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Keep Banking Simple, the Ins and Outs of Digital Banking

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By: Shireen Davis
Vice President Business Solutions

April 25, 2024

In today’s digital age, online banking has become a staple for consumers managing their finances. A recent survey by the American Bankers Association how's a significant trend: 71% of consumers preferred to manage their finances via phone or laptop last year. This statistic points to the growing acceptance of digital banking. It emphasizes the need to understand how online banking works and its benefits.

The Advantages of Online Banking

Online banking stands out for its ease of use and 24/7 availability. It lets you manage your money without the constraints of bank hours or hustling to make it to a branch. Whether checking balances, transferring money, or paying bills, these tasks can now be done from the comfort of your home or while on the go. This level of accessibility can make a significant difference in managing your finances, offering a mix of convenience and efficiency previously unattainable.

Online banking gives you the ability to stay up to date with your finances in an instant. The ability to receive notifications about your account activity can be a game-changer for improving financial wellbeing. These alerts keep you informed about your financial status, help you monitor transactions in, and play a critical role in identifying and stopping fraudulent activities.

One of the most appreciated features of online banking is how it simplifies paying bills and moving money. Setting up automatic transfers can help you better manage your savings and checking accounts, ensuring funds are always where they need to be. The option to set up automatic payments from your Affinity checking or savings or an external account you own provides peace of mind and eliminates the stress of missed due dates and the penalties that follow.

Additionally, depositing checks has never been easier thanks to digital banking, allowing you to add funds to your account without visiting a bank physically. Similarly, managing your financial documents digitally is not only secure but also reduces paper waste, aligning with environmentally friendly practices. These documents, including monthly statements, are readily available, safe, and easy to organize for when you need them.

Despite the conveniences, some may hesitate to embrace digital banking, fearing security risks. However, with the right practices, digital banking is secure and reliable.

Best Practices for Secure Online Banking:

  • Monitor Account Activity: Keep an eye on your account transactions regularly. Quick detection of any unusual activity can prevent potential fraud.
  • Regular Password Updates: Keep your accounts safe by changing your passwords regularly. Use complex passwords that are hard to guess to protect your information, especially if your mobile device is lost or stolen. Also, always log out from your online banking session to prevent unauthorized access, particularly when using public computers or networks.
  • Caution with Public Wi-Fi: Public Wi-Fi networks are less secure, making them risky for online banking. Avoid accessing your bank accounts on these networks to protect your financial information.
  • Beware of Suspicious Emails: Be cautious of emails asking for personal or banking information. Your bank will never ask for sensitive details via email.

Digital banking, with its ease and efficiency, has transformed the way we manage our finances. By following these security tips and taking advantage of the features online banking offers, consumers can enjoy the benefits of digital finance with peace of mind. Visit our website to stay up to date on everything Affinity has to offer with online banking. 

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition.

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