5 reasons why you should use online banking
21 Oct 2015
Not so sure about doing your banking online? Here are five reasons why you should consider taking care of your finances online or even your mobile phone.
“There is a genuine fear about doing your finances online or on your mobile because there are a lot of stories that circulate about fraud and identity theft and people being scammed and losing their savings. But it’s important for seniors to know that it is safe, if you understand how it works and how to keep yourself safe on the internet,” explains Michelle Hutchinson from finder.com.au
1. Keep on top of your accounts
Not only can you very quickly and easily view your bank statements from your mobile phone or computer, you can also check your interest rates and the fees you’re paying, which are all important to helping you get the best deals around, says Michelle.
2. Pay your bills on the go
With a few simple clicks of your mouse, you never need to worry about late bill payments again. You’ll save time on dealing with paperwork and have more time for the more pleasant things in your life.
3. Transfer funds
If you are in need of extra money when your travelling, you can easily transfer funds between your accounts if required.
4. Save on fees
If you choose a virtual bank, which operates only online, you’ll save fees on things like ATMs. Many don’t charge maintenance fees that bricks-and-mortar banks do.
5. Consider using mobile banking
Most banks have mobile apps available that you can download onto your smartphone so you’re able to do your banking wherever you are, whether you want to check your balance, deposit checks, transfer money or pay bills.
Some banks are able to send you text messages when you have new funds transferred into your account, making it easy for you to stay on top of your accounts.
Michelle also recommends seniors take care of their passwords to keep themselves safe against any dodgy scammers. Here are a few of her security tips:
1. Don’t ever reply to an email from a bank with your details. Your bank will never ask for your details over email or the phone.
2. If you see something odd in your bank statement, even if it’s a small transaction that you don’t recall paying, don’t ignore it. Scammers will often test your account to see if you notice small transactions and if they don’t get picked up, they will try to make bigger ones in the future.
3. When you’ve finished with online banking, don’t just close the window - make sure you properly log out.
4. Like all your personal accounts, change your passwords often. Every month is ideal. Don’t make your passwords too simple or generic and don’t just choose one password and use it across all your accounts.
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