Most financial institutions offer a variety of options for accessing your accounts, such as telephone, Internet or mobile banking. These transactions are usually less expensive than using in-branch teller services.
You will usually need an electronic password for Internet or mobile phone banking, and a separate numeric password for telephone banking to access your account. If you sign up for Internet banking, you may also be able to choose to receive your monthly bank statement electronically or view your transactions online.
Most financial institutions offer an online security guarantee and will reimburse you for any unauthorized transactions made through their online service if someone gets unauthorized access to your account and you suffer a financial loss. The Canadian Bankers Association and its members have agreed to be bound by a voluntary commitment for online payments. FCAC monitors federally regulated financial institutions’ compliance with this commitment.
However, remember that it is your responsibility to keep your debit and credit card information, including log-on IDs, passwords and PINs confidential. Otherwise, you may be liable for any unauthorized transactions. Check with your financial institution to find out about its online banking policy.
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