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.

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.
  • The majority of Canadians use online and mobile banking as their primary method of conducting transactions.

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 and more than two-thirds (68%) now do most of their banking digitally, using online and mobile 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.

Trust through convenience – signing into your CRA account using your bank as a sign-in partner

Banks in Canada provide safe and trusted security for banking and payments. And through a partnership with the federal government, Canadians can use their online banking credentials to login to access Government of Canada online services such as:

  • My Account for Individuals
  • My Business Account
  • MyCRA mobile app
  • My Benefits CRA mobile app account through the Canada Revenue Agency.

For a full list of sign-in partners, visit www.canada.ca/en/revenue-agency.

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