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Communications Center

Digital Banking: It’s for everyone.

Posted on April 23, 2020

The best banking options for your finances, in today’s digital world.

Technological advances in the ways we obtain credit, make payments, and manage money can provide convenient ways to access some financial products and services that no longer require going to a physical bank branch; traditional banking, was once the only option we had. With digital and mobile banking now widely available and even newer technologies on the horizon, you might be asking, “Am I ready for digital banking?”

So what is digital banking?

The key features of digital banking are affordability, convenience, and instant access to information. These features help consumers understand their financial standing in real-time, as well as plan for long-term goals and unexpected emergencies. Online and mobile banking enable consumers to manage their finances remotely from anywhere, including depositing checks, transferring money between accounts, and even paying friends and family electronically through peer-to-peer (P2P) payment platforms.

The FDIC provides insurance for the funds that you deposit in FDIC-insured banks, like Country Bank. This means that, if your FDIC-insured bank fails, the FDIC will protect you against the loss of your insured deposits.

Depositors in FDIC-insured banks also benefit from other consumer financial protections. State and federal regulators supervise banks to protect consumers from certain practices, including those involving overdraft fees and correcting account errors.

What other services, other than digital, do banks offer?

In addition to traditional banking services like depositing money and withdrawing cash, banks generally offer services such as providing money orders and notarizing documents, which involve in-person interaction with a teller or other bank employee. Many banks also offer safe deposit boxes, which customers can lease for storage of valuable items. It is important to note that the FDIC does not insure the contents of safe deposit boxes.

What does digital banking offer?

Banks that offer online and mobile banking services give you the ability to do some or all of your banking on your computer, tablet, or smartphone. These digital banking services might include transferring funds, depositing checks, viewing account statements, and paying bills. Some online bank services allow you to open deposit accounts and apply for loans, tasks that once required a visit to a physical location. These options may streamline the exchange of loan application information and may lead to faster loan decisions. Some banks also provide budgeting tools to help you manage your finances.

To use digital banking services, customers typically sign up and create account information that enables you to access your accounts on the web or mobile device. Check with your bank to find out what digital banking features they offer and how to sign up for them. It’s also a good idea to make sure you know how your bank is protecting your digital banking data.

Do your homework.

Before engaging with any bank, it’s important to make sure you are working with a legitimate FDIC-insured bank. Make sure it isn’t a fraudulent website set up by criminals to mislead and entice people into transferring money or disclosing personal information for use in committing identity theft. To confirm that a financial institution is an FDIC-insured bank, check the FDIC’s online database, BankFind.

So digital banking is for everyone?

Yes! Banks provide the opportunity to build a personal relationship and have personnel who can go over loan terms or address account issues in person. This relationship is important to some consumers, and others may simply like knowing the bank has a physical presence and commitment to their community. In some circumstances, banking online or on a mobile device may not only be a convenience but a necessity when face to face interaction is unavailable, even if it is only temporary.  The best news is that multiple options are available to access your money (traditionally and digitally) and keep your funds FDIC-insured.

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