Going Paperless: Doing Your Banking Online


If you’re like most people, you’re used to your banking taking a lot out of you in terms of time and resources. Frequent outings to your branch, mountains of files and folders taking up space, calculative tedium, and a lot of figuring out what belongs where have probably started to frustrate you. Thankfully, however, the online alternative and almost completely paperless banking are now not only possible but very simple to achieve in this marvelous digital age. If you’re comfortably set in the old ways, or even if you’re just new to computers and the online ecosystem, you may be wondering how and why going paperless benefits you. There are so many reasons! Read on.

For one thing, banking exclusively online is arguably much more secure. Keeping paper files floating around your house or recycling receptacle makes it easy for others to track down your sensitive financial information. Banks almost always have strong encryption and multiple layers of authorization required when you access your personal info online, so you can be sure of your financial safety no matter what. For another thing, online banking is incredibly convenient. Gone are the days of sifting through piles and piles of paper to find information from an age gone by; it’s all right at your fingertips, ordered, searchable, and fast.

Banks have not been too slow at taking advantage of the digital technologies that are useful for banking. To open a bank account online in Canada or the US is as easy as providing a few pieces of information. And most major banks even have apps for smart phones these days, meaning you can check your balance or make a transfer while you’re out and about. Banking apps have become one of the most convenient ways to track your expenses, bank balances, and complete some easy banking on the go.

The pervasive use of online banking has even transformed the tradition of cheque writing. While cheques are still useful in some circumstances, such as keeping paper record of rent payments or any other personal payments, email money transfers have become a comparable alternative to writing personal cheques. Almost any branch with online banking capabilities are set up to receive an email money transfer from one bank to another.

Along with banking apps and the ability to access your personal bank accounts online, comes the increasing number of budgeting apps for mobile devices. These apps serve as your very own personal bookkeeper and expense leger. Budgeting apps can be used to help balance your accounts, budget your monthly expenses, and track your spending habits. This provides a convenient and accurate account of your spending and it’s right at the touch of your fingers!

Finally, paperless banking makes a huge difference environmentally. The amount of paper used in traditional banking is absolutely obscene, as most of us should know already. Receiving Statements, checks, notices, transfers, and making deposits and withdrawals all take the form of a paper transaction traditionally. With online banking, this is no longer the case. All of the things I mentioned above can now be done on your computer with no paper waste whatsoever. If you’re still not convinced that paperless banking is the way to go, I urge you to give it a try for yourself just for a while and see how you feel about it. I’m sure you will see that it is the safer, easier, more convenient, cleaner, and greener method of banking.

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