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Online Banking in Canada

The online banking sector in Canada is well developed and functioning. Below is an overview of the online banking services offered by big Canadian banks such as the Royal Bank of Canada, CIBC, and Toronto-Dominion Bank.

The Royal Bank of Canada (RBC) has developed a flexible and convenient online banking service for its clients at home and around the world. The service comprises of online bill payment option, mortgage balance viewer, funds transfer option, online loan application option, as well as insurance and investment advisory solutions which are accessible via the Internet. Clients of RBC may download their data on accounting software such as Money and Simply Accounting or Quicken. They may also print some of the paper-based transactions. In addition, the transaction history allows reviewing all transactions as far as three months back. Users may search by type of transaction (for example, deposits, cheques, and withdrawals) or by time period (e.g. one month, two weeks, etc.)

The online banking service of the Toronto Dominion Bank (TD Bank) allows clients to receive information about their bank accounts in real time, view images of their paychecks online and block payments on checks. In addition, the online banking service of TD bank makes it possible to transfer funds between the clients’ bank accounts and review statements up to a year and a half back. The online banking of TD bank is environmental-friendly because it enables the bank’s clients to apply for paperless bank statements and online payment notifications.

The devoted team of Bank of Nova Scotia has developed an online banking service that allows clients to submit online applications for everyday banking services, personal investment and brokerage services and insurance solutions, as well as to take advantage of a fully functional online credit calculator.

The online banking service of the Canadian Imperial Bank of Commerce enables its clients to apply for bank loans and credit cards, make bank transfers between their accounts at CIBC, as well as to other banks in Canada and around the world. Clients may pay their bills while surfing on the Internet, and apply for insurance packages and investment management services online. Users of the online banking service may register their bills for payment online and review their payment history. They may select and review all payments with a specific payee. Other convenient options are cancellation of bills on the same day they were made and the possibility to pay one’s personal income tax to the CRA.

The online banking of the Bank of Montreal (BMO) makes it possible to pay utility bills online, transfer funds between bank accounts, get information about all services of the BMO financial group, monitor mortgage and consumer loan payments, make cash advances and check bank account balance. Clients have access to their credit cards, bank accounts, loans, and investment through the online service of the bank. They can check their transaction history, download their account details, pay bills online, add and delete billers, and receive their bills through epost. The email money transfer option allows clients to receive and send money from and to anyone with a Canadian bank account and email. Persons who make online inquires receive a response in their message centre within 24 hours. They may also speak to the Direct Banking Manager of BMO by dialing 1 800 number.

It is fare to assume that online banking will continue gaining solid ground in Canada as a convenient and time-saving alternative of retail banking and investment advisory. It is hardly a wonder that most banks in Canada already offer online investment consulting via skype or email.