28 Sep Mom won’t bank online so I can help her. What can I do?

Q. I’m trying to convince my mom to do online banking so I can help her keep track of bills. She can be forgetful. But she doesn’t want to use the computer. How can I convince her it’s the smart way to go?
— Still working

A. It’s great to hear you’re trying to help your mom.

Having online access to her accounts would certainly make it easier.

It can be a great tool to help manage bill payments and cash flow, especially if someone has a few types of accounts all at one bank, said Debra Ohstrom, a chartered financial analyst and financial educator.

She said the convenience factor is one of the biggest benefits because you have the ability to log into the accounts and view balances or transfer money between accounts at any time of day.

Many banks have online services — as well as physical locations — so you can still have the benefits of online banking with well known reputable banks though they can have higher fees, she said.

She noted that some institutions have online-only services available.

“Many of these tend to have higher savings rates which is a benefit for account holders,” she said. “It really depends on your needs and what you are more comfortable with.”

Online banking offers the convenient benefit with the ability to automatically pay bills through a bank’s online bill-pay feature.

“You no longer have to worry about stamps and physical checks since the bank either pays your bills electronically by sending the money or will send out the physical check on your behalf,” Ohstrom said. “This can be a big help for your credit score so you don’t accidentally make late payments or miss payments altogether and is usually a free service provided by the bank to go along with your checking account.”

Some people are concerned about cybersecurity when it comes to online banking.

“You need to remember that your money is FDIC-insured by up to $250,000 per person per bank, for each account type,” she said. “The risk is really on the bank for making sure they have the best on-line security they can and not the consumer who has the bank account.”

Perhaps you can discuss with her these advantages, or if you use online banking, maybe you can log in to your accounts to show her how it works for you.

And remember, if she’s willing to sign up and give you access, she doesn’t actually have to use the online banking website or apps. She can still write checks and pay her bills as she does today, while enabling you to be a backstop should she ever need help.

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This story was originally published on Sept. 28, 2022.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.