Banking ain't what it used to be

A helpful guide to get you on top of your day to day banking activity

For those if us over the age of 60, the world of banking has changed significantly from the days of visiting a bank branch, writing a cheque and using cash to pay for things.

Nowadays, banking on a smartphone, paying with the wave of a card and paying bills online is the norm. Banking has changed rapidly and if you’re feeling overwhelmed, you’re not alone, comparison website Mozo.com.au has put together a helpful banking guide which could save you time and more importantly, money.

1. Online banking is actually a good thing – If you can live without the face to face service, you can carry out most of your everyday transactions online. Checking your balance, making transfers and paying bills is simple and you can do it all from the comfort of your lounge room at any time of the day or night.

Most banks have user-friendly websites, online chat systems and some great budgeting apps for your mobile phone. But if you do want to speak to someone, they all have call centres.

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2. Contactless payments are a safe way to pay – You may have been asked to ‘tap & go’ or ‘PayWave’ at the checkout when making a purchase for less than $100. If you have a contactless-enabled card (look for a small logo on your Debit/Credit card) you can make a purchase without entering a PIN – it’s much quicker than a normal card transaction. It’s safe too, as the purchase is only made if the card is held within a few centimetres of the machine.

3. Bank fees should be a thing of the past – If you’re paying a monthly account keeping fee for your everyday bank account, it might be time to switch banks. There are 43 bank accounts on Mozo.com.au which don’t charge any fees and even more which don’t charge a fee if you’re making regular deposits. If you’re a longstanding, loyal customer, call your bank and ask them whether they waive fees for seniors.

4. Paying bills is easier than ever – These days, many banks allow you to pay your bills via your mobile phone. Using facilities like BPAY, setting up a biller as a regular payee or arranging a Direct Debit, means you’ll never have to deal with paper bills or late payment fees again.

5. Watch out for Credit card fraud – If you’re used to checking your credit card balance at statement time and not before, you might be missing fraudulent transactions. Although it’s rare, fraudsters have become more sophisticated with the advancements in technology and have global reach. Logging-in to your online banking regularly means you can track your spending so you’ll spot anything abnormal – like a purchase in Germany when you’re in Geelong – but it’s also a great way to keep your budget in check.

 

How do you do your banking? What is your preference – teller or online? Has banking gotten easier with time? Tell us below.

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.