New Banking Service!

Are you a small business owner?

Do you have challenges when trying to transfer funds?

Well if you do, that is one of the problems faced by small business owners as they are restricted by their payment options.

In these modern times, it is imperative that every business, whether large or small, get involved in online banking.

At times small businesses, even those who do online banking, are forced to send persons to join long lines at the bank to withdraw funds before then depositing them in another bank.

This time consuming activity is done because while it is easy to transfer funds between branches of the same bank, it is harder to do so between different bank institutions.

Third Party Banking

Within the banking industry, a third party transfer is a type of transaction that involves making out and depositing a payment into the account of a party other than the individual or entity who received the payment.

This type of banking benefits not only small business.

Can you imagine if you want to pay someone who does not have an account at your bank and does want to go through the hassle of cashing a cheque?

In that case, you could simply place the money right in their account regardless of which bank they use.

The person would then have instant access to his funds making everybody happy.

Scotia Bank

A quick check on Scotiabank’s website provides information on a new banking service that will address these issues.

The notice on their website reads: “Now you can use Scotia Online and Mobile Banking to send funds from your personal account to anyone with an account at any other local commercial bank. This service is available to all new and existing Scotiabank customers.”

This means that consumers will be able to avoid banks as they can use their gadgets to move their funds around.

In the past this could have been done at other banks including Scotia by wire transfer, but it was very costly.

On any given day, the bank lines are long and the wait is interminable.  So any way that will promote consumers using the technology available to them is welcomed.

Of course you would need to have access to Internet banking at both banks in order to use the service.

Although retail and corporate customers will benefit the most from this service, everyone needs to get on board with the new movements in technology.

So what do you think of the new service?

Drop me a line!

Teri Ann Renee Paisley

Gleaner Online

Tags: banking