Online banking - Canada.ca (2024)

How to use online banking

Online banking allows you to access your accounts and make various financial transactions on the Internet. For example, you can use online banking to pay bills or transfer money to other accounts. You can bank online using either a computer or mobile device such as a cell phone or tablet.

Generally, online banking transactions cost less than using in-branch teller services or ATMs.

Online banking lets you check your transactions online as they are processed. You don’t have to wait for a monthly statement.

In most cases, you’ll need to do the following before you can use online banking services:

register for online banking with your financial institution
enter your debit card number
create a username and password
read and accept the terms and conditions

Online banking with your computer

To access your accounts using online banking from your computer you must:

go to your financial institution’s website
enter:
- your username or account number
- your password
- answers to security questions
complete the 2-step verification process if it is set up on your account

Online banking from a computer allows you to:

access your accounts
make future-dated bill payments
transfer funds between accounts
open a new account
schedule regular payments or transfers
apply for loans
access your monthly statements

Some financial institutions will also allow you to block access to your debit and credit cards online. You may wish to do this if you suspect or notice suspicious activity.

Mobile banking

You can use mobile banking anywhere you take your mobile device, like a smartphone or tablet. You can use a mobile banking application (app) or an online banking site from your mobile device.

Mobile banking application (app)

To access your accounts using a mobile banking application you must:

download your financial institution’s mobile banking app to your mobile device
open the app on your device
sign in using your username or account number and password

Only download apps and updates from a trusted source, such as:

directly from your institution’s website
from your mobile device’s app store

Banking apps on your mobile device may only allow certain types of transactions such as:

money transfers
paying bills

To access all online banking services your financial institution offers, use the online banking site with your mobile device.

Mobile banking sites

Mobile banking sites let you access your accounts from your mobile device without downloading a mobile banking app.

Banking through an Internet browser on your mobile device is similar to online banking with your computer. However, mobile banking sites maygive you a more detailed view of your accounts. The website alsoallows you to access more services than using a mobile banking app.

Protection from unauthorized transactions when online banking

Most financial institutions have policies that protect you from unauthorized transactions while using their online banking service. These are transactions that you didn’t make or approve.

It's your responsibility to always keep your banking and online banking details to yourself.

If you give your online banking information to anyone, including a spouse, partner, family member or friend, you may:

risk losing the protection against unauthorized transactions offered by your financial institution
be responsible for any unauthorized transactions on your account

Ask your financial institution about its online banking service commitments and policy on unauthorized transactions.

Learn more about protection against unauthorized transactions.

Your responsibilities when banking online

To ensure that you’re protected from financial loss from an unauthorized transaction:

don’t share your personal identification number (PIN), password or security questions and answers with anyone, not even family members
manage your banking information, including log-on IDs and passwords, according to the terms of your financial institution’s user agreement
check your accounts regularly for transactions you didn’t make or approve
contact your financial institution or service provider as soon as you find an error or suspicious transaction

You may need to take additional steps to protect yourself when banking online. Read your account agreement and your financial institution’s online banking or electronic access agreement to learn more.

Choosing a password and PIN

Pick a strong password for your online banking accounts. You may be responsible for transactions you didn’t make or approve if you use a password that’s easy to guess. Create unique passwords for each account you have. Combine upper-case and lower-case letters, numbers and keyboard symbols like # or @ when you create your password.

Financial malware, or malicious software, can damage your devices and put your financial information at risk. You must protect your passwords and PINs from such software, or you may be responsible for unauthorized transactions.

Protecting your personal financial information online

Protect yourself when banking online to help prevent criminals from capturing or copying your financial information.

Someone may see what you send over public networks. For example, those you access from coffee shops, bookstores and public libraries. This information may include your passwords, bank account numbers, credit card numbers and personal information.

To protect your financial information, make sure you do the following:

don’t use public Wi-Fi or public computers for online banking
if you must use a public computer, clear its history and cache when you finish using it
don’t share your user IDs, passwords and PINs with anyone, not even a family members
use a strong password that no one can easily guess for your online banking accounts
use different passwords for each of your accounts
don’t store your usernames and passwords in mobile devices
don’t allow your computer or mobile device to remember your password or banking information, like your account number
don’t give your personal information by email or text message
don’t respond to suspicious email or text messages or click on links within them
log into your account regularly to make sure there are no unauthorized or suspicious transactions

You may use a mobile device to do your banking from an app or an online banking site. If you lose that device, let your financial institution credit card provider know right away. You should also contact your mobile service provider so they can block your account.

Learn more about securing your accounts online.