Q: I am having problems doing my banking during COVID. My local bank branches have closed temporarily and I am not sure I am comfortable banking online. What are my options for banking?
A: Banking during the pandemic is another area that has shifted to more online options. Internet technology is amazing and has certainly allowed for many other ways to do business, order checks, get statements and manage your account. You can even deposit a check online by taking a photo of the front and back of the check.
However, we know that many people, especially many older adults, may not have access to the internet. Or even if they have access, there is not the same ease of use and comfort level using technology for important personal information like banking. In fact, we are frequently warned about scams where criminals try to get our personal information online. This makes banking online feel even more worrisome.
Here a few tips to ensure your online banking is safe, along with some ideas about how to bank offline.
If you decide to bank online, type the bank web address yourself, rather than clicking any links in emails. The web address should start with https. This means the session is encrypted and secure. You will also see a padlock icon next to the website address when you login, another sign that the site is secure.
Financial institutions are held to a high standard of protection when it comes to your information. Online banking allows you more independence in your banking because you don’t have to rely on transportation and it also gives you more access to your accounts any time of day or night.
You will have to create an online account with your bank. Use a password that is strong and uses a mixture of letters, numbers and symbols. Write it down somewhere you can access, but do not keep it in plain sight. Your bank should require multifactor authentication to access your account online. This means requiring extra steps to accessing your account such as answering a security question or entering a code sent to your cell phone text or email.
Do not access your account from a public Wi-Fi service, like at a restaurant or coffee shop. Always access your account from your home internet or on a smart phone.
There are many benefits to the convenience of managing your accounts online. For example, you have access to check your accounts any time and can monitor them throughout the month. This way you always know what checks are posting, can see if anything fraudulent occurs and can report it right away.
If you do not have access to the internet there are still options to allow your banking to be done offline. While several local branches may be closed, the major banks still have open locations. Some of these open locations are inside of grocery stores. Always call first to check what branch is open and their hours of operation, as many have reduced their hours. Some banks are also offering in person banking by appointment.
You can call your bank to check on your deposits or balances. Drive up ATM machines can be used to make deposits of checks or withdrawals. Take advantage of these no contact options when possible.
Although many branches may be closing temporarily during the pandemic, it is a response to so much of the banking ability being shifted to online, and consumers seeing the online options as safer during COVID. It allows the banks to reduce their brick and mortar building expenses. Overall, however, permanent branch closures have not increased during the pandemic.
Businesses have shifted their services during the pandemic to allow for less contact. While this has been necessary in most cases, it is not always what is best for every consumer. Know that options are available to you and take the time to call and ask your questions before going in person.
Martha Shapiro can be reached at Senior Concerns at 805-497-0189 or by email at mshapiro@seniorconcerns.org.
