Bank Customers Encouraged To Winterize Accounts

With one pretty severe December winter storm already recorded, and after surviving effects of what meteorologists call the arctic polar vortex this month, area residents have become increasingly familiar with the concept of “winterizing.”

The term is typically used to describe the preparation of vehicles and homes for cold weather. However, a local bank is now inviting customers to “winterize” their bank accounts.

Bank of Oklahoma Financial, a company which includes Bank of Arkansas locations in Fayetteville and Bentonville, recently published a press release telling customers how to take steps to prevent financial emergency during worst-case weather scenarios, including power outages and impassable roads. BOK Financial also recommends businesses include a weather disaster plan in their financial plans.

The first line of advice the company gives for individuals and businesses is to sign up for direct deposit for their income and also to sign up for online banking.

Most banks offer this convenience for personal accounts, and Bank of Arkansas, for one, offers it for business accounts. During bad weather, these websites offer many functions available at local branches while sparing customers a potentially dangerous drive, according to the press release. Bank of Arkansas customers may even make investments or apply for loans.

BOK Financial also recommends customers download their bank’s mobile app, as the app might be the only means to access an account during a power outage. A lot of banks have iOS and Android apps. Arvest Bank of Fayetteville also is gearing up to launch an iPad app, and offers text message/SMS banking options.

Bank apps allow customers to deposit funds by taking a photo of a check, transfer funds between accounts and set up various alerts to monitor banking activity, including low balances and high debit charges.

Other ways both businesses and individuals can “winterize” their finances include starting a disaster fund and paying bills via the Web. Customers can set payments to be made on the date specified and track the status from pending to paid.

Arvest marketing manager Jason Kincy says this feature, like many of the other mobile and online functions, also is useful on an everyday basis, not just during weather disasters. “It is very convenient to receive a bill from the biller and then go ahead to schedule the future payment right then and not worry about forgetting to do so when the time comes.”

The benefits of this type of banking have made it explode in popularity in recent years.

“These conveniences have allowed customers to stay in closer contact with their money, meaning they are more aware of what funds they have on-hand at any given moment,” Kincy said. “Customers focused on banking convenience used to look for a bank which had convenient branch locations and extended hours, now they also look to make sure the bank offers advanced online banking and mobile banking services.”

However, some customers still shy away from using the Internet for finances. A lot of these customers did not grow up with computers and are skeptical of the security factor.

“We take security very seriously,” said Jett Cato, president and CEO of Bank of Arkansas.

Most banks use multifaceted approaches to security and have authentications to verify it. Most also have online banking guarantees that show clients will be fully covered should any unauthorized activity occur.

“I’m of the older generation and I love it,” Cato said. “I pay all my bills online and only write one or two checks a year.”