Should You Switch to Online Banking?

Imagine being able to access your bank account information 24 hours a day, 365 days a yearand from anywhere in the world; being able to transfer your money, make bill payments and deposit a check without having to step foot into a bank institution – if this sounds like your cup of tea, you might want to consider online banking.

Canadians are making the switch to online banking thanks to its ease, convenience and efficiency. If you’re thinking about moving your finances online, consider these tips:

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 a messaging system online. Speaking with an agent online diminishes having to visit a branch, which could save you time waiting in line or coordinating your day around branch hours.

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.

A lot of Canadians fear that online banking isn’t as safe as traditional banks. However, the security risks between an online bank versus a traditional bank aren’t far from each other. Thieves and hackers can steal banking information regardless of whether it’s online or offline.

One of the best things about online banking is that you can always monitor your account information, 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 Wi-Fi – not a public domain.

Traditional banks spend a lot of money on monthly building costs and paying for in-house materials and staff. With online banking, these expenses are cut, 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 pennies, online banking is a great way to eliminate added bank fees from your budget.

Forty-two per cent of Canadians say their use of in-branch banking has dropped, however, bank branches remain a vital part for how Canadians manage their money. Regardless of how you choose to bank, whether in-person or online, make sure that it fits your lifestyle – not only will this eliminate stress, but it could help you save too.