# data[].attributes.body
Welcome to our Online Banking padlet wall presented by Donnie, Alec, and Mark. Throughout our posts, you can expect to learn about many aspects on this topic such as the main advantages and disadvantages, security concerns, how to protect your accounts, and many facts.

# data[].attributes.body
This website gives many good points as to what the pros and cons are to online banking. Online banking seems to be heading in the right direction. 72% of new banking accounts created in 2017 were created online.
The biggest advantage to online banking is that you can basically do anything related to your bank within seconds through your device. Through experience, it is very simple to transfer money to others, pay my bills, and even setting up fixed payments every month.
A major disadvantage to online banking is the security and identity theft risks. Although the banks aid in keeping it to a minimum, there is still the risk.

# data[].attributes.attachment_link.readable_text
Online banking gives you the ability to manage your bank account over the internet using a computer or mobile device. There's no need to visit a bank branch, and you can do all of your banking tasks when it's most convenient for you, including outside of normal banking hours.

Learn more about online banking and why it is often easier, less expensive, and safer than in-person banking.

What Is Online Banking?

You can bank online through an online-only bank or online-only credit union or through the suite of online services that most brick-and-mortar banks and local credit unions now offer. You can typically pay bills, transfer funds, apply for a loan, deposit checks, and verify transactions and account balances.

The one advantage traditional banks and credit unions have had over their online counterparts is the ability to withdraw funds using an ATM. Increasingly, online banks and credit unions are providing access to a network of ATMs that won't charge you a fee. And some financial institutions will reimburse your ATM fees up to a certain amount each month.

How Online Banking Works

Online banking is designed to be convenient, saving you time and letting you do banking on your own schedule rather than only during the hours your local bank branch is open. Almost anything you can do at a traditional bank or credit union location you can accomplish online, starting with opening an account.

Opening Accounts

You can open checking, savings, and other types of accounts online, often without the hassle of printing or physically signing anything. With electronic signature capability, the entire process might now take less than 10 minutes.

If you're a customer of a financial institution that offers online banking, you can register for online access through that institution's website. At a minimum, you'll usually need the following items to get started online:

An internet connection

A device with a web browser: a computer, tablet, or smartphone

Your bank account number

Personal information to verify your identity, such as your birth date and Social Security number

You will need the same things, excluding the bank account number, to open an account with an online-only bank or credit union with which you do not have an existing relationship. You may be asked for additional ID verification, such as a driver's license.

Registration involves setting up a log-in-often your email address-and password. Once you complete registration, you can log in to your account and start banking online with only your internet-enabled device.

Paying Bills

Instead of writing checks to pay bills, your bank can print and mail a check for you month after month. But for greater convenience, it's also possible to send money to a payee electronically, even if the amount you owe changes every month.

Transferring Funds

If you need to move money from your checking account to your savings account or into a certificate of deposit (CD), you can carry out these intrabank transfers online. You can even link your accounts at different banks or send money to friends and family almost instantly through person-to-person services accessible through your bank.

Applying for Loans

Getting a loan is traditionally a paperwork-intensive process, but it doesn't have to be. Filling in your application online speeds the credit-check process, enabling your bank or credit union to respond with an answer more quickly. Some financial service providers with online loan applications make funds available the same day you get approved for a loan. Other lenders that operate entirely online can make near-instant lending decisions.

Depositing Checks

When someone pays you with a check, it's easy to deposit the check from home if you have a smartphone. Using mobile check deposit, you snap a photo of the check through the mobile app of your bank and submit it for payment. There's no need to mail the check.

Viewing Current and Past Transactions

Most credit unions and banks make it easy to check your available balance, verify your latest transactions went through, and review previous monthly statements online. You should be able to search transactions by time frame and type, such as a bank card payment.

Staying Informed

Another big benefit of online banking is the ability to set up alerts. You can receive a text or email when your bank notices potentially fraudulent activity or your balance goes below a certain amount. You can be notified when deposited money is available and when a check has cleared.

These alerts are great for informational purposes, but more important, they can help you quickly stop criminal actions. For instance, if you are notified of a change in your password and you did not make that change, you can immediately contact your bank and ask them to prevent the perpetrator from draining your account.

Online Banking vs. Traditional Banking

There are important benefits to be gained by using a bank through which you primarily or exclusively manage your account online. But traditional banks have advantages too.

Better Interest Rates

Online-only banks tend to offer a higher annualized interest rate, often referred to as the annual percentage yield (APY), on your deposits. That's because they don't have the overhead of brick-and-mortar banks and can pass some of the savings along to you. However, the online division of some traditional banks may also offer competitive rates. Online banks also tend to offer a lower interest rate on loans, which is called the annual percentage rate (APR).

You generally want higher interest rates on savings accounts to make your money work harder for you. On the flip side, lower interest rates are desirable for loans because they reduce the total cost of the loan. It's smart to shop around and compare online bank rates to traditional bank rates, but you'll almost always do better online.

Online-only banks typically charge lower fees than traditional brick-and-mortar institutions for the same reasons they pay more in interest. In fact, they are less likely to charge fees at all for certain services or for failing to maintain a minimum average balance.

In-Person Transactions

Despite offering the ability to deposit checks via mobile deposit or withdraw money through affiliated ATMs, an online bank may be impractical if you frequently make large deposits or withdrawals and need to do so through a bank teller. Some banks have a daily mobile deposit amount limit and ask you to visit an ATM or branch to make deposits exceeding that limit. This may prove difficult if your bank doesn't have a large network of free ATMs or a branch nearby.

Most banks also place daily limits on the amount you can withdraw from ATMs. If you need more cash and can't convince your bank to increase the limit, you'll need to request a cash advance in person, which you can't do if you can't visit a branch.

Traditional banks can also provide notary services, safe-deposit boxes, and cashier's checks. Online-only banks typically can't.

Technology Issues

If you're not comfortable with technology, banking online may come with a steep learning curve. Plus, glitches happen, and if your computer-or the bank's system-is down, you may have to put off a pressing transaction.

For complex situations like pesky customer service issues or discussions about different types of loans, you might benefit from a face-to-face meeting at a traditional bank.

Safety Issues

In many respects, online banking is more secure than traditional banking. Having your pay directly deposited into your bank account eliminates the risk of someone stealing your check from the mail. Plus, no one can copy your account information from checks that you send out; bank computers send that information back and forth securely, without storing it.

Online scams such as phishing schemes that use an email or text to get you to divulge important information are a cause for concern. But as long as you send information only to people you trust, and through authentic websites, you can avoid many of them. Be careful about what you click on, and contact your financial institution if you have any concerns.

# data[].attributes.attachment_link.description
Online banking gives you the ability to manage your bank account over the internet using a computer or mobile device. There's no need to visit a bank branch, and you can do all of your banking tasks when it's most convenient for you, including outside of normal banking hours.

# data[].attributes.body
The article from this websites gives interesting view about the future of online banking as well as banking in general. The article says that most finical experts expect banking to be switched to technology based banking. The experts say in about 25 years everyone will be making there transactions online. They also think that it could take even longer than the 25 years estimated; there are still a lot including myself that like getting paid as well as writing checks. Another big change they are expecting in the future is " peer to peer " lending. The experts are expecting it to represent 25% of the lending industry

# data[].attributes.attachment_link.description
There are a lot of things happening in the banking sector and it is hard to predict what the future of banking would be. There's no one who can predict what the future of online banking, lending, fees and charges, and the robo-advising could be.

# data[].attributes.body
This video by Fox 35 that is telling us that it isn't a good idea to use someone else's WiFi connection to do our online banking, especially if it is a free WiFi. You never know who can be behind the scenes looking at every move we're making.
They also informed us that if your connection suddenly becomes slower, it could be due to somebody trying to get into your account as the connection could have switched to whatever they were using.
All in all, there will be security risks involved with online banking, however there are ways to reduce the possibility. One of which is to use your own WiFi and to protect your account with dual password protection. Doing this will greatly reduce the risk.

# data[].attributes.attachment_link.title
How Safe Is Online Banking On A Smartphone?

# data[].attributes.body
A video of a man who got scammed by Online banking. After watching the video. Its one of the more sophisticated scams I have seen. The scammers use LinkedIn which I thought was fairly professional and secure. I was surprised that the man is planning on suing the bank. i feel like that is a silly thing to. I don't think there is really any chance of beating the bank in a court of law.  I was also surprised with the fact that there was as much trust between the man and the scammers, but i guess thats good on the scammers.

# data[].attributes.attachment_link.title
B.C. man warning about banking scam | Watch News Videos Online

# data[].attributes.attachment_link.description
Watch B.C. man warning about banking scam Video Online, on GlobalNews.ca

# data[].attributes.body
The website below gives us five excellent reasons of why we should be switching to online banking and why it is where banking is heading in the future.
In our opinion, convenience for us as users is a huge plus to online banking. In the website by National Bank, they mention the fact that we now have access to our accounts at any given time, even after office hours. This is really convenient for a lot of us as it can sometimes be difficult to get there due to our own job.
Another neat and very intelligent most online banks provide us with is that they keep track and record our spending's, then compare it to our income. It's cool to see where our money goes and what section we could be saving some money in.

# data[].attributes.attachment_link.readable_text
Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.

The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.

The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.

The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.

Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).

# data[].attributes.attachment_link.title
10 good reasons for using online banking

# data[].attributes.attachment_link.description
Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada. The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable.

# data[].attributes.body
The video made below by Canadian Bankers Association is good simple video on ways to protect yourself when banking online. They are simple steps everyone can and should follow when online. In the article below the the video; it also shows you a different and interesting way on how to make passwords for your online banking profile. The video makes the point that i think is smart is that if something doesn't look or seem right contact your bank. It is probably the only best way to deal with a problems. In the video it gives nice visuals to keep you interested. I also found it very interesting that only 68% of Canadians use online banking. I really thought that number would closer to 75/80 percent.

# data[].attributes.attachment_link.readable_text
Cyber hygiene may sound like the online equivalent to a root canal, but it's really just a series of ongoing, simple steps, that we should all be taking proactively to protect our devices from cyber threats. Because being vigilant about online security is now a part of our daily lives. Online banking is very popular with Canadians - more than two-thirds (68%) of Canadians now do most of their banking digitally, using online and mobile banking because it's easy, convenient and secure. Banks in Canada use sophisticated technology and layers of security to help protect customers from fraud when doing their banking online or using a mobile banking app. There are simple steps that customers can take to protect themselves from security threats too. Read on or watch our video to learn how to protect yourself.

4 simple steps you can take to protect your computer and mobile devices
1. Protect your computer, tablet and mobile
Protect your devices against malicious software by installing anti-virus, anti-spyware and Internet firewall tools on all your devices. Make sure that you keep these programs active and updated to keep your information protected.

You can protect against malicious software by being careful about using free public WiFi to conduct financial transactions and by ensuring you only download apps directly from your bank or a reputable app store that your bank directs you to.
2. Choose secure passwords
When choosing your online banking password, make sure that it is difficult for criminals to guess. And don't reuse passwords on multiple websites. A security breach at one site means your password could be handed to criminals who may try to use it at other sites where you've used the same login. It's tough to think of a unique password, but try these tips.

Use a song title for your password - a song that comes to mind when you use that website.

Create a personal formula using a combination of letters and numbers, symbols, a word you'll remember, and a few letters from the website. For example, a combination of your word (eg. sushi) your favourite number (21) and the first three letters of the site you're accessing (Facebook) would look like this: FACsushi21!

3. Never disclose personal information
Although your bank may contact you by text, email and phone they will never ask you to disclose personal information such as your credit card number, PIN or online banking password as they already have that information. If you are unsure about any communication you receive, contact your bank using a phone number or email address that you know is legitimate.
4. If something's not right, contact your bank
Check your bank statement regularly or review your transactions online more frequently. If there are any transactions you didn't make, contact your bank immediately.

The CBA also publishes a Fraud Prevention Tip. Be sure to sign up to receive regular tips and information about how to practice cyber hygiene and keep your money and your personal information safe from thieves.

# data[].attributes.attachment_link.title
4 simple steps to protect yourself online

# data[].attributes.attachment_link.description
There are simple steps that customers can take to practice cyber hygiene and protect themselves online.

# data[].attributes.body
In this website given, there was a large amount of information that would help individuals to understand what online banking is. It also shows and discuses the different ways as to how online banking can be accessed. The website gives basic guidelines and information that'll improve your understanding of certain things that can be done, and cannot be done.
The reason as to why this website was chosen is because of how it can benefit people and their accounts. With this in mind, the piece of information that was found to be useful is to not click on links and such that may seem suspicious. By doing this, A person is able to protect their account

# data[].attributes.body
As technology continues to improve each and every day, online banking is becoming more convenient for a large amount. According to this graph in 2016, about 70% of users were using online banking. Since we are currently in the year of 2019, this number may have increased as its becoming more and more useful for everyone.

# data[].attributes.body
In this image, you're able to see a thief of some sort trying to crack down a code. In relation to online banking, keeping your financial information to yourself will protect you from thieves accessing your account, as well as your funds.

# data[].attributes.body
This is an excellent video to watch when it comes to online banking. This video gives people the DO'S and DONT'S. Whether its being emailed by a fake company and such, it is always good to take certain things into consideration, before proceeding.
The reason as to why this video was chosen is because of the little things that were highlighted in the video. For example, websites. It is more advisable to search the actual website for certain organizations to put yourself in the position to be safe. Another thing to look out for is how the website is secured. if it starts with "https", that means its secured. A piece of information that was useful is changing your passwords regularly. Doing this will decrease the chance of getting scammed, etc.

# data[].attributes.attachment_link.title
Online Security Tips: How to Protect Yourself while Shopping and Banking Online