Online banking is usually any banking-related stuff that is done through the internet. Most credit unions and banks have a website and an app where you may complete your banking online. You’re likely to have access to online banking be it with a local or national bank. Here are 4 online banking tips for managing your finances easily!
Never Do Online Banking on a Public Internet Connection
When it comes to online banking, it’s best to avoid using public internet connections to sign into your account or make transactions. This includes coffee shops, libraries, and other public areas with wireless internet connections.
Banking online at home is usually safer than in public as the internet connections are usually less secure than your internet at home. On a public connection, scammers may find it easier to access your banking information, making public locations an easy target for hackers.
Use a Joint Checking Account
A joint checking account offers ease and security for our elderly loved ones, but it also means that both individuals are jointly liable for the account and its funds. In this case, your selected advocate will have complete control over the account’s funds, including the authority to create cheques and make withdrawals. They can actively assist you in managing your daily finances, as well as medical bills and larger purchases. They’ll also be able to transfer money from your account to theirs if necessary or withdraw money on your behalf if you can’t.
This does not indicate that you are surrendering control of your finances; rather, you’re teaching them how to manage the money so that they can do it in the future if necessary.
Power of Attorney
Alternatively, you can choose to sign a power of attorney. This means that the person you choose will have complete access to your funds but will not share ownership of your account. They’ll also be bound by law to act in your best interests at all times. If you choose this, you can hire a lawyer to draft a power of attorney document or you can get one signed in front of a notary.
Set Up a Checking Account
A checking account may assist you in better managing your retirement funds. You can use online banking to set up automatic bill payments and direct deposits. Direct deposits allow our elderly loved ones with social security, veterans’ benefits, and pensions to have convenient access to their funds as they will make fewer trips to the bank.
By making automatic payments from home, banking becomes easier and more manageable. You can pay credit card bills, utilities, medical bills, and other expenses online without having to mail checks or worry about missing payments. You can also opt to set up your account so that payments are made while you are away. Additionally, you can set up automatic transfers into money market accounts or savings to keep your money growing while you’re retired.
Enjoy Exceptional Senior Living at Discovery Village At Deerwood
As a resident at Discovery Village At Deerwood, you can get to enjoy exclusive senior living programs and our resort-style amenities. You can choose from our two senior living options, Assisted Living and SHINE Memory Care, where you’ll get to experience exceptional senior living in our retirement community! To learn more, contact us today.