Assignment 2 by Komal Deep

Welcome to my wall!

komaldeep748_ — 2023-11-10 02:39:53 UTC

Online banking is the most significant issue I will be discussing in this wall. Everyone uses internet banking these days. You will discover the advantages and characteristics of internet banking on this wall, including Online banking security and privacy, as well as ways to guard against fraud and identity theft. Moreover, online banking is how to send money, transfer money, and pay bills while saving time and money.

Video #1

komaldeep748_ — 2023-11-13 17:09:22 UTC

Summary: Many people are confused whether online banking is safe or not for their money. In this video, useful information that provide is all about when people opening their checking account, savings account, and investment account they need to have insured two things: one is CDIC (Canada Deposit Insurance Corporation) and second is CIPF (Canadian Investor Protection Fund). Along with this, for checking account and saving account CDIC helps if any financial institution fails which is very unlikely in Canada CDIC aids to provide full access to people funds within days and it is all automatics CDIC will contact the clients. Additionally, CIPF coverage helps to insure up to $1 million in dealer funds in particular account categories, such as general accounts, registered retirement accounts, and all combined resp accounts, if an investment dealer fails.

Why I chose this video: The purpose of this video is to give crucial information about two things people search for while creating an investing account and a checking or savings account. Additionally, CDIC (Canada Deposit Insurance Corporation) is what consumers need to look for while checking and saving accounts. In addition, when people opening investment account individuals might consider the CIPF (Canadian Investor Protection Fund).

Video#2

komaldeep748_ — 2023-11-13 18:52:08 UTC

Summary: In this video there are various benefits which customers can easily receive from the online banking. No doubt, People who don't use internet banking spend hours every month reviewing their bills, composing cheques, and mailing them. In addition to this, customers may easily save time with online banking, which they can then use for other tasks or to check their statements whenever they'd like. Online banking alerts users when their balance falls below a set amount, preventing unexpected surcharges and enabling immediate transfers to avoid overdrafts.

Why I chose this video: The video offers a plethora of information and benefits that individuals can readily assimilate as well as how they can save their time as well as why it is important for signing up for account alerts, for example, users may save their time because they do not need for going to the bank for receiving statements as well as do not need for reviewing their bills. Moreover, Online banking helps to prevent unexpected fees from happening on accounts.

Video#3

komaldeep748_ — 2023-11-14 01:20:04 UTC

Summary: This video explains how to use Simply Financials Global Money Transfer Service online banking to send money to another nation. Moreover, there are no transfer costs because CIBC, one of the major banks in Canada, offers checking account holders access to the international money transfer service. Additionally, anyone may simply comprehend all of the instructions in this video for using online banking to use the global money transfer service.

The reason I selected this video is that: It has all the information and steps required to transfer money overseas, which is quite beneficial since many new international students might not know how to use online banking for that purpose. Additionally, customers must first select Global Money Transfer in order to send money via the online banking app for mobile devices. Subsequently, a new screen presents up, allowing users to choose Canada as their destination and input the amount they want to send in the Send Amount box. Furthermore, when transferring money, the amount received box automatically converts the chosen country's currency to Canadian dollars. They must complete out the receiver form, and this is a great way to find out the precise amount for that nation.

Video#4

komaldeep748_ — 2023-11-14 18:09:14 UTC

Summary: There is no question that online banking is safe, and as everyone knows, it's the simplest way to make deposits, transfer funds, pay bills, and so forth. However, it's also critical to know the best practices for keeping your money safe, as lacking proper knowledge puts you at risk. Identity theft and cybercriminals may misuse your banking information for criminal activities. To begin with, you should never use a public Wi-Fi network since this may easily be hacked. You should also never discuss your password or pin number with anybody. Finally, you should use complicated passwords and change them frequently—every thirty days is a good time to do this, look for the lock icon, establish text alerts, and, lastly, get in touch with your bank if you have any doubts.

Why I chose this video: Every user needs to understand and have information about how to keep your online banking safe which is very crucial for everyone in these days therefore this video provides great information regarding it in best way.

Website#1

komaldeep748_ — 2023-11-14 19:42:20 UTC

Summary: Online banking has several benefits including being a more convenient method to pay bills, transfer money, and check balances. It's also safer than carrying cash since transactions made electronically are more secure than those made with it. Additionally, users may use internet banking at any time and from any location, which is beneficial for them as it eliminates the need to visit a bank and wait in queue for service. Along with that, they are also in full control of their finances and have the option to take care of themselves since they always know how to check their balance.

Why I select this website: It lists various advantages of digital banking, like its convenience, greater security, higher interest rates, less costs, and increased features. Additionally, it also helps to offers some advice on how to pick the ideal digital bank for your requirements and tastes.

website#2

komaldeep748_ — 2023-11-14 20:24:55 UTC

Summary: This website contributes to the knowledge provided on the distinctions between traditional and internet banking. First of all, since users may access their mobile app whenever they want, internet banking has no physical locations. Nonetheless, conventional banking has physical locations where staff members assist customers and look after their financial information. Second, interest rates offered by internet banks are higher than those offered by traditional banks. Finally, even though users of conventional banking must visit customer care in person, internet banking allows them to benefit from online customer support.

Why I chose this website: Because it makes it easier for individuals to comprehend the differences between traditional and online banking, which is crucial to know so they may choose the one that will best serve their needs and ensure their safety.

Website#3

komaldeep748_ — 2023-11-14 21:05:44 UTC

Summary: When someone's bank account gets hacked online, they have several options. Additionally, the client may protest the fraud by phoning their bank, which would help them get their money back, provided they can establish that their account has been hijacked. Customers may also change their password and pin, which will help prevent hackers from accessing their account. Since most hackers try to open credit cards in people's names, people also have the ability to examine their credit history. This is so that hackers can safeguard their accounts and maybe even report unusual activity to the police. Credit histories show credit card usage habits.

Why I chose this website: Users may easily manage with online banking hacks in the present and the future by using this website to obtain accurate and helpful information. It is crucial to properly understand online banking hacks.

Website#4

komaldeep748_ — 2023-11-16 23:16:35 UTC

Summary: Moreover, Interac E-Transfer makes it quick and simple to send money to anybody in Canada who has a bank account, email address, or mobile phone number. In addition, the user has the option to set up a security question that makes money transfers safe not only for sender but also for recipient. Apart from this, the money will be deposited straight into their account if they have auto-deposit. Also, E-transactions have restrictions of $2,500–$3,000 for sending transactions and $3,000 or more for receiving transfers.

Why I chose this website: Users who use online banking for their money are sometimes perplexed about the maximum amount they may transfer; consequently, this website can provide them with the greatest information possible. Furthermore, if people do not have proper knowledge, they may become in trouble in the future which will not be fruitful for them.

Image#2

komaldeep748_ — 2023-11-17 20:51:20 UTC

Summary: Users can easily shop online with the aid of online banking, as showed by this image, which appears to present an online shopping page where users can browse and purchase various items using their cards. When customers choose to purchase a product, they must fill out the card information in order to complete the transaction, saving them time when they shop online using online banking.

Why I chose this image: This image helps to provide information that online banking is not only for pay bills, transfer money with friends and family but also user can use the online banking for doing online shopping, which is the easy way to do the shopping.

Image#1

komaldeep748_ — 2023-11-17 21:11:46 UTC

Summary: Because individuals had no right to walk outdoors during COVID-19 and were instead required to stay indoors for their own protection as well as the safety of others, the use of online banking has increased as a result. As a result, individuals began to prefer using online banking since it saved them time and provided excellent service, and they could do it conveniently from home and they buy the food from outside with online banking. This image shows that the website asks for the card number, expiration date, and PIN; they are frequently required to verify the cardholder's identity and authorize the transaction.

Why I chose this image: The value of online banking rose during COVID-19, therefore it's necessary to know what information users need to submit. Additionally, the way online banking is seen is crucial.

Reflection Questions

komaldeep748_ — 2023-11-17 21:41:15 UTC

Question 1: What did you learn about your topic that surprised you the most?

Answer 1: I learn a lot about this topic, but the two most unexpected items are the Canadian Deposit Insurance Corporation (CDIC) and the Canadian Investor Protection Fund (CIPF), which are new to me and have no clue that both helps us a lot.

Question 2: Provide a real-life example of how this topic is relevant or interesting for you.

Answer 2: First thing: when I first arrived in Canada, I had to open a bank account. I wasn't sure how to transfer money, pay bills or deposit a cheque. Later, one of my friends told me about online banking and how convenient it was for sending money to India. I found this to be a really interesting concept.

Question 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?

Answer 3: As my roommate is new to Canada, I like to advise her on a few things, such how to transfer money while doing online banking and check her balance. Her credit score is very significant, so I also explain to her how to raise it, which may be helpful.