Online Banking Grows by Leaps and Bounds

SENIOR NEWS LINE
by Matilda Charles

Online Banking Grows by Leaps and Bounds

Say it isn’t true. Seniors are moving to online banking?

So says a survey done by the American Bankers Association. For the first time ever, those of us age 55 and older now prefer doing our banking online rather than going to the bank in person or using the mail. It wasn’t just a few of us either. We went from 20 percent of seniors doing banking online in 2010 to a whopping 57 percent in 2011.

Part of this, it’s said, is due to the banks now having a long list of requirements to avoid the fees they now charge. In some cases we’re required to have a very large balance in savings or we’re charged a monthly fee to get statements by mail. Doing our banking online is often one of the ways we can save money.

Why do we do it? It’s convenient, especially if we no longer drive or if we live in places with inclement weather. For those of us who are so busy it’s not easy to get to the bank during working hours, online banking is a means to easily take care of business.

That doesn’t mean we’re eager to use our cell phones to conduct bank business, however. We’re not quite there yet. Computer classes have made us more comfortable pressing keys, but a small cell phone is easily lost. So, what can we do online? We can: transfer funds from one account to another, check balances, see if a check has cleared, view our statement and pay bills.

If you want to explore online banking, remember two key safety steps. Keep good virus protection on your computer, and close your browser after you log out of the bank’s website.

Matilda Charles regrets that she cannot personally answer reader questions, but will incorporate them into her column whenever possible. Write to her in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@gmail.com.

(c) 2012 King Features Synd., Inc.

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