https://padlet.com/gabriel_khouri/2g8h9kcio4ee by Gabriel Khouri en-us 2019-10-30 03:38:36 UTC 2019-11-22 01:41:04 UTC hello@padlet.com https://padlet.net/icons/png/1f60e.png gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406279578 Online banking is becoming increasingly popular as technology develops, and is currently the fastest way to manage your bank accounts. I'll be explaining some of the pros and cons of banking online, as well as how easy it is to get started and the security measures taken while online banking.]]> 2019-11-04 15:09:46 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406279578 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406282201 This video thoroughly and visually explains the process of registering for online banking with CIBC, a popular Canadian bank. It continues to show how easy it is to access as well as make payments, transfers and manage your accounts all without physically having to go to a bank.

I chose this video because it was based on a popular Canadian bank, and is very informative on the steps of how to access the different functions of online banking. Although I chose CIBC for the video, the information provided applies to the majority of Canadian banks as their online banking formats aren't very different from one another.]]> 2019-11-04 15:13:06 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406282201 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406292607 While online banking is a service provided by many regular banks, there are existing banks that are online only. Motusbank is a Canadian bank which is a good example of this, and in this video Charlee Wayne provides details on the different types of accounts offered, as well as E-Transfer, mortgage, and interest rates while briefly comparing them to other online-only banks such as Tangerine and Simplii. He states that Motusbank offers 0.5% interest on every dollar with unlimited E-Transfers as well as offering a 2.5% rate on TFSA's, 2.25% on high interest savings accounts, and 2.25% on RRSP savings accounts, competing with EQ Bank and Alterna Bank.

This video was chosen because Charlee Wayne gives a great and humorous explanation on the fees, rates and services provided by a Canadian online-only bank which does not actually physically exist, making it much different from a regular bank.]]> 2019-11-04 15:26:07 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406292607 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406303423 Although this video is quiet short, BMO makes a great visually informative explanation of the security you have while banking online. This Canadian bank, along with every other that I can think of, offer a 100% Electronic Banking Guarantee, and will reimburse you against any fraud committed online. Along with this, they have strong encryption and many layers of protection to keep your accounts safe, and do not store any data on your mobile device. BMO also provides alerts, and verifies websites before you try to log in using them.

BMO created a great, fast video listing the levels of protection you have while banking online. They compare banking online with online shopping, online booking and online dating which gives you a different viewpoint on online banking. I chose this video as it lists the security measures BMO as well as other banks take while banking online.]]> 2019-11-04 15:40:54 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406303423 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406319053 Glenn LaCoste constructed a study which revealed how Canadian online banking platforms are valued among customer's experiences. He says that his stats show that those who bank online are mainly accessing these platforms through their desktops and mobile devices, making it evident how convenient this method of banking is. He mentions that RBC is well ahead of other banks in terms of their online banking platforms as they consistently enhance their usability. Through their online banking platform you are not only able to manage accounts, but learn how to create and save for an RESP. For the people who are still uncomfortable with these online systems, Glenn mentions that these concerns were also raised when ATM machines were developed, and that with the security measures taken through online banking, one shouldn't have to worry.

Glenn Lacoste briefly explains why online banking is a great way to manage accounts and briefly touches on how convenient and safe these banks have made it, as well as briefly touching on which banks are ahead of others throughout these platforms. This made for a great video as it touched on many topics, and I decided to include it as Glenn provides valuable information to the viewer, whether they have been a long-time online banker or on the fence about starting up.]]> 2019-11-04 16:00:04 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/406319053 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410885231 Many banks provide valuable information on how to access as well as the benefits of online banking throughout their own websites. CIBC has provided a step-by-step registration process on how to sign up directly through their website. Firstly, you will need a debit or credit card, then you can either access their online banking app through your mobile device or visit their website on your computer. You then will sign up and receive a verification code to make sure that no fraud is being committed, and will continue on to choose and password and review the terms and conditions of their services. 

This website allows the reader to dictate just how easy the registration process of online banking is and provides them with the step-by-step process, making it a great informative source on the how-to's of registering. They also mention the many features they have to offer such as fingerprint mobile sign-in, and apple watch accessibility.]]> 2019-11-13 21:24:40 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410885231 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410895373 This is a picture of an actual walk-in location of an online-only bank, located in Toronto. While Tangerine provides chequings/savings accounts, they are not an actual physical bank like TD or BMO, but provide a location in which you can withdraw or deposit money as well as ask further questions on their services.

This picture is off of Google Maps, and is a real life photo of the inside of one of these online-only service providing banks. I found this interesting to see as I had not known that there are walk-in locations available for online-only banks.]]> 2019-11-13 21:49:48 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410895373 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410900231 This guide to online banking provides specific information on many Canadian online banks. It ranks Tangerine as the best overall online bank as they have respectable interest rates sitting at 1.1%, with a 2.75% rate when signing up for a no fee, TFSA or RSP savings account. Tangerine also held a promotion where they held 4% money-back rewards on credit cards, making them unique from many other banks.

I decided to pick this website as it provides a good analysis on the majority of accessible Canadian online banks. However, I touched briefly on Tangerine as throughout this website (and the rest of my research) it has deemed to be one of the best options to choose overall for online banking.]]> 2019-11-13 22:02:58 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/410900231 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/411496756 This website belongs to the Government of Canada and offers information on your responsibilities and protection while online banking. While online banking, you're protected against unauthorized transactions, however it's your responsibility not to share your information with others and keep your online banking information to yourself. Along with this, you should not be sharing your PIN, security questions and answers or password with others, and should be aware of the network in which you're connected to while online banking. The website also suggests you keep a strong, unpredictable password, don't allow your computer or device to remember your password, and regularly check your account for unauthorized transactions or suspicious behaviour.

I found this website to be informative on the protection you have while online banking as well as ways to assure you are doing so safely. Since this information is provided by the Government of Canada, it is reliable and provides valid information, making it stand out to me while choosing between others similar to it. ]]> 2019-11-14 20:53:02 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/411496756 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/414998855 This website highlights some of the pros and cons associated with online banking. The three pros that stood out and would draw me to open an online bank account include having higher interest savings, low fees and less paperwork. However, there are cons associated with online banking as well, which include not having physical locations, ATM and transfer fees, and some banks requiring you to have a minimum balance in your account.

While online banking is looked at as a fast, efficient and effortless way to manage your accounts, the cons are often overlooked. It's rare for someone to consider the fees associated with transfers or ATM access, and these fees add up with consistent access. I chose this website because it seemed to be one of few Canadian websites which actually highlighted some of the negatives associated with online banking.]]> 2019-11-21 22:20:55 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/414998855 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/415030451 This image is an example of the security questions you are required to make an answer for when making an online banking account. This is required incase the bank detects too many log in attempts, suspicious activity or a log in from a new device. It's important to choose a security question in which only you would know the answer to, as this leads to access to your bank information.

Although there are many more to add to the list, these are real security questions in which you would provide an answer upon any of the above terms. This helps the bank recognize that it is truly you who is trying to gain access to your accounts, and acts as another level of security while online banking.]]> 2019-11-22 00:18:15 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/415030451 gabriel_khouri https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/415046742 1. What did you learn about your topic that surprised you the most?
What surprised me the most while learning about online banking is that there are banks that do not have physical branches. This struck me as odd as I didn't understand how one could do business with a bank like this, as if there is a problem there would be nobody to work it out with. I then learned that these banks operate through telephone customer service, and some even have locations in which only have ATM''s and people to help answer your questions.

2. Provide a real life example of how this topic is relevant or interesting for you.
This topic is interesting for me as I am now currently looking towards opening a savings account separate from my regular bank, and with the information I have learned I have started to consider opening an account with Tangerine soon. Researching this topic helped me get a much better view on the different banks and what they have to offer, and which one would better suit my needs as a young adult.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
The most important thing in my opinion to pass on is to actually take the time to compare the rates of each of these banks, rather than blindly opening an account because the interest rate is expected to be higher for your savings. I would encourage my family to open seperate banking accounts as it is less tempting to spend out of, and would also stress how important it is to compare each of the banks in order to make the most out of your banking experience. This would fall back to things such as how easily accessible the bank is and whether it has physical locations, and the rates and fees associated with the bank.]]> 2019-11-22 01:14:53 UTC https://padlet.com/gabriel_khouri/2g8h9kcio4ee/wish/415046742