My bank wants a username and an 8-digit alpha-numeric PIN, but I've never felt particularly safe with that. I've sometimes wondered if there would be a way of hacking a program onto my computer to collect such numbers.
Joe's bank's system is a help with phishers, but John's worry seems reasonable, not in my case because my location is private,(it isn't) but because if that is the best they can come up with, perhaps we should give up eBanking.
How on earth would the bank phone you after hours, which is when I do my eBanking? Is there a possibility that they will have 24/7 service, even just phones? Naah.
I'm not married to the idea of instant banking, so a phone-call before the actual transaction is processed (next business day) seems ok to me. But the tightwads would charge extra for it, and it would be to save THEM money.