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If you’re still waiting in line at your local bank branch to make a transaction or write a check and mail a bill, it’s finally time to switch to online banking to streamline your finances. you and even save a little money (not to mention a lot of time).
You may be reluctant to do your banking online because of concerns like security, account management, or maybe you don’t fully understand how to use your bank’s app or website. Rest assured: Online banking is safe and convenient, as long as you take measures to protect your accounts.
Select spoke to experts about how to approach technology and use online banking comfortably.
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How does online banking streamline your banking experience?
Imagine not having to wait in line at the bank or scramble to find a stamp every time you need to pay a bill.
Erin Scheithe, senior program coordinator, consumer education with Consumer Financial Protection Bureau (CFPB). “You can check your account balance in real time, which can help you notice and report unauthorized charges more quickly.”
This technology allows you to securely and easily deposit checks, pay bills, and transfer funds from anywhere you choose. “Online and mobile banking allows you to manage your finances on your schedule,” says Scheithe.
The technology isn’t new, so late adapters don’t need to feel like they’re digital pioneers.
Scheithe continues: “Online banking has been around for over a decade, and banks and credit unions are constantly improving their online and mobile experiences.
What are the benefits of online banking?
When you bank online, you can enjoy many of the same benefits you get when you go to a physical branch, including the ability to deposit checks, open and close accounts, and pay bills, transfer funds and more.
And in some cases, you can even save money by switching to online banking. When these banks don’t have to pay for commercial real estate, they often pass savings on to customers in the form of fewer fees.
While 1% is lower than the cashback rate you get with one of the best credit cards, this is great for debit cards, which often don’t offer rewards programs.
Since Discover is an online bank, there is no physical location. However, it offers 100% US-based customer service representatives who work 24/7 and access to over 60,000 Allpoint and MoneyPass ATMs for free.
There is no minimum deposit requirement to open a Discover Cashback Debit Account and overdraft protection is free (very hard to find).
How to get started
If you’re thinking of trying online banking, but you’re faltering, the first hurdle could be fear. This is a valid concern, but your bank has complex security features.
“Consumers should feel confident using a bank or credit union’s online banking platform as long as their device is secure and they are accessing the platform from a website,” says Scheithe. of the bank.
Experts recommend taking small steps to familiarize you with how online apps or portals work.
“You can easily use online banking services by regularly checking your account balance, sending smaller payments [via your smartphone] and establish Alissa Van Volkom, head of consumer deposits, products and payments at TD Bank, said: “Automated bill payments and direct deposit will make the banking experience easier for customers. online”.
What can you do to maintain a high level of security?
You can take steps to make sure your account and personal information remain secure. Here’s what you can do:
Beware of fraud schemes
If you receive an email or text message with links asking you to log into your online banking account, do not click. Instead, go to a website that you know is correct and log in to it to avoid any Scheithe with the CFPB said, scams or other fraudulent attempts. And, if you have questions about emails received, you should call your bank or credit union to verify any messages you receive.
Be careful with your login and password
To maintain the integrity of your accounts, make sure you create a unique username and secure password for your online banking account. Don’t share your passwords with anyone, and don’t choose passwords that can be guessed like your date of birth, your pet’s name, or children’s names. You may also want to consider a service like LastPass, which can generate secure passwords for you.
Sign up for account notifications
It’s always beneficial to sign up for account notifications so you’ll be notified of any transactions or login attempts made to your account. “You can receive email alerts, text messages, and push notifications when there’s a charge, refund, or other transaction on your account, when a transfer or balance payment is posted, to receive a balance and available credit limit amount, when a payment is due, or when a payment has been posted,” said Sonali Divilek, head of digital channels and products at Chase.
Be an educated consumer
There is a wealth of documentation available to understand how to keep your account secure. “On our website, we provide education to our customers about fraud and scams, message scam attempts and how to avoid them, and additional tips,” says Divilek.
Create personal login credentials
Even if you share an account with a partner or family member, make sure you have private access to your online or mobile banking system, Scheithe warned to the CFPB. To further secure your account, take the time to add a password to your digital devices. “Make sure your devices – computers, laptops, tablets and mobile phones – are protected or locked with a password,” says Scheithe.
Use your banking institution’s educational resources
Your bank or credit union may have videos or tutorials on how to get started with online banking.
“If you want a little extra help, consider setting up an appointment with a customer service representative at your local branch – and don’t forget to bring a cell phone or tablet so you can Download the app and ask questions while walking, says Scheithe. “Or call your bank’s customer support line. Many banks have dedicated staff who can answer questions about your online and mobile banking experience.”
What are the real benefits to consumers when using online banking?
Most banking services are available at Traditional branching is offered through online banking, including bill payment, wire transfer and deposit, and account balance review. “While we have seen early adoption of these services, the pandemic has accelerated adoption and digitization further,” said Van Volkom of TD Bank.
A percentage of customers are also sticking with these services, she says, because they capture the efficiency, convenience and accessibility that online banking offers. “The real benefits come from meeting your financial needs wherever you want and whenever you want,” she says.
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Editing notes: The opinions, analysis, evaluation or recommendations expressed in this article are the sole opinions of Select editors and have not been reviewed, approved or endorsed by any third party.
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