Most people who bank use a nationwide bank or local credit union, generally choosing the one that is closest to them or offers the best services. However, while these were the only options for years, you can now open up an online checking and savings account to handle all of your personal banking needs online. If you're used to assisting your parent with their finances and they are still capable of handling most of their banking on their own, you'll need to be patient if you want to introduce them to online banking.
It is understandable why your parent may hesitate using such a service, knowing they cannot walk in somewhere to get help, but the benefits that come with online banking, such as great interest rates, especially on savings accounts and easy access to their balance. To help your parent get started, consider the following tips.
Make Use of Direct Deposit
To minimize the amount of cash that your parent handles, you should set up any income to be directly deposited to their online checking account as soon as you get their account set up. This will get the money into an account where they can distribute it or you can help set up automatic billing for them.
Keep Track of Cash
While you should have your elderly parent use their debit card at all times since physical dollar bills cannot be managed through online baking, it is inevitable for them to end up with some cash in their hands, whether it comes from selling something or as a gift. With this in mind, you'll need to come up with an easy way for your parent to handle physical cash since they cannot simply deposit it into an online bank.
Get Checks
Some businesses may not accept debit cards or credit cards, but they may be okay with cash or a check. Although your parent could get cash back at a grocery store or nearby ATM, they can always write a check. Certain online bankers provide free checks to you, so make sure to take advantage of this service. If your parent lives in a rental or prefers to handle all their bills in the mail, they will find it easier to pay with a check compared to getting money orders every month.
Opening up a checking and savings account online is a great way to help your elderly parent enjoy simple banking with convincing interest rates, especially since it can be much more convenient for you to help manage.
Share10 May 2016
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