What are the benefits of online banking?
Trying to access your bank account information 24 hours a day, 365 days a year and from anywhere in the world? Want to be able to transfer your money, make bill payments and deposit a check without stepping into a bank institution? If this sounds like your gig, then you might want to consider reaping the benefits of online banking.
Canadians are switching to online banking faster than ever before, and if you are thinking about moving your finances online too, consider these tips:
- 1. Virtual Customer Service
With online banking, there is no option of walking into a physical bank. Any questions, comments or concerns that you might have regarding your finances are discussed with a customer service representative through an online messaging system. Speaking with an agent online saves you time waiting in line or adjusting your day around branch hours.
However, If you’re not comfortable with technology (texting, e-mailing, messaging) and would rather speak with someone about your money face-to-face, online banking might not be your best option.
- 2. Security is not an issue
A lot of people fear that online banking isn’t as safe as traditional banks. However, the security risks of an online bank and a traditional bank aren’t different from each other. Banking information can be stolen regardless of whether it’s the online or offline platform.
One of the best things about online banking in Canada is that you can monitor your account information at your convenience, so any suspicious activity in your account can be reported as soon as possible. While accessing your online banking information, ensure that you’re logged in with a secure internet connection– not a public domain.
- 3. Online Banking Could Be Cost Effective
Physical banks invest a lot of money in building costs and in-house materials and staff. With online banking, these expenses are eliminated, which means online banking consumers have lower fees, higher interest on saving accounts and lower interest rates on mortgages and loans. If you’re trying to save your money, online banking is a great way to cut added bank fees from your budget.
Forty-two per cent of Canadians claim that their in-branch visits has dropped, however, bank branches still remain a vital part for how Canadians manage their money. Regardless of how you choose to bank, make sure that it fits your lifestyle – not only will this eliminate stress, but it could help you save some time and money too.
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