As people get older, they often develop health problems that can negatively affect their ability to go to the bank in person, particularly if they do not use their vehicle or have other mobility issues. However, other options are available to aging adults in independent living communities besides visiting their local branch – online banking allows them to keep up with their finances from anywhere in the world by logging into their account on their computer or mobile device. Learn more about the benefits of online banking for older adults and how this option can help them handle their finances easily and quickly at all times.
What Can You Do with Online Banking?
- Check Bank Balance
Online banking allows people to check their account balances at any time. The feature is handy for those on a fixed income or who rely on social security, as it allows them to avoid costly overdraft fees due to late payment of bills. Some online banks offer free checking accounts specifically geared toward older adults. Still, you can also sign up for e-statements to keep your monthly statements coming by email instead of through regular mail. Being able to access your bank information from anywhere at any time can be a lifesaver if you’re living on your own.
- Pay Your Bills
Pay your monthly bills with online banking. You can set up automatic bill pay to ensure you don’t forget essential payments. Or, if you’re paying bills in person, you can do so online before you leave home to avoid waiting in line at your bank or even forgetting what needs to be paid! Keeping on top of your bills not only helps them get paid on time but also makes it easier for you to monitor what you’re spending and where your money is going.
- Check Your Bank Statements
Not only will online banking allow you to check your account balances without ever leaving your couch, but it’ll also give you much faster access to your bank accounts. Checking used to mean waiting until 8 a.m. when banks are open, but now you can keep an eye on things from home all day long. If there are any transactions or fees that need attention, you’ll be notified immediately so you can take care of them before it turns into a problem.
Is Online Banking Safe?
The online banking experience should feel seamless and secure, so be sure to do a little research to learn about your bank’s security features. Some features may include two-factor authentication—such as a user ID and a code that’s sent via text message, or you can use a biometric device—which could include your fingerprint, voice, or retina scan. These safeguards will help ensure that even if someone else has your user ID and password, they won’t be able to access your account without proper identification from you. In other words: security measures are in place to make sure you stay safe while using online banking.
Older adults are often advised to avoid online banking because they’re more likely to fall for scams or become victims of identity theft. The truth is, you aren’t powerless and you don’t have to turn their backs on an easy way to handle their finances. The key is simply being smart about it. Understanding what online banking is, how it works, and its strengths and weaknesses make all the difference in your ability to manage your money safely through an online platform.