Now, more than ever, there are many ways to bank. Gone are the days of banking only in a branch. Now a customer can bank anytime and anywhere and new technologies are changing how Canadians save, move and spend money.

Caught in the grocery store checkout line without enough cash? You can use your debit card and get cash back at the same time. Forget to pay some bills before going on vacation? Pay your bill from your home computer before packing, or from your tablet or mobile phone while you’re away.

 

What You Need to Know:

  • Innovations have fundamentally transformed how Canadians bank. Canadians now spend, receive, deposit and invest money without ever having to go to a branch or handle cash.
  • You can bank online, in the branch, by phone, using your mobile phone’s app and at the ABM.
  • More and more Canadians are using the Internet and mobile devices as their primary way of banking.

Online banking is the most popular

Online banking is the most popular method of conducting banking transactions. In fact, more than three-quarters of Canadians report using online banking in the last year and half use the Internet as their main means of doing their day-to-day banking.

Mobile banking is growing fast

More and more Canadians are carrying mobile devices and banks have responded by offering apps that allow you to carry out a variety of day-to-day banking transactions through your mobile phone or tablet. Seventeen per cent of Canadians now use mobile banking as their primary means of banking and more than half expect they will be conducting more transactions this way in the next two to three years. Customers can now take a picture of a cheque with a mobile device and deposit it using a mobile app.

Branches remain a vital part of banking

Despite the growth in electronic options, branches remain a vital part of banking in Canada providing in-depth personal financial management services. Many bank branches offer extended hours and are open on Saturdays and Sundays. And some branches offer drive-throughs where you can access the ABM from your car.

Updated ABMs are a convenient option that do more and more

ABMs remain popular options for cash withdrawals, making deposits and paying bills. And some ABMs will count your bills for you, print off receipts with images, print mini-statements, provide a payment history, offer envelope-free deposit and if you use your own banks machines, you can avoid convenience fees charged by other financial institutions and white label ABMs.

Questions?

If you have general questions about banking in Canada, call the Canadian Bankers Association’s Banking Information Line at 1‑800‑263‑0231 or send an email to inform@cba.ca.

More Information

Canadian Bankers Association