Mobile / Online Banking

Wednesday, June 13, 2012

If you still find yourself waiting in bank lines you may want to consider spending more of your time doing your banking from the comfort of your home or office.  The internet may be the way of the future and online banking might as well be the way of the future.  Some banks even exist almost solely in a virtual atmosphere (such as Presidents Choice and ING).  This can reduce their overhead costs, and help you save more of your own money (and pay higher interest rates). 

Some people may worry about security when banking online.  However, financial institutions have enhanced security features to make sure that safety risks are mitigated when banking online.  The websites are encrypted to ensure that your username or password cannot be saved or transmitted to other websites.  Financial institutions have also taken measures to enhance security with chip technology and email alerts to let you know when major changes have been made to your account.  However, you should never share your username and password with anyone.

Generally, you will never have to give out your password over the phone or email.  However, there are scams that happen and people give out their passwords as hacks are trying to gain access to their usernames or passwords.  These generally happen over the phone or via email.  If you are ever suspicious, you should go in and speak to a financial agent at your local branch.

Not only can you do banking online but you can also receive messages to your mobile device.  With the newest technologies, you can download your financial institutions app and log in securely to your account and do your banking from your mobile device.  From there you can transfer funds, make payments and other financial features that you can do online or by visiting a branch.

Although it is scary moving away from teller banking, mobile and internet banking are the way of the future.  The internet is all around us and we should embrace these new technologies (before they embrace us!).