Have you ever used the phone to:
- Check your account balances?
- Check how much you owe on your credit card?
- Pay bills?
- Transfer money from one account to another?
You can do all this and more.
How do telephone services work?
You can get a range of automated services through a toll-free number. You use a keypad to enter your choices. You will have to set up a password to use your account.
Many brokerage firms let you buy and sell investments over the phone. You speak to an individual, but you may still need a password to access this service.
Safety tips for telephone banking and investing
- Do not let anyone see the account number and password that you enter on the keypad.
- Be careful if you keep a record of your account number and password in your wallet or purse. Think of some kind of code to disguise what they are. For example, write it down as a phone number or as part of an address. Then, if your wallet or purse is stolen, the thief will not know how to get into your bank account.
- You won’t get a printed record of what you paid, so take notes. If you are given a confirmation number on the phone, write it down and keep it with your banking papers.
- Check your statements each month against the notes you made. Make sure all of the transactions on your statement are correct.
Remember: A phone is one of the easiest ways to do your banking and investing.
You can often get to a phone when you can’t get to a branch or online. Just be sure to play it safe.
Read about the top 10 investment scams (PDF), as rated by the North American Securities Administrators Association.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.