On LIne Banking. Otherwise, why would they put the expense out for it? I'm also going to check the legal/safety side of it

The old system was 10 years old, the software maker probably stopped supporting it just like Microsoft does with products.

 

[dave20]

I think Peoples Elbow is probably right on this. I looked at the Cedar Point web site and from what I could see they are just substituting the words digital banking in place of online banking which is basically digital. They noted partnerships with IT companies that service the banking industry.

The Central Bank Digital Currency thing is a real thing that is being pushed by certain factions. But probably doesn't apply in this instance.
Check out this link for an explanation on the difference between online and digital banking, https://www.chase.com/personal/bank...anking-vs-online-banking-whats-the-difference

 

[Gilligan]

As far as I can see there is not real definition of digital banking beyond "more services than online banking" or a "combination of online and mobile banking".

Same sheet different name.

That's what it looks to be...yep. Big yawn..moving on.

 

[PeoplesElbow]

What happened to some of you to make you such nut jobs?