ONLINE BANKING…a time saving, safe way to manage your finances.

Text by Betty Shore

Online Banking, Internet Banking, PC Banking, Electronic Banking, Home Banking… all these terms refer to managing your money away from the brick and mortar institutions.

Although using the Internet to manage your finances has been around for quite some time now, some of us still find this a new concept that is hard to accept and feel comfortable with. The thought inflicts a certain amount of fear and distrust in some of us.

Online banking is viewed by the financial industry as a powerful “value added” tool, giving you another option in managing your finances. It isn’t meant to change your money habits. It is simply providing an opportunity to use your home computer, with Internet access, more effectively as a time saving tool in today’s world. With more and more demands on your time, this tool allows you to manage your finances more quickly, efficiently and at a time that is convenient for you, day or night, without leaving your home.

The financial industry has spent years and generations earning your trust and is now able to offer another fully functional and secure way to manage your finances. You are able to view your account balance and history as well as perform various transactions. As you become familiar with the Internet site, you will find that it is easy to use. It is quite common to use both the online services as well as the services offered at the physical location for transactions like making deposits, obtaining loans and/or mortgages, asking questions or clarifying an item on your statement.

Connecting you to a more convenient world

Your information is only a mouse click away. Access your information during the day or night, seven days a week. There are no boundaries – away from home, out of province or out of country –
you are able to log on to instantly check your balances and take care of any necessary business. Most online transactions are confirmed immediately without any time delay. You have access to all of your bank accounts and are able to manage them from one secure site.

Internet sites will often include information such as current interest rates, financial planning tools and calculators, as well as links to affiliated credit card companies, investment information, as well as a link to obtain your credit report, financing tips, and much more.

Typical Online Features Include:

Account Balances – Not sure how much money you have in your accounts? Just log in to check your balances. Check your automatic payroll deposit or your automatic payment withdrawals.

Account History and Activity – Find out which deposits or withdrawals have been processed without waiting for your statement. View and print your statement at any time. You are also able to print a copy of any cheque that has cleared your account. No need to call during business hours to check the status of your account.

Interest Rates – Get the current interest rates for deposit accounts as well as loan and mortgage rates.

Transfer of Funds – Funds are easily transferred from one account to another, from savings to chequing or vice versa. You are now able to go to the ATM and make a withdrawal from the appropriate account.

Credit Cards – Check your credit card balance and transactions as well as your reward points.

Bill Payment – Paying your bills online is both fast and easy. It is no longer necessary to spend money on stamps and gas while attending to paying your regular bills. You don’t need to take time out of your busy day, writing out cheques, driving to each of these locations, and more time spent waiting in line. When paying bills online, always print out the confirmation you receive and attach it to each bill. There are numerous companies that are set up for online bill payment, such as utility companies, cable companies, major department stores, credit card companies, municipalities for property taxes, universities and colleges, and many more.

Betty Shore is an Accredited Mortgage Professional and can be reached at 346-2898 or email @ bshore@scu.mb.ca at the Steinbach Credit Union.

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