For a little personal background, I do have have a degree in computer science from a top 25 school and I built the search engine for ZDNet, a top 20 Internet company in 1999. I didn’t see anything

The article you commented on is was 15 months old. Back then many banks still didn’t require multiple security questions… at least my Bank of America didn’t. As you say the trend is growing… and has already grown over the last 15 months. That doesn’t necessarily mean it’s a good trend. Even today, I stand by what I said in comment #5:

“I understand the need for security – it is just too much – especially for someone just wanting to try something out to see if it’s right for them. Or provide some phone number support to get people up and running… I’ll be happy to answer any questions about me that I actually have a way of knowing. Just don’t make me wait for snail mail.

Plus, if someone ever wants to create a bank account in my name and add funds to it, be my guest…”

In the end, their cofounder – Mike Ferrari in comment #16 seemed to agree with me in all points, except said that it’s what the bank they partnered with requires. I understand it, but if customers can’t sign up (as they admitted can happen for numerous reasons), it’s a fundamentally flawed business.

How would you feel if your friend gave you a $25 SmartyPig gift card for your birthday and it took you multiple hours (or days) of your time to redeem it? I know I’d be thinking, “Why couldn’t they have just given me a Visa Check Card, any restaurant card, Target Card… anything else?” I’m hesitant to link you to another complaining post (I really don’t have that many), but the idea of a SmartyPig gift card is a candidate for the worst gifts to get.

Yeah.

Many banks now require the multiple security questions, and the trend is growing. Get used to it.

Perhaps you are simply one of those people who are (and I know many of them) technologically helpless? If things are not dead easy you give up and spend more time crying about how hard it was than you would have spent simply trying harder?

And, the drivers license thing is and was very clearly explained as needed for the war on terrorism and money laundering. If you walk into a bank to open an account, you are required to have such identification, why should opening an online account be any different?

Now, I can understand that when you signed on and tried the service you wrote about how hard it was to sing on. I could understand if you signed on and found it aggravating to not be able to delete a linked bank account from the interface and had to call customer service to get it done.

However, you did none of that. You simple gave up and whined. Not the best introduction to your blog I must say, but I admit I am curious to see if you offer anything worth my time on this blog, or if it is more of the same.

And trust me, if I find something useful, my comments will reflect it… after all, you may have simply been having a bad day.

=)

Equifax should be reporting one of these two numbers or they should use something a little more stable as a verification question, perhaps having me confirm a credit card that I actively use or a national bank that I’ve been a member of for 15 years.

@ the SmartyPig folks, the other downside to online banking is the terrible customer service (I’ve been on both sides of that). Hopefully, you won’t have that problem…

You don’t want someone opening a false account and funding it in your name…. when it gets caught and reported to the credit agencies, that’s your credit history that’s wrecked.

You really should know where your mortgage is sitting (mine has been sold twice, and the last company was then bought)… particularly in an environment of failing financial institutions. Who do you make payments to?

That mortgage question will prevent you from accessing your credit report from Equifax. It’s a pain.

Another one of the joys of banking with a Credit Union is that they rarely resell the loan. I can walk across the street from work and speak with my note holder.

I have run through that same torture test on another financial website (can’t remember which one right now) but I did feel lucky to pass it even though it is supposed to be my information.

Even my dad has been stumped by the mortgage one…because he doesn’t think it’s the right company but then “none of the above” doesn’t work either.

i’m a big fan of security, huge fan .. it needs to be done, but more importantly, needs to be done right.

in other news: lazy, i have a *special* offer for you or one of your readers! ;)

Mike

Plus, if someone ever wants to create a bank account in my name and add funds to it, be my guest…

Much appreciation, Jon Gaskell Co-Founder, SmartyPig

@Andrew – starting immediately we are offering the third option for customers to redeem their savings plus interest at no charge with a check. We are making a formal announcement Monday. Thanks for your interest!