-- TD Canada Trust Everyday Banking Poll finds there's still opportunity
for Atlantic Canadians to
take advantage of automatic and mobile banking services --
TO VIEW AN HTML SOCIAL MEDIA VERSION OF THIS RELEASE PLEASE VISIT:
TORONTO, Sept. 8, 2011 /CNW/ - Choosing to bank anytime, anywhere,
online banking has been voted by Atlantic Canadians as the most
preferred method of paying bills (64%), followed by pre-authorized
debits (14%), branch banking (14%), telephone banking (4%), at an ATM
(2%) and by cheques in the mail (2%).
According to the 2011 TD Canada Trust Everyday Banking Poll, Atlantic
Canadians say the most significant change in their banking habits over
the past five years has been adopting online banking (40%), and now
three quarters of the region (74%) use online banking to pay their
bills. Atlantic Canadians were also most likely in the country to
nominate paperless recordkeeping (17% versus 12% nationally) as the
most significant change.
"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
But Chun says there is still an opportunity for Atlantic Canadians to
take advantage of other banking services that will help make saving and
managing finances even easier. According to the poll, less than half
of Atlantic Canadians (43%) take advantage of pre-authorized payments
to pay their bills. However, they are among the most likely in the
country to use automated 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."
The TD Canada Trust Everyday Banking Poll found Atlantic Canadians are
least likely to have embraced mobile banking (2% versus 8% nationally).
Those who don't use it say it's because they don't have a smartphone
(71% versus 66% nationally) or they perceive it to be unsafe (11%) or
too expensive (9%).
Instead, the poll found 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%
"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:
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.
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
Consider mobile banking - Mobile banking gives you on-the-go access to your account information
and is a secure way to check your account history, make payments and
transfers and regularly monitor your account to verify transactions and
keep an eye out for unusual activity.
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
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
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 125 from Atlantic Canada,
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.
SOURCE TD Canada Trust
For further information:
Liz Christiansen / Steve Presant
Paradigm Public Relations
firstname.lastname@example.org / email@example.com
Corporate and Public Affairs
TD Bank Group