Online banking lets you check your account balance, pay bills, transfer money, and manage your finances from your computer, tablet, or smartphone. It's safe, convenient, and can save you trips to the bank. This guide will walk you through everything you need to know to get started.
What is Online Banking?
Online banking (also called internet banking) is a service that lets you access your bank account through a website or mobile app. Instead of going to a physical bank branch or ATM, you can handle most banking tasks from home.
What You Can Do with Online Banking
- Check your balance anytime, day or night
- View transactions and see where your money goes
- Pay bills electronically without writing checks
- Transfer money between your accounts instantly
- Deposit checks by taking a photo (mobile deposit)
- Download statements instead of waiting for them in the mail
- Set up alerts for low balances or suspicious activity
Is Online Banking Safe?
Yes, when done properly, online banking is very safe. According to the FDIC, banks use multiple layers of security to protect your information, including encryption, secure login systems, and fraud monitoring.
Bank-Level Encryption
Your data is scrambled so no one else can read it, even if they intercept it.
Multi-Factor Authentication
You need both your password and a code sent to your phone to log in.
24/7 Fraud Monitoring
Banks watch for suspicious activity and will alert you immediately.
FDIC Insurance
Your deposits are still insured up to $250,000, just like at a physical branch.
How to Get Started with Online Banking
Most banks offer online banking for free to their customers. Here's how to set it up:
Visit Your Bank's Website
Look for your bank's official website. For example, if you bank with Chase, go to chase.com. Be careful to type the address correctly to avoid fake websites.
Look for "Enroll" or "Sign Up"
Find a button that says "Enroll in Online Banking," "Sign Up," or "Register." It's usually in the top right corner.
Enter Your Account Information
You'll need your account number, Social Security number, and some personal information. Have a recent bank statement handy.
Create a Username and Password
Choose a username you'll remember, and create a strong password (at least 12 characters with letters, numbers, and symbols). Write these down in a safe place!
Set Up Security Questions
Answer security questions like "What was your first pet's name?" Choose answers you'll remember but others wouldn't easily guess.
Verify Your Identity
The bank may send a code to your phone or email. Enter this code to confirm it's really you.
Helpful Tip
If you're nervous about setting up online banking yourself, call your bank or visit a branch. Many banks offer in-person assistance to help seniors get started with online banking.
Understanding Your Online Banking Dashboard
Once you log in, you'll see your banking dashboard. Here's what the main sections mean:
Account Summary
Shows all your accounts (checking, savings, credit cards) with current balances. This is usually the first thing you see when you log in.
Recent Activity
Lists your recent transactions - deposits, withdrawals, purchases, and bill payments. Check this regularly to spot any transactions you don't recognize.
Transfer Money
Lets you move money between your accounts instantly. For example, from checking to savings.
Pay Bills
Schedule one-time or recurring bill payments to utilities, credit cards, and other payees.
Statements
View and download your monthly bank statements as PDF files.
Settings
Update your contact information, change your password, and set up alerts.
How to Pay Bills Online
One of the most useful features of online banking is bill pay. According to the Consumer Financial Protection Bureau, online bill pay is safe and can save you money on stamps and checks.
Setting Up a Payee (One-Time Setup)
- Click on "Pay Bills" or "Bill Pay" in your online banking menu
- Select "Add Payee" or "Add New Biller"
- Enter the company name (like "Electric Company" or "Credit Card")
- Enter your account number with that company (found on your bill)
- Enter the payment address (usually on your bill)
- Click "Save" - this payee is now in your system
Making a Payment
- Go to your Bill Pay section
- Select the payee from your list
- Enter the amount you want to pay
- Choose the date you want the payment sent
- Review and confirm the payment
Pro Tip: Set Up Automatic Payments
For bills that are the same amount each month (like mortgage or car payments), you can set up automatic payments. The bank will pay the bill automatically on the same day each month, so you never miss a payment.
How to Use Mobile Banking Apps
Most banks have mobile apps that let you do everything from your smartphone or tablet. Here's how to get started:
Download Your Bank's App
Go to the App Store (iPhone/iPad) or Google Play Store (Android). Search for your bank's name. Make sure it's the official app by checking the developer name matches your bank.
Log In
Use the same username and password you created for online banking.
Enable Fingerprint or Face ID (Optional)
Many apps let you use your fingerprint or face to log in instead of typing your password each time. This is both secure and convenient.
Try Mobile Deposit
To deposit a check without going to the bank, select "Deposit Check," take a photo of the front and back of your check, and submit. The money usually appears in your account within 1-2 business days.
Safety Tips for Online Banking
Follow these important safety tips to protect your money and personal information:
Never share your password
Your bank will NEVER ask for your password by email or phone. If someone asks, it's a scam.
Use a strong password
Create a password with at least 12 characters, mixing uppercase, lowercase, numbers, and symbols. Don't use obvious words like "password" or your birthday.
Log out when finished
Always click "Log Out" or "Sign Out" when you're done, especially on shared computers.
Avoid public WiFi
Don't access your bank account on public WiFi at coffee shops or libraries. Wait until you're home on your secure network.
Check for "https://"
Make sure your bank's website address starts with "https://" (note the 's') and shows a padlock icon. This means the connection is secure.
Review transactions regularly
Check your account at least once a week for any transactions you don't recognize. Report suspicious activity immediately.
Set up account alerts
Have the bank text or email you when large transactions occur or when your balance drops below a certain amount.
Keep your devices updated
Install security updates on your computer, tablet, or phone when prompted. These updates fix security vulnerabilities.
Common Online Banking Concerns Answered
What if I forget my password?
Every bank has a "Forgot Password" link on the login page. Click it, and the bank will walk you through resetting your password. You may need to answer security questions or receive a code via text or email.
Can someone steal my money through online banking?
Banks have strong security measures in place. As long as you follow safety practices (like not sharing your password and using a secure internet connection), your money is very safe. Plus, according to FDIC regulations, you're protected from unauthorized transactions if you report them promptly.
What if I make a mistake when paying a bill?
Most banks let you cancel or edit a payment before it's processed (usually within 24-48 hours). If you've already sent the payment, you'll need to contact the company directly to request a refund.
Will I still receive paper statements?
You can choose. Most banks default to electronic statements (paperless) but will mail paper statements if you request them. Note that some banks charge a fee for paper statements.
Do I need a computer, or can I use my tablet or phone?
You can use any device - computer, tablet, or smartphone. Many seniors find tablets ideal because they have larger screens than phones but are more portable than computers.
What if I still want to talk to a real person sometimes?
Online banking doesn't replace bank branches or phone support. You can still visit your branch or call customer service anytime. Online banking is just one more convenient option.
Advanced Features Worth Exploring
Once you're comfortable with the basics, try these helpful features:
Zelle or Venmo Integration
Send money instantly to friends and family using just their email or phone number. Perfect for splitting restaurant bills or sending birthday money to grandchildren.
Account Alerts
Get text or email notifications for low balances, large purchases, or when checks clear. This helps you stay on top of your finances without constantly checking your account.
Budgeting Tools
Many banks offer free budgeting features that categorize your spending and show you where your money goes each month.
Bill Pay Scheduling
Schedule all your bills at the beginning of the month and forget about them. The bank will pay them automatically on the dates you choose.
Check Images
View images of canceled checks to see who cashed them and when. Helpful for keeping records or resolving disputes.
External Account Links
Link accounts from different banks to transfer money between them. For example, move money from your credit union savings to your checking account at another bank.
Troubleshooting Common Problems
Problem: "Invalid username or password" error
Solution: Make sure Caps Lock is off, and you're typing your password exactly as you created it. If you still can't log in, use the "Forgot Password" link to reset it.
Problem: Website says "Session timed out"
Solution: For security, banks automatically log you out after 10-15 minutes of inactivity. Just log back in. This is a safety feature, not a problem.
Problem: Can't find a transaction I made
Solution: Some transactions take 1-3 business days to appear. Check "Pending Transactions" or wait 24 hours and check again. If it's still missing after 3 days, call the bank.
Problem: Mobile app won't accept my fingerprint
Solution: Delete and re-register your fingerprint in your phone's settings. If that doesn't work, you can always use your password instead.
Benefits of Online Banking for Seniors
Online banking offers unique advantages for seniors:
No More Driving to the Bank
Check balances, pay bills, and transfer money without leaving home. This is especially valuable if you have mobility issues or live far from a branch.
Immediate Access to Information
See exactly how much money you have right now, not just when you receive your monthly statement.
Better Fraud Protection
Spot suspicious transactions within hours instead of waiting for a paper statement. The sooner you report fraud, the easier it is to resolve.
Easier Record Keeping
Download statements and transaction history anytime. No more filing cabinets full of paper statements.
Never Miss a Payment
Set up automatic payments for recurring bills so you never forget to pay utilities, mortgage, or insurance.
24/7 Access
Bank on your schedule, whether it's 3 PM or 3 AM. No need to arrange your day around banking hours.
Ready to Get Started?
Online banking might seem complicated at first, but thousands of seniors use it every day. Start with simple tasks like checking your balance, then gradually explore other features. You'll soon wonder how you ever managed without it!
Next Steps
Now that you understand online banking, here's what to do:
- Call your bank or visit a branch to ask about online banking enrollment
- Gather your account information and a recent statement
- Set aside 30 minutes to register for online banking when you won't be interrupted
- Log in and explore your dashboard - you can't break anything by looking around
- Start with simple tasks like checking your balance and viewing recent transactions
- Once comfortable, set up bill pay for one or two regular bills
- Consider downloading your bank's mobile app for even more convenience
For more technology guides written for seniors, explore our other articles on staying safe online, password security, and getting started with smartphones.