Have you considered, or do you use online banking? This is a service provided by most banks and credit unions to give more flexibility. Online banking can be a great way to manage your finances without having to actually go to the bank! According to a 2018 FIS Global Consumer Banking report, 72 percent of bank interactions are now done via mobile and online, but many seniors are still making trips into the bank. It could be because the idea of banking online can be a bit scary, and the worldwide web can be intimidating.
The information we’re going to share today comes from bankrate.com, and we will make sure to share their whole article with you as well but first let’s talk about programs that are available for older adults to use and become more comfortable with the idea of online banking.
According to Alex Glazebrook, the director of operations for Older Adults Technology Services (OATS), seniors, are interested in being able to take advantage of the ease of online banking, can feel less confident using it, and tend to feel less safe managing their finances online. So here’s where OATS comes in. They have developed a couple of different programs specifically designed for seniors.
This program was developed in partnership with Capital One Bank, and give people tools, resources and confidence. It is a demo site, where you or your loved ones can go online and make fake transfers, check deposits, and play around until they feel comfortable enough to set up their own account, and that’s where we at LIV More can come it. If you need help setting up or managing your online banking account we are here to help!
Ready, Set, Bank also has videos you can watch to help you navigate through every step of the process.
Money Matters is another course funded by Citi Community Development that offers a foundational financial security and empowerment course. This course is broader and teaches seniors how to access resources online, how to budget and how to save money.
Need help getting started…give us a call at 307.460.8311. We provide in-home money management, concierge and transportation services.
We know one of the issues about online banking for aging adults is safety. If I get calls from scammers and hackers why would I put my information online? What is someone hacks into my account? Alex Glazebrook from OATS, says it’s quite the opposite. “People think it’s risky but it’s actually a way of protecting yourself. If you have access to your financial accounts anytime you want, you can check more frequently rather than call or go to your bank.”
Online banks use secure technology and encryption to prevent your information from getting into the wrong hands, but in case you’re still worried here are some things to look for:
We hope this information is helpful and maybe reduces that stress that can arise when talking about finances in general, but especially to creating access online. And if you have any questions, please reach out, we are happy to help!
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