-- TD Canada Trust Everyday Banking Poll finds there's still opportunity
for Canadians to take advantage of automatic and mobile banking
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TORONTO, Sept. 8, 2011 /CNW/ - The cheque book and passbook have taken a
back seat in the financial lives of many Canadians, as people continue
to embrace online banking to streamline and simplify their everyday
banking habits. According to the 2011 TD Canada Trust Everyday Banking
Poll, Canadians selected online banking as the most preferred method of
paying bills (65%), followed by preauthorized debits (16%), branch
banking (8%), telephone banking (5%), at an ATM (3%) and by cheque in
the mail (2%).
In fact, Canadians say the most significant change in banking habits
over the past five years has been adopting online banking (46%),
followed by paperless recordkeeping (12%) and viewing statements
electronically (10%). Three-quarters of Canadians (76%) now use online
banking to pay their bills.
"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 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 Canadians (43%) take advantage of pre-authorized payments, only 8%
use mobile banking and only 28% use automated savings programs.
"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 also found that 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% overall). The majority of Canadians who
don't use mobile banking say it's because they don't have a smartphone
(66%) or they perceive it to be unsafe (14%) or too expensive (12%).
"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."
Raymond Chun, Senior Vice President, TD Canada Trust 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 through a custom, online survey. The
survey was conducted by Environics Research Group between August 3 - 9,
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
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