Introducing Online Banking

Hello everybody. Today I will be talking about one of the most convenient things that Internet has brought to my daily life, which is Online Banking. Before I start, I want you to think back to the time when we all had to go to the bank to do things such as money transfer, bill payments, or checking your balance. Also, keep in mind that mostly everybody has no times going to the bank just to pay his credit card, or to see how much his current balance is. I agree that it would be a big problem for people who works at the office, where they have to start working before the bank opens and finish at the time the bank closes, and they would only have one or two days a week to go to the bank. So in this blog, I'll go deeper into this online banking system and its benefits.

Online Banking is an online system that allows users to make bill payments, transfer money, check the balance and bank statements, securely over the Internet. By using the  Username/ID as the number showing on your debit card and the password of your choice, you can log in to your online banking securely. For first time user, you will have to go through all the security steps to make sure that you are the rightful owner of the card. After going through all the steps, you will be asked to choose a password and a set of security questions / answers for yourself, in case somebody else wants to get access to your online banking. After that, you are all set and can start online banking right away. Nowadays, every bank in Canada has its own online banking, including Scotiabank, TD, BMO, RBC,...

Below are some examples of how online banking looks like at first sight for some Canadian banks:

BMO

Scotiabank

TD Canada Trust

Here are some of the advantages that online banking offers to its customers:

- Paying your bills online: you can simply go to Payments/Bills (depending on each bank) and pay for your payee. You can simply input the account number of the payee and it will show up in your online banking system.

- View your transactions: you can go into each account and see the transactions you have made on the card (deposit, withdraws, payments, etc.) 

- Transfer money: you can transfer money between your chequing and saving accounts by simply going to Transfer tab and follow the instructions.

- View your statement: you can not only see your bank statements but also registering for paperless statements, which will save lots of paper being thrown into the garbage bin each month.

- It's FREE

That is pretty much everything about online banking. If you have any concerns, please feel free to leave your comments :) Good night

Sources:

Caldwell, M. (n.d.). Three Advantages of online Banking. Retrieved from Money in Your 20s: http://moneyfor20s.about.com/od/financialinstitutions/tp/Online-Banking.htm