Top 5 ways to manage your money electronically

While we rely on the mail for many things, the timely and effective management of our money doesn’t have to be on that list. That’s because Online and Mobile banking can allow you stay on top of your money at any time.

Here are 5 ways to easily manage your money electronically.

1. Sign up for electronic statements – with eStatements, you get the same information as your paper statement but you can view it immediately and at any time. Your statements are also archived, so you can go back and check transactions or statement amounts whenever you need to.
2. Pay – and receive - your bills online – Through online or mobile banking services, you can pay your bills easily and in minutes. You just need to set up your ‘payees’ (which include most utilities, taxes and other banks or creditors) in your online banking profile. Set up future dated or ongoing payments; or pay multiple bills at once to save time and stay ahead of the game.
   You can sign up to receive and pay many of your bills online too… a very handy service during a postal strike!
   Remember, regardless of a postal strike or delay, your bill payments are due by the original deadline provided by your biller. If you’re not paying or receiving bills online right now, check with the companies you deal with to confirm your balance owing and next payment date.
3. Arrange for direct deposit and pre-authorized payments– If you’re receiving regular benefit cheques such as Canada Pension Plan or Old Age Security, direct deposit is the fastest (and most reliable) way to get your money. It’s also the quickest way to get your tax refund from the Canada Revenue Agency.
   With pre-authorized payments, you allow a biller to withdraw your monthly payments directly from your chequing or credit card account. This is one way to ensure you never miss a payment.
4. Send money electronically – Need to pay back a friend who covered dinner last night? Or pay your cleaning lady or dog walker? With Interac* e-Transfers, you can send money to anyone in Canada with an email address and access to online banking. The recipient gets the money the same day, and the money comes out of your account immediately.
5. Check your balances and account activity anytime– When you bank online or through your mobile device, you can check your account balances, monitor your account activity and view transactions at any time. Investment and credit card transactions are typically available the next business day.

By staying connected online, you can easily manage your money whenever and wherever is best for you. You also have a more timely view of your accounts and transactions, which can mean you’re more aware and up to date when it comes to your money.

For more information visit the RBC Advice Centre.