Some people simply won’t do online banking based on an unsupported fear that their bank account will be compromised by a hacker who discovers their password. And some people will not allow any password to be saved “online” with something like a password manager. (Keychain Access uses iCloud to share passwords between devices. Password managers like 1Password can use iCloud or Dropbox.) These people have a false phobia about how insecure cloud storage is.
News of one or more businesses or websites being compromised is NOT evidence of an insecure cloud storage for passwords. This is a real hot point for me.
Password managers that store passwords in the cloud are safe. But this safety is completely dependent on the password used to access the password manager and the passwords stored in the password manager.
The password manager website and data storage can be hacked, but accessing the stored password list and the passwords themselves cannot then be unencrypted UNLESS the password for accessing the password manager is insecure and the stored passwords themselves are insecure. If you let the password manager choose a secure password for you (a jumble of 20 characters would do), then you are fully protected. And you never have to remember it or write it down anywhere. Just be sure that the password to access the password manager is very secure. It’s the one password you never want to forget - besides the one you use to access the computer.
Using two-factor authentication is a pain, but it is also the very best way to prevent anyone from changing a password or accessing personal or financial information. Using a security key (e.g., Yubico’s YubiKey) to access a computer is more secure than using a password, although a strong password is still required.
So the only real threat to one’s privacy and financial security is a person's laziness, gullibility, or inability to do the research to discover how best to protect themselves. You can’t change a person who lives with blinders on, and they are the ones that hackers are depending on to take the bait.
My name is John Carter, and I’ve been doing online banking for over 10 years. My password manager of choice is Keychain Access and it keeps my passwords safe in iCloud.