Smarter Banking - Make the most of your money

Important Notice

This booklet gives information of a general nature and is not intended to be relied on by readers as advice in any particular matter.

You should consider consulting a financial adviser regarding how this information may apply to your own circumstances.

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HOW CAN I MAKE THE MOST OF MY BANK ACCOUNT?

A woman using her debit card to pay for groceries in a supermarket via EFTPOS.

Once you’ve opened your bank account, take some time to find out how you can get the most out of the account.

Many people think that their bank account is just for taking deposits and making withdrawals – that’s not the case anymore. With technology developments, banking is much easier and more accessible.

PAYING YOUR BILLS

Paying bills via BPay is a convenient and simple way to manage your bills. BPay can be accessed using the Internet or over the telephone. You can make payments from your bank account or other accounts, including credit card. You can also schedule your payments for a later date.

MANAGING YOUR ACCOUNTS

Managing your accounts can be easily done using SMS and email alerts. Some banks allow you to request specific information regarding your bank account, such as account balances, deposits, and withdrawals, to be sent to you automatically via SMS or email. Daily alerts can help you keep track of your accounts. You can set up notifications to receive the information you want to receive, such as when a deposit has been cleared or when your account balance reaches a certain amount. Account balance alerts can help you avoid overdrawing your account. You can also be notified of suspicious activity.

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Internet banking - take a test drive

If you aren’t familiar with using the Internet, doing your banking online might seem daunting. To help you get more familiar with being online, some banks have tools on their website that let you pretend you are Internet banking and practice doing transactions. You can take a test drive before you register for Internet banking.

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Attend a seminar

Some banks run education seminars for their customers to help them use ATMs, EFTPOS facilities and Internet banking. The seminars explain the various banking services available through electronic banking and give customers ‘hands on’ experience with using electronic banking. If you’re interested in participating in a seminar, or perhaps arranging a seminar for your community organisation, you should contact your bank. If your bank doesn’t offer a seminar in your area, ask if it will consider running one.

USING INTERNET BANKING

More and more people are taking advantage of the convenience, low cost and time-saving benefits of banking online.

Registering for Internet banking means you can go online to:

View your accounts, current balances and available funds
View your transaction history
View previous statements
Transfer funds – either between your accounts, or to external accounts
Pay bills or make payments
Schedule future transactions
Update personal details, such as your password, address, phone number and email address.

Internet banking also tends to be the cheapest way to conduct your banking. Many banks offer accounts that have unlimited Internet banking transactions. Whereas with other accounts, if you exceed the number of free transactions your account entitles you to, the excess fee for an online transaction is usually lower than for other transaction types.

HOW TO ACCESS INTERNET BANKING

Before you can access your account online, you’ll need to register with your bank for Internet banking. Your bank will give you a registration number or login ID. You’ll also need to select a password. Your Internet password is different from the PIN you use with your debit card.

Once your bank has approved your registration, you’re able to access your accounts online.

Below is a step-by-step guide to help you get familiar with Internet banking. After you have registered for Internet banking with your bank, and you have the necessary username, password or access codes, just follow the steps.

	STEP 1: Make sure your computer is connected to the Internet.
	STEP 2: Go to your bank’s website. You can either type the web address of your bank into your Internet browser, or save the web address as one of your ‘Favourites’. For security reasons, don’t click on a link to your bank sent to you in an email – emails with links to fake websites are a classic ploy of criminals trying to steal your identity.
	STEP 3: Once you’re on your bank’s website you’ll see a button or other icon labelled ‘Log on to Internet banking’ or something similar (the terminology varies from bank to bank). Click on this icon. It will take you to a login page or screen.
	STEP 4: Login to your Internet account (the procedure varies from bank to bank). It generally requires you to enter your registration number or login ID. You will also have to enter your password – either by typing it in, or by clicking on letters and numbers onscreen.
	STEP 5: Some banks have a two stage authentication process, which is an additional security measure to protect customers’ accounts and personal data. If your bank has a two-stage process, you’ll then have to enter another code. This may be a code generated by a security token the bank gives you when you register for Internet banking, or it could be contained in an SMS message the bank sends to your mobile phone.
	STEP 6: If you’ve entered the correct information at all these stages, you’ll gain access to your accounts and be able to begin your Internet banking.
	STEP 7: Once you’ve got online access to your accounts you’ll see the different types of transactions that you can perform. Usually on the left side of the screen there will be a list of functions. Click on a function to open it. For example, if you want to transfer funds, click on the button or icon labelled ‘Transfers’ or something similar. You’ll need to complete the required data. Remember – make sure that you have the right BSB code and account number for the beneficiary of the transfer, as this is the information that the bank will use to process the transfer.
	STEP 8: Once you’ve finished your Internet banking, be sure to log out from your account. (Most banks also have in place a ‘time-out’ feature, which means that if you’re inactive for a certain period in your Internet banking session, you’ll automatically be logged out.)

Did you know?

‘Phishing’ refers to the use of spam emails to fraudulently get access to banking details. The email typically purports to be from a legitimate bank or other financial institution. It may use the pretext of ‘security and maintenance upgrades’ or ‘investigation of irregularities’ or ask you to participate in a survey. The email usually asks you to click on a link to the bank’s website. The link, in fact, takes you to a fake website set up to look like the bank’s legitimate website.

A legitimate bank will never send you an email requesting your confidential banking details. Phishing emails will rarely address you by name, as they are sent to thousands of addresses. And although they look official, they commonly contain basic spelling and grammatical mistakes. If you suspect you have received a phishing email, delete it straight away.

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Check your statements regularly

Always check your account statements for any transactions that look suspicious. If you find a suspicious transaction, contact your bank immediately. Banks, police and the regulator have worked together to provide information on a website about how to ‘Protect your financial identity’. For more information, go to www.protectfinancialid.org.au

THE FUTURE OF BANKING

The banking industry has changed radically in the last twenty years, and will continue to change in the future. Bank customers are able to access their accounts 24/7. No longer is most banking conducted face-to face with a banking staff member at the local branch. Today more than 90% of transactions are conducted electronically.

Internet and telephone banking have made it possible to do most of your banking without even leaving your home. When you do leave home, there are more places than ever before to access your accounts. Huge increases in the number of ATMs and EFTPOS terminals mean that the ability to use your account is never far away. New ways of making payments are increasingly replacing the use of cash.

It’s not just the way we bank that has changed. Banks are more innovative in the products and services they offer. No longer is the choice simply between a cheque account and a savings account. Banks today offer an array of products to suit the banking habits of a wide range of customers.

Accounts are structured so that customers now pay only for services they use. You can choose an account with a fee structure that suits the way you bank, and doesn’t charge you for services you don’t use or need.

Banks continue to work on new technologies that will make it even easier and more convenient to do your banking. Having said this, there will always be some customers who need or prefer to do their banking face-to face. Some people are uncomfortable using modern technology, or may not have access to the Internet.

Bank branches, and other banking services, such as Bank@Post, are essential for these customers. The banking industry monitors the geographic spread of bank branches across Australia to ensure it fairly matches where people live. The face to- face network has been expanding over the last few years, meaning that for the vast majority of people, they are within a few minutes of their nearest bank branch.

However, it is the Internet that is transforming the way people manage their financial affairs. The huge take up of Internet banking clearly shows that customers want innovation to continue.

Taking the idea of mobility even further, some banks now offer you the ability to do your banking on mobile hand held devices, such as mobile phones or some iPod devices. Not all mobile devices are compatible with mobile banking, and banks may limit the range of transactions that are available on the mobile platform – but over time this way of accessing your account will become easier and more widespread.

ELECTRONIC BANKING CHECKLIST: WAYS TO GET MORE OUT OF BANKING

Consider the following ways to become more confident with electronic banking:

ATMs

When your bank is organising your debit card, ask for a password instead of a PIN – this can help you remember it.
When using an ATM, have your debit card ready to use and after you’ve withdrawn your cash, put it away immediately and count it later – this can help you minimise the time you’re at the ATM.

EFTPOS

When using EFTPOS, consider whether you need cash, and when you can, make a purchase and withdrawal in the same transaction. For example, when you’re at the supermarket, pay for your groceries and get some cash at the same time.
Keep your receipt for your records so that you can easily see the purchase amount and cash amount, and check against your account statement.

Telephone banking

When registering for telephone banking, let your bank know if you’re hearing or speech impaired and will be using assistive technologies, TTY , interpreters or authorised third party services to complete your transactions with the bank – this will help the bank put in place the right business rules and protocols.
When using telephone banking, consider whether you can use automated services to check or update account details. Most banks offer accounts that include a number of fee-free transactions using telephone banking. Remember – staff-assisted transactions may incur additional fees.

Internet banking

When registering for Internet banking, let your bank know if you’re vision impaired and will be using assistive technologies, screen readers, speech recognition software to complete your transactions with the bank – this will help the bank put in place the right protocols and business rules.
When using Internet banking, keep your computer secure by installing security protection software. For example, make sure you’ve installed a firewall and anti-virus software on your computer.
When you’ve finished, log out of your account and Internet banking session.
Never provide personal details including customer registration number, login ID or passwords, in response to any email. Delete any emails you think are suspicious without opening.
Never click on a link or attachment in an email which purportedly sends you to a bank’s website. Only access your bank’s website by typing the address into your browser or from your ‘Favourites’.

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