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Community Bank News
Wired Seniors: Older Adults Increasingly Use Online Banking
Featured in Senior News April 2007
By Randall E. Snider, Community Bank of Parkersburg
President and Chief Executive Officer
When I began my career in the banking industry nearly three decades ago, I never dreamed of just how far and how quickly banking technology would advance. Remember the term “bankers hours”? Now, banking services are available online — 24 hours a day.
Today most all services that are available from your local bank can be found on a single website. Rather than calling separate numbers to order a new checkbook or check your balance, it is possible to do all this from a personal banking home page.
As online banking grows in popularity, seniors are fast becoming a major portion of users. Convenience is one reason. Seniors who have limited access to transportation can do their own banking or pay bills when they want, an increasingly important factor as the population gets busier and remains active longer.
Another advantage to online banking is that if money problems arise when you are out or town, you can access your account 24 hours a day from anywhere — whether you are drinking morning coffee in your pajamas or visiting with your grandchildren, hundreds of miles away from home. Within minutes, you can see if a deposit has been processed or if the latest transaction has gone through.
In recent years the percentage of seniors who go online has jumped by 47 percent. In a recent survey by Pew Internet & American Life Project, 22 percent of Americans age 65 and older reported having access to the Internet, up from 15 percent four years before.
The study also found that communication and information searches — such as online banking inquires — attract wired seniors.
The following are some additional benefits of online banking:
- You don’t have to go to the bank’s branch to request a financial statement. Simply download it from your online bank account, which shows up-to-the-minute figures.
- Money can be transferred and bills paid. Instead of writing a check, finding a stamp and running off to the mailbox, one can simply click a few buttons on the bank’s website.
- Banking can be done with confidence. Security features on banking sites are designed to guard your personal information.
- Keep a record of finances with statements up to six months old.
At Community Bank, we offer free online banking with our Senior Checking account. Plus customers get free checks, free debit/check card and a special bonus rate on Community Bank Certificates of Deposit with Senior Checking. All you have to do is be at least 55 and stop in one of our four convenient branches to enroll. If you open a Senior Checking account today, Community Bank will buy back old checks for $10 and provide a free $25 Community Bank Visa® Gift card for opening account.
Stop in today. It may be one of the best trips you have ever made to the bank.
About Community Bank
Community Bank has assets in excess of $195 million and total deposits of $130 million. Founded in 1917, Community Bank offers full-service banking, including investment services, as well as making loans to consumers and local businesses. Community Bank delivers customized, personal service and local decision-making combined with the convenience of four Wood County banking offices and cutting-edge technology. For more information, visit www.communitybankpkbg.com.