Of course, many people are hesitant of change, and making the transition to new technologies can sometimes feel overwhelming. The good news is that digital banking is easy to adopt, and your bank can help you along the way if need be. Let’s take a look at some of the benefits associated with going paperless, how to start using digital banking, and what to expect afterwards.
Benefits of Digital Banking
One of the most obvious benefits of foregoing paper statements in favor of electronic ones (commonly referred to as eStatements), is that it reduces the amount of paper you use and in turn helps the environment. Although it may not feel like you alone can make a difference, the overall push for paperless bank statements helps cut down on carbon emissions and reduces your carbon footprint.
Additional advantages of going paperless include:
• You can find past transactions faster. When you rely on paper statements to keep track of your banking activity, finding a specific transaction can be daunting. However, if you switch to paperless banking, you will be able to log into your Online Banking account and search for specific transactions. In most cases, entering search criteria such as the date of the transaction or the name of the store where you made a purchase can allow you to pull up your desired transactions instantly.
• There’s less clutter. Paper statements take up space in your home. If you choose to organize your statements, you will also spend time filing them and shredding them when they are no longer needed. Paperless banking eliminates all of this extra clutter and eliminates the time and energy spent organizing documents. If you do need a hard copy of a statement for some reason, you can download it from your Online Banking account and print it at home. And if you don’t own a printer, you can usually request a paper copy be sent to you from your bank.
• You have 24/7 access to your banking records. Without an Online Banking account you can't review your bank statements unless you have the paper documents on hand. However, with Online Banking and Mobile Banking, you can access your statements anywhere, anytime, as long as you have an internet connection. All you need to do is log into your bank account via your bank’s website, or through your bank’s mobile app, if they offer one.
• You can conduct banking transactions without visiting the bank. With digital banking, you don’t need to find the time to visit a branch for many routine transactions. With Mobile Banking, you can deposit a check simply by snapping a photo of it and following the prompts on your bank’s website or mobile app. At many financial institutions, you can also use your Online Banking account to make loan payments, or even schedule payments for other bills. Paying bills electronically is not only more secure than sending a check through the mail, it’s faster as well. This can allow you to avoid late fees as well as the stamp you’d need to mail in a payment. Some financial institutions, like BankFive, have even adopted Video Banking, allowing customers to complete additional banking transactions on-the-go or from the comfort of their own home.
• It’s more secure. Paper bank statements put you at risk of identity theft. If your mail is lost, if someone steals it, or if your statements are improperly disposed of, a criminal can potentially use your statements to commit fraud. Even if your paper bank statements don’t include your entire account number, they provide enough information to put you at risk. Criminals are very savvy when it comes to using the information they have to uncover additional sensitive information. With digital banking on the other hand, your banking information is password protected on a secure server. In many cases, your bank will further protect your information with multi-factor authentication – requiring you to enter a code or answer security questions if you attempt to log into your account from an unrecognized device.
• You can identify fraud faster. If you’re relying on paper statements for your bank account, you’re likely only getting them once a month. If your bank account is compromised, you certainly don’t want it to take you a full month to discover the issue. With Online Banking, you can review your account activity weekly, or even daily, to ensure that all transactions are legitimate. If you discover fraudulent activity in your account, the sooner you report it to your financial institution, the better.
Things to Know about Paperless Banking
The truth is that there are very few drawbacks to paperless banking. For many, the only hurdle is having to learn a new system. However, once you are familiar with your bank’s online platform, digital banking is generally easier to manage than traditional paper documents. Keep in mind that some banks may limit the amount of time your statements remain available online, so be sure to download copies to your computer or print paper copies of anything you may need to keep for a longer period of time.
And although banks go to great lengths to ensure their Online Banking platforms and mobile apps are extremely secure, consumers need to be vigilant with internet safety. It’s always a good idea to keep online security basics in mind. These include:
• Use a strong, unique password for your Online Banking account, and change it often
• Do not view your Online Banking account, eStatements, or eBills in a public place where your screen is visible to others
• Only access Online Banking from a secure internet connection, not a public computer or Wi-Fi network
• Keep passwords in a secure place such as a password manager - do not allow your internet browser to save your login information
• Review your Online Banking account regularly for any unusual activity, and report such activity to your financial institution immediately
Making the Switch
In today’s electronic world, most banks make the switch to digital banking quick and easy for customers. In most cases, you can register for Online Banking on your bank’s website. If that isn’t an option, a quick call to your bank can help you determine how to set up your Online Banking account. Once you have an Online Banking account, you can typically download your bank’s mobile app, if they offer one. Once you have your digital account, you can also usually log into it to opt out of receiving paper statements in the mail. In many cases, you can also visit a bank branch or use Video Banking to request a quick demo of Online Banking or the bank’s mobile app.
If you’re a BankFive customer and need assistance with signing up for Online Banking, setting up online Bill Pay, or switching to eStatements, don’t hesitate to contact us today. You can also start a Video Banking session with us to get hands-on help in real-time. We also offer an Online Banking Demo to walk you through different functions. By taking the time to familiarize yourself with the digital banking options available to you, you can help simplify your banking and save yourself time and energy. Good luck!