We also should encourage our friends and family—especially those who fall into one of the high-risk categories—to try out digital banking, too. (We know some of your relatives may be reluctant, but with a little guidance and help, they’ll be ready.) So if you haven’t already signed up for online or mobile banking, this is the perfect time to do so, or to help a family member or friend sign up.
What can digital banking do?
Let’s go through some of the things that online and mobile banking has to offer:
- Mobile Deposit - Deposit a check safely and securely with your mobile device
- Online Bill Pay - Allows you to pay bills easily. You set up who you want to pay, when and how much; and the payment is deducted from your checking account and sent to the payee for you
- Digital Wallet - Offers a way to pay at participating stores and within apps, without having to touch anything except your own device.
- P2P transfers - Quickly send money from your account to another person's account. At Old National, this service is called Popmoney.
- Money Management - See all your financial accounts in one place - including those at other financial institutions - so you can analyze your spending, loans and investments
- Transfers between accounts - Move money between your accounts, both those at ONB and ones at different banks or credit unions
- eStatements - Great way to reduce paper clutter, lower exposure to identity theft and get organized. You can view, download and print eStatements
- Text Banking - Use simple text commands to check account balances, transfer funds between accounts and view recent transaction history
- Shared Access - Safely and easily delegate financial management tasks to designated individuals within Digital Banking
- Mortgage Manager - The easy way to access enhanced features and detailed information regarding the servicing of your mortgage loan.
- Purchase Alerts - Near real-time alerts, you can receive updates on your debit card activity to help reduce fraud and monitor your accounts, wherever you are
Save yourself time
In today’s digital world, online and mobile banking is a MUST for not only those who are on the go, but for everyone in my opinion. By utilizing Bill Pay alone, you may never have to buy checks, stamps, envelopes, drive to the post office or go location to location to pay your bills.
There’s also easy and convenient transfer options. I don’t think people realize how key this service is. If I can’t make it to the bank before they close, an after-hours deposit could take until the next business day to show up. But digitally, you can transfer from savings to checking (or vice versa) up until the early evening, and it should count as a same-day transaction with most banks! This can be a great way to avoid overdraft expenses.
Then there are digital wallets, which are a great way not to pass germs, especially when in a pandemic like this. Simply use your phone and just hold near the device at the store when it’s time to pay. Your transaction is instant, and you also don’t have to take on the risk of having someone behind you (with all their excess toilet paper they are buying up) see your full name and debit card number.
With Person to Person Transfers (P2P), a friend can pay you on the spot through their banking app (just like Venmo and PayPal) without using a separate system. This can be great in an event like today, if you have family spread across the country and are sending money over the phone.
These are just a few of the services that can really make your banking simple, and, in a time like this, keep you from having to leave your home. I hope you can take a moment to think about how this can not only save you time, but also help with the suggested social distancing that we are asked to manage. And it’s a great thing to bring up for those friends and family who are especially vulnerable to make sure they stay safe, too.
Ben is responsible for enhancing Old National financial literacy initiatives by partnering with schools, colleges, universities, businesses, nonprofits and government agencies. In 2017, Ben was recognized by the National Financial Educators Council (NFEC) with its coveted Financial Education Instructor of the Year Award.