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Online Banking Tips for Newcomers

Online Banking Tips

Date: 24 Nov, 2022

Author: baljitsingh

Taking control of your finances as a newcomer in Canada is one of the first ways to set yourself up for financial success. And this requires opening a bank account including online banking for convenience. However, banking here is different from whatever country you are coming from. Plus, the banking industry is also huge and choosing the right one for your financial needs can be a hassle. Not only that, you are just jumping on an online banking bandwagon in another country. You will need the right guide to help you scale through securely and successfully. Here are tips to help navigate the online banking scenes and choose the right one for your needs. 

Why Do you Need Online Banking?

As a newcomer, having online banks should be at the top of your priority lists. You will need to pay for rent, gas, electricity and other utilities. Not only that, but you can also deposit checks, transfer money, check your bank statements, access your accounts anywhere anytime. Thanks to online banking that is making life easier. It’s not surprising it has gained popularity over the years.

The good thing is there are virtually every banking institution that has both physical and online presence including mobile apps and ATMs across the country. In addition to that, there are some digital-only banks that provide banking facilities exclusively online. While many banks offer basic features, some take the extra step to offer applying for credit checks, avail of insurance, apply for various types of loans, activate or deactivate your credit cards and so much more. 

What are the Best Online Bank Accounts for Newcomers?

Banks operate differently when it comes to levels of service, charges and fees and the amount of interest received on your money. Here are factors to look out for when choosing the right online banks for your needs:

Reputation and Insurance:

Carry out a due diligence before choosing any bank. Make sure they are banks that you can entrust your finance with. Going with banks that have been in online games for years might be your best bet. They are already established, and they have what it takes to run an online banking. 

FDIC insured:

Go for banks that use industry-standard security and are backed up by The Federal Deposit Insurance Corporation (FDIC). A bank that is secured by FDIC will proudly display on their website for potential customers to see. FDIC will protect for upto $250,000 per account for each individual customer in case a bank goes down the drain. 

Fees:

Don’t be ignorant of any fees that are being charged for any financial tools used or transactions carried out. For instance, there are some online banks that allow you to use an ATM without any charges. 

Offers:

Online banks do not have to deal with huge overhead costs. That is why they offer little to no fees including high yielding savings accounts. However, while some offer no fees there might be a minimum amount you hold in your savings account. Those that offer the highest yielding account may not provide ATMs or debit cards. Hence, consider your needs and go for the ones that are most suitable.

Also Read: Difference Between Open Banking and Open Finance

Extra Features:

There are online banks that provide other benefits that will be valuable on your financial journey. A notable one is innovative financial tools that help people keep track of their money. There are fintech apps that allows you to save and also keep track of your expenses for easier budgeting. 

How Can you Protect your Online Banking Information?

Although most online banks have a strong security measure, there are still some safety tips you need to follow to ensure you don’t fall prey of hackers. These include:

Bottom Line:

Online banking will ensure you have a smooth, secured financial ride. Your bank follow strict security measures and you are also keeping abreast of potential threats, you are good.

By baljitsingh

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