Why the banks store transaction details for more than five years? Is there any use of those statements?

tangerine bank online

Nowadays, we need some additional protection for our money because by increasing the value of money, the security for the money should also increase. If the online banking system is not introduced, people will suffer more to manage their account money. In this way, people need not move from their living area to the bank because everything can be made online. But in some places, the unavailability of the internet makes people suffer a lot.

Does Canada provide tangerine bank online  service for their customers?

People could save more money by using online banking systems because it takes just a few seconds to accomplish a simple banking system. Before online banking, if a person wants to know about their account details or else the cash remains in their account, only with the help of a bank employee they can see about it. So this would take more than half a day while going to the bank and waiting in the queue. But right now, they need not remain in any place or else to spend more than half a day to check their account information. Using their mobile phones, this process would take less than 5 to 10 minutes.

When our account credits or debits money to the other version, the number your account is registered with will get a notification message. So, if there is a money detection alert using the internet facilities, they could manage their account transactions. For example, if you are paying interest for the loans. So, the payment should make correctly every month. And all time, it is harder to remain about the payment bills. So here we can able to make paying bills automatically with the help of internet banking. Some clients will not be more confident in paying automatic bills because money detection is made by the banks. Do they expect the amount of detection to be made wrong by the shops or other bill management people? But when the amount is debited from the user’s savings account, they would receive a debit notification. By this, they can able to see the amount detected for the payments.

How long will the transaction record be kept safe?

Some banks would safeguard their user account transactions until seven years. Then after the completion of seven years, they would delete the details of the transaction. If you want to download your bank statement, you can download it from their official website to check for future preference. Some banks would mail their customer about the bank transactions they made. When the banking facility comes online, protecting the savings account became a part of the account holders. There are some changes to misuse their mobile phones and login to their account to make wrong transactions.

How long can the customer take for internet banking?

tangerine bank online

To make a successful internet banking, the application site would provide just 1.50 minutes or else 1 minute to enter the one-time password sent to the customer’s registered number. If he could not complete the transaction process within the time, he should start the procedure from the beginning.

Kirby Thalheimer