-- TD Canada Trust Everyday Banking Poll finds there's still opportunity for Ontarians to take advantage of automatic and mobile banking services --
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TORONTO, Sept. 8, 2011 /CNW/ - Goodbye cheque book, hello online banking! Ontarians have selected online banking as the most preferred method of paying bills (63%), ahead of preauthorized debits (19%), branch banking (10%), telephone banking (5%), by cheque in the mail (2%), or at an ATM (1%).
In fact, Ontarians say the most significant change in banking habits over the past five years has been adopting online banking (45%), followed by paperless recordkeeping (12%) and viewing statements electronically (8%). Three-quarters of Ontarians (75%) now use online banking to pay their bills.
"Anytime and anywhere, Canadians are increasingly turning to online banking for its convenience, security and ability to simplify how they manage their everyday finances," says Raymond Chun, Senior Vice President, TD Canada Trust. "Online banking gives Canadians access to banking information whenever they need it - and they can also use a tablet or smartphone to check account balances, pay bills and make transfers."
Chun says Ontarians are also among the most likely in the country to take advantage of other banking services that help make saving and managing finances easier. According to the poll, Ontario residents are most likely in the country to use pre-authorized payments to pay bills (50% versus 43% nationally) and are among the most likely in the country to use automatic savings programs (31% versus 28% nationally).
"Setting up pre-authorized debits to pay credit card and other bill balances each month is a simple and effective way to ensure payments are never missed. This saves money on late fees and interest and helps maintain a credit rating," says Chun. "With mobile banking, you can access your accounts, transfer funds or make payments with your mobile device anytime, from almost anywhere in the world."
"Plus automated savings programs are an easy way to help take the pain out of saving: your bank can set up a pre-authorized, regular transfer from your chequing account to a high-interest savings account."
However, only one-in-ten Ontarians have embraced mobile banking. And it's young Canadians who are pioneering the new technology. The TD Canada Trust Everyday Banking Poll found that 18-to-34 year old Canadians are the most likely to use a mobile app for banking (19% versus 8% overall), for activities such as checking account balances (18% versus 7% overall), making transfers (10% versus 4% overall) and paying bills (8% versus 4% overall). The majority of Ontarians who don't use mobile banking say it's because they don't have a smartphone (66%) or they perceive it to be unsafe (16%) or too expensive (15%).
"Mobile banking is still in its infancy, but its popularity has grown exponentially as more and more Canadians switch to smartphones," says Chun. "As an example, within a year of its launch, more than 1 million Canadians downloaded the TD mobile app, making it the most downloaded banking app in the country."
Chun offers his tips on simple but effective ways Canadians can better manage their everyday banking and save money:
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Make sure you're in the right bank account - Accounts are tailored for different needs, so make sure you're in one
that gives you the right features and services for your type and
frequency of use.
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Consider maintaining the minimum monthly balance in your bank account - This may make sense for you and may allow you to avoid a monthly fee.
- Bank and pay your bills online….and automatically
- Save time and money on stamps and envelopes by using online banking, which gives you the ability to view your spending history quickly and easily. It's more convenient, safe and secure, and environmentally-friendly.
- Receiving bills electronically can be easier to keep track of than paper statements, so they don't slip off your radar. Eliminating paper statements and bills will also help reduce your carbon footprint.
- Schedule payments so the money is withdrawn from your account just in time to make the due date, so you're not giving away your money before it's necessary. Keep in mind that transactions can take up to three business days to process.
- Consider setting up pre-authorized debits to pay your credit card and other bills' balances each month so that you can be sure to never miss a payment. This can save you money on late fees and interest and help maintain your credit rating.
Be smart with ATMs - Unless your account includes usage of ATMs from other financial institutions, use your own to avoid any additional transaction fees. Use your bank's online or mobile app branch locator to map out your bank's ATMs near work, home and school. If you can't get to one of your own, take advantage of the convenience of cash back at certain retailers when you're making a debit purchase. This is a more cost effective and convenient option than going to an ATM of another financial institution.
About the 2011 TD Canada Trust Everyday Banking Poll
The 2011 TD Canada Trust Everyday Banking Poll surveyed a representative sample of 1,000 adult Canadians, including 252 from Ontario, through a custom, online survey. The survey was conducted by Environics Research Group between August 3 - 9, 2011.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches - most open 8 'til late and many now open Sunday. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.