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July 12, 2020
Live well club

Online Banking for Seniors

Technology is ever-evolving, and those that don’t keep up often fear they will be left behind. This is certainly true when it comes to banking.

Why Choose Internet Banking?

There are a number of reasons why you may be interested in shifting to online banking – medical exclusions from public places, security, convenience. As seen in 2020, the Coronavirus pandemic caused those over the age of 50 and with pre-existing conditions to self-isolate, preventing those without online access to their accounts to be left unsure how to pay their bills and conduct their finances.

How to Register

You can visit a local branch and request assistance, or do it yourself from home. Every bank is different, with registration steps varying from one to the other. In general, the steps will be along the following lines:

  1. Visit your bank’s website.
  2. Search for ‘Internet Banking’ and ‘Register’.
  3. You will need a client number and password. This will most likely need to be set-up by your bank.
  4. Security Questions are important to keep your account/s and money safe, so you will be either given a list of questions to choose from, or be able to create your own.
  5. Most banks will also have an app that you can use to access your accounts, and this will also need security protection. A code – or pin number – is often used.

What Can I do with it?

There are lots of tasks you can easily complete with online banking.

  • Check the balance of your accounts
  • Transfer between your accounts
  • Transfer funds to someone else – i.e. to pay a bill
  • Set-up regular payments

Is it Secure?

As with any online account, it is important to monitor the secure information you enter. When it comes to your money, it is normal to be more apprehensive and fearful of a security breach, however, banks are constantly working to improve their security protocols to ensure your funds are safe and protected.

If you are interested in joining the millions of Australians that use online banking or want to learn more, contact your financial institution to see what is available and how it can be of benefit to you.

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