Try to envision your daily routine without the conveniences of e-mailing, Web-browsing, downloading, blogging, pod-casting, networking or e-shopping. For the typical American college student, such a task is probably impossible.
But when it comes to an important aspect of societal success - the ability to manage money and spending through banking - fewer students are turning to the Internet to get the job done, as the rest of the world quickly surpasses them and joins yet another digital revolution.
According to a Pew Internet and American Life Project study entitled, "Online Banking 2006: Surfing to the Bank," only nine percent of bill-payers had completed an electronic banking transaction at the beginning of the Internet's life in 1994. When the survey later polled Internet users in 1998, the number rose to 13 percent.
Since then, this number slowly climbed to 17 percent in 2000, peaking at just under 45 percent in 2004. Despite its increasing popularity, however, the study concluded that online banking has not outpaced or equaled the growths that many other Internet services have experienced.
Bank of America heavily advertises its online banking option as "convenient, free and secure," boasting the ability for users to view statements, see images of checks, retrieve alerts, pay bills, transfer funds and manage credit cards. It's also popular amongst Tufts students because of the campus center ATMs.
But when asked whether or not they utilized online banking, nine out of 10 Tufts students polled either did not have an online banking account or did not use their online banking account on any kind of regular basis.
Sophomore Andrew Lappin said he doesn't use online banking because he doesn't need it and doesn't know how to use it.
"It's a pain to use," Lappin said. "I never even remember my password, and at this point in my life, I don't have a lot of need for it."
For freshman Marika Zappas, online banking is not an issue, as she rarely needs to complete complicated transactions through her bank account.
"I have online banking but I've never used it," Zappas said. "There's no need for it: I'm not making any significant amount of money, and I get my balance information when I go to an ATM. For me, there isn't really a point to it."
Though some online banking nay-sayers cite security issues as reasons for not partaking in the digital transfer of money, according to Computer Science Professor Carla Brodley, security is user-dependent and shouldn't deter people from online banking.
"The transmission of information between your PC at home and the bank's computer is well-protected. Most banks' systems are also well-protected; however, most PCs are not. So online banking is as secure as your home system is," she said.
The Pew study authors noted that online banking is much more popular in households with higher incomes; evidence showed that large amounts of cash have been moved into online bank accounts in such households. In 2005, 55 percent of Internet users from households with an income of under $75,000 used online banking, while just 29 percent of internet users with incomes under $30,000 did so. Users of high-speed Internet were also much more likely to use online banking that those with dial-up.
Most students said their parents are endorsers of online banking, marking a strange generational role reversal in the world of digital culture.
"I know my dad loves [online banking]," Lappin said, "but he actually has money."
With the ease of carelessly spending money with the simple click of a mouse, a certain degree of financial responsibility accompanies the concept of online banking.
For freshman Andrea Shadick, online banking helps her budget her money more effectively.
"I like being able to look at my account balance online ... It's just so easy to swipe a card without knowing how much money you're actually spending," she said. "Online banking makes it so much easier to keep track of how much I'm spending."
